Market Recap

Nov 18, 2025

Market Recap: November 18, 2025

Major U.S. indices extended their selloff for a fourth consecutive session, with the S&P 500, Dow, and Nasdaq all posting fresh one-month lows.
The S&P 500 closed at 6,617.32, down 0.8%, while the Dow fell 1.1% to 46,091.74 and the Nasdaq dropped 1.2% to 22,432.85.
The Russell 2000 bucked the trend, rising 0.3% to 2,348.74, signaling some resilience in small-cap stocks.
The CBOE Volatility Index (VIX) spiked to 22.38, reflecting heightened investor anxiety ahead of Nvidia’s earnings and delayed economic data releases.
Treasury yields retreated, with the 10-year note closing at 4.11%, as investors rotated into safe-haven assets amid equity market weakness.

Technology, financials, materials, and energy sectors led the declines, with technology down 1.6%, energy down 1.8%, and financials down 1.9%.
Healthcare outperformed, supported by defensive rotation and relative strength in biotech and medical device stocks.
Consumer discretionary was pressured by disappointing Home Depot earnings and weakening consumer demand signals.
Market breadth deteriorated, with only 22% of stocks advancing and new 52-week lows outpacing highs, indicating broad-based selling pressure.

Nvidia declined 2.8%-3.2% on the day, bringing its monthly losses to nearly 11% and placing the stock in correction territory.
Analysts remain bullish on Nvidia’s long-term prospects, citing dominance in AI hardware and ongoing demand growth, but investor anxiety is elevated ahead of earnings.
Meta Platforms and Tesla also posted significant declines, with Meta down 17% over the past month and Tesla down 11% month-to-date.
Amazon and Microsoft each fell approximately 3.5% after being downgraded by Rothschild & Co Redburn on concerns about excessive AI capital expenditure.

The Nuclear Energy Index rose 0.34% to 43.77, demonstrating relative strength compared to broader market indices.
Uranium spot prices softened to $76.30/lb, down 1.17% from the prior day, but physical market activity remained robust.
Sprott Uranium Miners ETF (URNM) closed at $52.83-53.09, down 1.65%, reflecting sector-wide weakness despite long-term structural demand tailwinds.
Cameco Corporation (CCJ) recovered modestly to $83.30-83.33, up 0.36%, after several days of sharp declines, with analysts maintaining a Moderate Buy rating and average price target of $113.75-$120.63.
Denison Mines Corporation (DNN) announced major strategic agreements with Skyharbour Resources, expanding its foothold in the Athabasca Basin and signaling increased M&A activity in the sector.
Uranium Energy Corp (UEC) traded at $11.31, with operations ramping up at the Christensen Ranch mine and ongoing expansion of U.S. uranium production capacity.

Oklo Inc. (OKLO) closed at $95.36, down 2.27%, after a dramatic ninefold surge over 12 months and a sharp November retreat amid broader AI/tech selloff.
Nano Nuclear Energy (NNE) traded at $30.98-31.01, down 0.48% in pre-market, with the stock declining alongside broader nuclear sector weakness despite recent regulatory milestones.
ASP Isotopes (ASPI) is expected to report Q3 2025 results with analyst expectations of -$0.10 EPS and $2.248 million revenue, with the stock trading at a negative net margin and negative ROE due to its development-stage status.

Crude oil prices consolidated near recent lows, with WTI at $59.37-60.85/barrel and Brent at $63.95-64.98/barrel, reflecting concerns about prolonged oversupply and weakening global demand.
Gold experienced intraday volatility, declining sharply in international markets before recovering to $4,075.05/oz, supported by falling Treasury yields and a weaker dollar.
Silver demonstrated resilience, trading at $50.13-50.91/oz, up 0.55-0.60% on the day, supported by increased ETF holdings and improved risk appetite.
Bitcoin plunged below $90,000 overnight before recovering to $90,901, down 5.04% on the day, with global cryptocurrency market cap declining to $3.12 trillion.

Asian equities declined following Wall Street’s selloff, with the India Sensex down 0.33% to 84,673.02 and the Nifty 50 down 0.40% to 25,910.05.
European indices sold off in sympathy with global weakness, contributing to the risk-off cascade.

Nvidia’s earnings release after the close on November 19 is the most anticipated event, with potential for a $320 billion price swing based on options pricing.
The September jobs report, delayed due to the government shutdown, will be released on November 20 and is critical for Fed policy expectations.
Retail earnings from Walmart and Target this week will provide insights into consumer spending health and economic resilience.
FOMC minutes from the October meeting will offer clues about the Fed’s rate cut trajectory.
Trade balance data, also delayed, will be released this week.

The S&P 500’s break below key technical support (50-day moving average) and four consecutive days of declines signal potential for further downside.
Oversold conditions and improving breadth in small-cap stocks suggest a potential stabilization, but the market remains vulnerable to further volatility.