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37m ago

Dow Sets Record on Reopening Hopes as Nvidia Slumps After SoftBank Exit

Relief trades reflect confidence that Washington will end the shutdown this week.

People walk past a brokerage house, as an electronic board displays stock index information graph, in the Central Business District (CBD) in Beijing, China, October 13, 2025. REUTERS/Maxim Shemetov
Japanese yen and U.S. dollar banknotes are seen in this illustration picture taken June 15, 2022. REUTERS/Florence Lo/Illustration
Thomas McArdle works on the floor at the New York Stock Exchange in New York, Tuesday, Nov. 11, 2025. (AP Photo/Seth Wenig)
The Dow closed at a record high and had its best day in almost one month.

Overview

  • The Senate approved a stopgap funding bill to restore federal operations, with House leaders targeting a vote as soon as Wednesday before the legislation goes to President Donald Trump.
  • The Dow Jones Industrial Average jumped 559 points to a record close, the S&P 500 edged higher, and the Nasdaq slipped as investors rotated from high-valuation tech into sectors like health care, energy and consumer staples.
  • SoftBank disclosed it sold its entire Nvidia stake for about $5.8 billion, pressuring the AI chipmaker’s shares and reinforcing broader concerns about stretched valuations across AI-linked stocks; CoreWeave also fell after trimming guidance.
  • A weekly ADP update indicated private employers cut an average of 11,250 jobs per week through Oct. 25, and CME FedWatch showed roughly two‑thirds odds of a December Fed rate cut as the dollar weakened.
  • Global markets largely gained on reopening hopes and shifting rate expectations, oil rose about $1, and investors anticipated the return of delayed U.S. economic data once the shutdown ends.