Tech Tumbles As Markets “Sell The Fact” On Reopening

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

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Today was the classic “buy the rumor, sell the fact” type of session: markets opened lower and just kept sliding, even as the long-awaited government re-opening failed to inspire the bulls.

Tech and AI names took the brunt of the selling, with the Nasdaq locking in its third straight decline, led down by heavyweights like Nvidia, Broadcom, and Alphabet.

This week’s action shows a clear split—while health care and other value sectors managed to hold up earlier in the week, today everything went south, partly because traders were left flying blind with no new jobs or inflation data following the extended government pause.

The lack of fresh economic reports left everyone guessing about the Fed’s next move and increased anxiety about the rate outlook.

AI favorites in the Mag 7 basket got whacked for a third straight day, while rising bond yields and a sliding dollar couldn’t keep gold shining; even the precious metal dipped, though not nearly as much as stocks, and remains solidly up year-to-date.

Bitcoin lost its $100k handle before bouncing at $107k.

Is this growing caution just a temporary blip, or does it mark a shift to a rougher, more uncertain market as year-end approaches?

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Tech Lags, Dow, And Metals Steal The Show 

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

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The Dow soared past 48,000 for the first time ever, extending its record-breaking streak and outshining the rest of the market.

Strong rallies in financial heavyweights like Goldman Sachs, JPMorgan, and American Express powered the index higher, alongside fresh highs for UnitedHealth, IBM, and Nike. Bank shares broadly joined in, contributing to the Dow’s milestone run.

In the tech world, Advanced Micro Devices ran up more than 8% after CEO Lisa Su projected the AI data center market could hit $1 trillion by 2030, further fueling investor excitement.

It’s another day of split personality for stocks: blue chips and consumer names continued to prop up the Dow, while the tech-heavy Nasdaq struggled as traders leaned into sectors with lower valuations.

All eyes are now on Washington, as a final vote on the government funding bill could soon put the shutdown behind us.

The Mag 7 basket of high-profile tech and AI stocks lagged again, underperforming the rest of the S&P 500, even as metals and commodities rose sharply.

Gold jumped over 2% to reclaim $4,200, while silver soared past $53, and Bitcoin lagged further behind the shiny stuff.

Is the shift from tech to blue chips here to stay, or will the Nasdaq and growth stocks stage a comeback once the shutdown cloud lifts?

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Dow Hits Record As S&P Recovers, Tech Lags 

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

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The S&P 500 and Nasdaq stumbled in early trading, weighed down by weak tech performance after the recent surge.

By the close, the S&P 500 clawed back to green, while the Dow powered to a fresh record high.

The Nasdaq wasn’t so lucky, finishing with a moderate loss as big names in artificial intelligence—like Nvidia, CoreWeave, Micron Technology, Oracle, and Palantir Technologies—sold off amid growing worries about peaked valuations.

Pressure increased after SoftBank sold its entire Nvidia stake for $5.8 billion, spooking traders who were already on edge about lofty prices in the sector.

ADP’s latest report added to the cautious mood, revealing private sector job creation has slowed sharply.

On the bright side, the Senate passed a bill to end the shutdown, removing a key risk for markets and helping drive a midday turnaround in some asset classes.

The dollar slipped on weak labor data, gold managed to stay above $4,100 after an early dip, and silver plowed higher above $51. Bitcoin spiked but gave up much of the move before the close.

Does this latest split between tech and blue chips hint at a bigger shift, or will participation broaden to lift all sectors as year-end approaches?

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Metals Surge As Shutdown Hopes Spark Broad Gains

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

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Stocks powered higher right at the open as news of Senate progress on a deal to end the historic U.S. government shutdown fired up traders and renewed risk-taking across the board.

Leaders of the artificial intelligence bull market, including Nvidia, Broadcom, and Microsoft, were quick to catch a bid after being dinged last week by fears about frothy valuations in the AI space.

Microsoft finally broke out of its longest losing streak since 2011, adding to the tech-fueled rebound as optimism mounted that a funding bill could soon reopen the government and reverse some mass federal layoffs.

Senate approval of a critical procedural measure brought a resolution within reach, with more key votes lined up before the deal can become law.

While market breadth still left something to be desired, the Mag 7 basket once again outperformed the rest of the S&P 500 thanks to strength in AI names.

On the macro front, bond yields finished below their early highs as expectations for a December rate cut slipped, and the dollar continued to unwind its recent surge.

Metals markets stole the show, with gold soaring 2.7% to top $4,100, silver rallying 4.3% and breaking through $50, and copper adding over 3%. Bitcoin rebounded to reach $106,000 after some recent volatility.

Could this government shutdown breakthrough be the catalyst for a more lasting market rally, or will some new curveball knock the bulls off balance next?

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ETFs On The Cutline – Updated Through 11/07/2025

Ulli ETFs on the Cutline Contact

Do you want to know which ETFs are hot and which ones are not? Then you need my High-Volume ETF Cutline report. It tells you how close or far each of the 311 ETFs I follow is from its long-term trend line (39-week SMA). These are the ETFs that trade more than $5 million a day, so they are not some obscure funds that nobody cares about.

The report is split into two parts: The winners that are above their trend line (%M/A), and the losers that are below it. The yellow line is the line of shame that separates them. You can see how many ETFs are in each group and how they have changed since the last report (275 vs. 278 current).

Take a peek:

The HV ETF Master Cutline Report

If you are confused by some of the terms we use, don’t panic. I have a helpful Glossary of Terms for you.

If you want to learn more about the Cutline method and how it can make you rich (or at least less poor), read my original post here.

ETF Tracker Newsletter For November 7, 2025

Ulli ETF Tracker Contact

ETF Tracker StatSheet          

You can view the latest version here.

BITCOIN BOUNCES, GOLD RECOVERS—BUT STOCKS STAY IN THE RED

[Chart courtesy of MarketWatch.com]

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Stocks stumbled out of the gate this week, with tech once again leading the decline. Big names in artificial intelligence took a hit, dragging the major indexes into the red.

Nvidia dropped another 3% Thursday, bringing its weekly slide to 10%. Oracle matched that loss, while Palantir sank 14% and Broadcom slipped 6%. Even Microsoft, Tesla, and AMD joined the selloff, weighing heavily on the broader market.

Adding fuel to the fire, October job cut data came in hot — marking the worst layoff numbers for that month in over 20 years. That makes 2025 the roughest year for job losses since the 2009 recession.

All three major indexes are down for the week, with the Nasdaq taking the biggest hit. Despite a late-week bounce, this was still its worst performance since the post–Liberation Day drop in April. Investors are growing wary of sky-high tech valuations and the increasingly narrow leadership in the market.

Still, there’s a glimmer of hope. A year-end rally could be on the table if the government shutdown wraps up and tariff tensions ease. Nvidia’s earnings report in two weeks might reignite the AI story — and if the Fed throws in a December rate cut, we could end 2025 on a high note.

Meanwhile, bond yields dipped, the dollar paused, and bitcoin flirted with the $100k level before bouncing back above $103k. Gold, after two rough weeks, clawed its way back above $4,000.

So, with the week ending in the red, the big question is: Will next week’s economic data bring a turnaround—or are we in for more sideways action as the year winds down?

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