Traders work on the floor of the New York Stock Exchange (NYSE) on Nov. 13, 2025 in New York City. <\/p>\n
Spencer Platt | Getty Images<\/p>\n
U.S. markets had their worst day since Oct. 10. That marks a sharp reversal for the Dow Jones Industrial Average<\/a>, which shed 1.65% to settle at 47,457.22, a day after it closed above 48,000 for the first time<\/a>. Meanwhile, the S&P 500<\/a> lost 1.66% and the Nasdaq Composite<\/a> tumbled 2.29%.<\/p>\n The slump in stocks can partly be traced to a turnaround in sentiment regarding artificial intelligence. Tech behemoths such as Nvidia<\/a>, Broadcom<\/a> and Oracle<\/a> slumped, with the last losing more than one-third in value since it rocketed 36% in September<\/a>.<\/p>\n Investors, it seems, are growing worried over the high valuations of tech names, as well as the gigantic amount of capital expenditure they are committing to \u2014 with some, like Oracle, having to take on debt to fulfil those obligations<\/a>.<\/p>\n Uncertainty over an interest rate cut in December is also putting a downer on Wall Street. It’s a coin toss as to whether the U.S. Federal Reserve will ease monetary policy then, according to the CME FedWatch tool<\/a>. That’s a huge difference from a month ago, when traders were pricing in a 95.5% chance of a December cut.<\/p>\n Not having October’s employment and inflation numbers, and possibly never getting them<\/a>, means the Fed lacks visibility into the state of the economy \u2014 and whether it should try to support the labor market or continue reining in inflation.<\/p>\n After all, flying blind makes it hard to see where you’ll land. As of now, that applies both to the Fed and investors trying to navigate the still-hazy ambitions of tech companies.<\/p>\n What you need to know todayAnd finally…<\/p>\n Tan Su Shan, chief executive officer of DBS Group Holdings Ltd., speaking at the Singapore Fintech Festival in Singapore, on Nov. 12, 2025. <\/p>\n Bloomberg | Bloomberg | Getty Images<\/p>\n