Stock Market Summary – November 06, 2025

US stocks fell on Wall Street due to concerns over expensive tech stocks and a bleak jobs market outlook. The Dow closed 403 points down, a decrease of 0.85%, while the S&P 500 fell 0.9% and the tech-heavy Nasdaq Composite slid 1.44%.

Tech stocks such as chipmaker Advanced Micro Devices (AMD) decreased by 6.3%, while AI firm Palantir (PLTR) fell 5.5% and graphics processor manufacturer, Nvidia (NVDA), declined by 3%.

AI and cryptocurrency company Galaxy Digital also saw a downfall with their shares trading 3% lower. Statistics show an increase in announced job cuts, with data revealing that the number of layoffs announced in October was the highest increase for that month since 2003.

However, artificial intelligence startup OpenAI is on track to generate more than $20 billion in annualized revenue this year, due to inking more than $1.4 trillion of infrastructure deals in recent months. Amid all these developments, bitcoin fell 2.4%, signaling risk-off sentiment.

On a positive note, Apple’s AI roadmap looks brighter after it announced that it’s nearing a deal with Google to use its AI model in a revamped version of Siri. The agreement would cost Apple about $1 billion per year. Despite the generally grim numbers, Apple soared as a standout performer with the new deal expected to bolster its AI offerings.

Furthermore, Costco was another top performer, these shares slipped by just over 1%, despite the retailer posting solid October sales.

President Donald Trump announced landmark deals with Eli Lilly and Novo Nordisk to cut the prices of their blockbuster weight loss drugs. The agreements will reduce the monthly out-of-pocket cost, set to range from $50 to $350 starting next year, depending on the dosage and insurance coverage a patient has, down from list prices above $1,000 a month.

Retailers are expected to hire between 265,000 and 365,000 roles this year for the holidays, the lowest number in at least 15 years, according to The National Retail Federation. This represents a significant drop from the 442,000 seasonal workers hired last year.

Recent economic data cited by analysts indicates an increase in corporate layoffs. Job cuts in October have reached their highest level for any October reading in over two decades. Additionally, the ongoing government shutdown appears to be negatively impacting the labor market.