US stocks plunged on Thursday (November 13), with the S&P 500 falling 1.5%, the Nasdaq 1.9%, and the Dow Jones Industrial Average returning to a record high after a 1.5% decline amid a selloff in AI-related stocks and waning expectations of imminent Fed monetary easing. The market has drastically reduced the probability of a basis point cut on December 25 to around 50% from around 95% a month ago as several Fed officials voiced caution over further easing amid persistent inflation and a gap in official data following the government shutdown.
Giant stocks such as Nvidia, Broadcom, Oracle, and Palantir led the decline in tech stocks, falling between 3.6% and 6.5% as investors locked in profits, while Disney plunged 7.8% after mixed fourth-quarter results, which beat earnings expectations but missed revenue targets and exacerbated weakness across communications services. The interest rate repricing removed some of the incentive to chase high-value growth stocks and turned profit-taking into a broader market decline. (alg)
Source: Trading Economics
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