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Happy Wednesday. This is TheStreet’s Stock Market Today for Nov. 12, 2025. You can follow the latest updates on the market here in our daily live blog.
The U.S. markets are now closed. The Dow (+0.68%) led the way today, notching another record close, at 48,255. The S&P 500 (+0.06%) also eked out a small gain, while the Russell 2000 (-0.03%) and Nasdaq Composite (-0.26%) saw a decline.
Meanwhile, as the government appeared set to reopen with the House’s vote, the 10Y Treasury declined 4.5 bits to 4.065%. Continuous Gold Futures contracts rose 2.15% to $4,204.70, its highest point in as many weeks.
After the bell, we’ve got a wide array of earnings incoming. We’ll include a summary of these earnings below courtesy of TipRanks today.
In the meantime, here are some of the immediate results:
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Cisco Systems : 🔴 $0.72 EPS (vs. $0.98 forecast) | 🟢 $14.9 billion revenue (vs. $14.78 billion forecast)
CEO says AI infrastructure orders totaled $1.3 billion in Q1; Looking at $3 billion in revenue in FY 2026 -
Flutter Entertainment : 🔴 -$3.91 EPS (vs. $0.61) | 🔴 $3.794 billion (vs. $3.83 billion)
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Ascendis Pharma : 🔴 -$1.158 (vs. -$0.28) | 🔴 $213.63 million (vs. $246.9 million)
IBKR Senior Economist José Torres notes that the Dow’s record has, at least in part, something to do with the government’s reopening: “The Dow Jones Industrial Average reached a fresh record high this morning, amid mixed trading, as the cyclically oriented benchmark is poised to benefit disproportionately from an imminent reopening in Washington.”
I think we’re fair in saying that we’re past the midday point. It’s another one of those days where the majority of equities are on the rise (53.6%, or 2,974 issues), but the Nasdaq (-0.27%) and S&P 500 (+0.14%) are struggling to break bread with that. Meanwhile, the Dow (+0.82%) is doing things. Let’s start there:
The Dow (+0.82%) is the standout index again today, sprinting far ahead of the other major U.S. indexes. At this rate, it’s on track for another record close, sitting at 48,320.17 at last glance.
Nine of the index’s holdings are in the red today, but UnitedHealth (+3.62%) and Goldman Sachs (+2.69%), are helping pushing things to the upside. Here’s the heatmap:
Also, true to form, let’s take a break from the indexes and looking at the broader market right now. It’s McGraw Hill (+20.5%, earnings) at the top of our list today, surging with Contessa Pharmaceuticals (+17.6%, offering) and On Holding (+17.4%, earnings)
Meanwhile, at the other end of the market, one of this list’s frequent apparitions, Diginex (-14.4%) is atop the decliners. It’s joined there by Nextracker (-11.3%, rebrand), Eos Energy Enterprise (-10.4%, earnings murmurs), and Daqo New Energy (-10.3%, pullback from record); all solar stocks.
Here’s something that isn’t a welcome sight: tech. After starting off the day strong, many equities are hitting day lows, dragged lower by megacaps like Tesla (-2.74%), Meta (-2.67%), and Alphabet (-2.38%). Declines from Palantir (-5%) and Oracle (-3.66%) are also notable, as the AI tech boom continues skidding.
Those declines contrast with the rest of the index at large. Get a load of the mega caps; then have a good look at the rest of the S&P 500. This is a picture we’ve been seeing a lot more recently:
Aside from the moves in the index though, here are a handful of stories making headway as we approach midday:
Fed Governor Raphael Bostic (Atlanta) warned in delivered remarks that surveyed firms expect to raise their prices in 2026, and by “substantially” more than 2%, introducing fresh questions about the balancing act between inflation and interest rates. A December cut is seen as an increasingly precarious thing, in part because of a dearth of establishment-issued economic data, which has left central bank leaders making decisions without the full picture.
Analysts say it might not be the GPUs or TPUs that are the limiting factor; it might be the memory. As the AI trade progresses, traders are turning their attention from the compute to the memory part of the equation, sending benchmarks tracking DDR5 RAM skyrocketing. It comes as Samsung, SK Hynix, Micron, and Kioxia cut their NAND flash memory production, while firms like SanDisk and YMTC are bolstering production in a bid to extract larger sums from the pivot in data center spending.
Pardon the cynicism for a moment, but per the White House, the U.S. jobs and CPI reports for October might “never” be released because of the government shutdown. Source? Karoline Leavitt!
The cynic in everybody is thinking some combination of: “Wow, that’s gotta be some pretty bad inflation and jobs data!” or “Wow, how convenient that the administration yearns for interest rate cuts right now and we don’t have data to resist it!”
Probably no coincidence. Whatever you do, just don’t ask when the next establishment report will be available!
The U.S. markets are now open. The Nasdaq (+0.28%), Dow (+0.27%), and S&P 500 (+0.24%) are side-by-side out of the gate, while the Russell 2000 (+0.40%) is already jumping higher.
Here are some of the bigger stories today:
Crude Oil futures are once again below $60 this morning, plummeting after OPEC held its oil demand forecast, but warned about rising inventories. The prospect of a surplus in global oil supplies stands to affect pricing in the commodity, which has been in decline for over a year.
In a WSJ story published this morning, Moody’s warned about concentration of private credit assets, especially among insurance holders. “The industry’s holdings are unusually concentrated, with just 10 insurers controlling about 43% of the illiquid assets held at the end of 2024.” Firms like Security Benefit, Delaware Life, and Mass Mutual are among the largest holders of these illiquid assets.
OpenDoor has become a fast favorite with the speculative retail crowd, much in the way that GameStop or AMC Entertainment and its leadership attracted love from investors during the last boom in growth stocks. Year to date, the stock is up 447%, largely due to similar circumstances — a short squeeze.
Its rising stardom has also been ripe with controversy and ragebait; perhaps nothing funnier has happened this year than Executive Chairman Keith Rabois flexing on X (formerly Twitter) about how the company is one of the “top” equities in the world.
He, of course, was referring to how much volume it does every day; how much it’s traded by the “traders” who buy and sell his stock — never mind the size, scale, or capability of the business. It’s time to measure Opendoor on speculative behavior, not results.
Still, with its revenue is down 70% from its peak and the business still unprofitable, Rabois seemed little-concerned about the state of the business. To one user, he responded: “blah blah blah.”
While we’re measuring corporate success by results, let’s just go ahead and issue warrants to make life harder for short sellers which have (likely) correctly ascertained that the true value of the business is not what it’s worth right now! Surely that is the behavior you’d expect from a healthy market environment. (They did this last week to ‘own the shorts.’)
Whatever. L-O-L. The 2021 growth stock boom comes knocking yet again; so too has the Stonkholm Syndrome.
With many of this morning’s earnings in the rear view, we can now turn our attention to some of the reactions. Here are the stocks making the biggest moves before the market opens, per data from MarketWatch:
Good morning. After a rough start on Tuesday, U.S. stock futures are looking a little brighter this morning. Hopes are high that the House of Representatives could reopen the government as soon as today, putting an end to a nearly one-and-a-half month long shutdown, which has affected everything from safety net programs to air travel.
Here’s what is on deck for today:
After a quiet Tuesday, TipRanks says we’re set for about 250 earnings reports today. Many of which, including Transdigm Group, Tencent Music, and Circle Internet Group are already out this morning, alongside a slew of five-letter OTC names.
Here are this morning’s earnings (and some results, where already out):
As the government remains shut, it’s business as usual on the economic data and events front today. We have some data here and some remarks from Fed Governors there. Another day in paradise…
Already live this morning, the Mortgage Bankers Association reported a 0.6% increase in Applications, while the overall market index rose to 334.2 (vs. 332.3).
Here is a list of events slated for today, per TradingEconomics:
This story was originally reported by TheStreet on Nov 12, 2025, where it first appeared in the Latest Business & Market News section. Add TheStreet as a Preferred Source by clicking here.