Mucahithan Avcioglu
November 18, 2025•Update: November 18, 2025
ISTANBUL
US stocks ended lower Monday, driven down again by tech and artificial intelligence (AI) shares.
The Dow Jones Industrial Average fell 1.18%, or 557.24 points, to close at 46,590.24.
The Nasdaq dropped 0.84%, or 192.51 points, to close at 22,708.07, while the S&P 500 dipped 0.92%, or 61.70 points, to 6,672.41.
The Volatility Index (VIX), also known as the "fear index," climbed 12.86% to 22.38.
Investors are awaiting the earnings report of chip giant Nvidia, to be released on Wednesday, as well as the September labor market report, which will be released on Thursday after being delayed due to the federal government shutdown.
Nvidia shares fell 1.8% Monday ahead of the company’s third-quarter results, while investor concerns about inflated valuations have recently put pressure on the chipmaker and large tech equities.
On the other hand, Alphabet stood out among the big tech firms, rising 3.1% on the announcement that Warren Buffett's Berkshire Hathaway had acquired a share in the parent company of Google and YouTube.
Meanwhile, the September nonfarm payrolls data, which is the first to be released following the economic data blackout due to the federal government shutdown, will also be of interest to investors on Thursday.
The labor market data will come as a premise for the Federal Reserve in determining the monetary policy path in its December meeting, in which the markets have been reducing their expectations for a rate cut.
According to CME FedWatch, traders were pricing in a 44.9% chance of a 25-basis-point cut in December on Monday, down from a 63.8% probability in the previous week.
Meanwhile, Fed officials' statements are being closely monitored. Fed Vice Chairman Philip Jefferson stated that last month's 25-basis-point interest rate cut was an appropriate step, given the increasing risks to the labor market and the recent slight decrease in inflation risks. He said that future interest rate cuts should proceed slowly.
Fed Board Member Christopher Waller said he was not concerned about accelerating inflation or rising inflation expectations and that his focus was on the labor market. Waller stated that after months of weakness, this week's September employment report or other data releases in the next few weeks were unlikely to change his view that another interest rate cut is necessary.
