Wall Street suffered one of its worst days on Thursday (November 14, 2025) since its springtime sell-off, as multiple AI stocks, including Nvidia, continued to slide on concerns that their prices had risen too high. Besides the worries around AI stocks, suspense surrounding the coming cuts to interest rates were also hurting the market.
The S&P 500 sank 1.7% and pulled further from its all-time high set late last month. It was the worst day in a month for the index and the second-worst since April’s plunge after President Donald Trump shocked the world with his “Liberation Day” tariffs. The Dow Jones Industrial Average dropped 797 points, or 1.7%, from its record set the day before, while the Nasdaq composite lost 2.3%.
The downward trend on key indices was led by Nvidia as the chip company fell 3.6%. Other stocks swept up in the artificial-intelligence frenzy also struggled, including drops of 7.4% for Super Micro Computer, 6.5% for Palantir Technologies and 4.3% for Broadcom. Questions have been rising about how much higher AI darlings can go following their already spectacular gains.
In the meantime, stocks outside of AI also fell across Wall Street as traders worried that the Federal Reserve may not deliver another cut to interest rates in December, as many had been expecting.
Wall Street loves lower interest rates because they can goose the economy and prices for investments, even though they can also worsen inflation. A halt in cuts could undercut U.S. stock prices after they already ran to records in part on expectations for more reductions.
Expectations have come down sharply in recent days that the Fed will cut its main interest rate for a third time this year. Traders now see roughly a coin flip’s chance of that, 51.9%, down from nearly 70% a week ago, according to data from CME Group.The stock market mostly rose through the U.S. government’s shutdown, as it has often done historically, but Wall Street is bracing for potential swings as the government gets back to releasing those updates. The fear is that the data could persuade the Fed to halt its cuts to rates.On Wall Street, The Walt Disney Co. helped lead the market lower after falling 7.7%. The entertainment giant reported profit for the latest quarter that topped analysts’ expectations, but its revenue fell short. That helped offset a jump of 4.6% for Cisco Systems after the tech giant delivered profit and revenue that were bigger than analysts estimated. All told, the S&P 500 fell 113.43 points to 6,737.49. The Dow Jones Industrial Average dropped 797.60 to 47.457.22, and the Nasdaq composite sank 536.10 to 22,870.36.
NASDAQ: Top gainers and losers
As of November 13, 2025, at 4:16 p.m. ET, the Nasdaq’s list of most advanced stocks was led by several dramatic movers. Mersana Therapeutics (MRSN) posted the strongest performance of the day with a surge of +209.2446%. It was closely followed by Nuvve Holding Corp. (NVVE), which climbed +204.6095%. Clene Inc. (CLNNW) also saw a sharp rise of +90.4762%, while Nuvve’s warrant (NVVEW) advanced +56.6667%. Apollomics Inc. (APLMW) rounded out the top gainers with an increase of +54.8148%.
ALSO READ: US stock market crash: Why Nasdaq falls big today — stock market is down as tech stocks tumble again
On the other end of the spectrum, the most declined stocks reflected steep losses. GCM Grosvenor Inc. (GCMGW) recorded the sharpest drop, falling -84.4231%. Korro Bio (KRRO) followed with a decline of -79.3125%, and Applied Therapeutics (APLT) sank -70.3329%. Caring Brands (CABR) also posted a significant loss of -65.25%, while Kaixin Holdings (KXIN) decreased -62.3636%. These movements highlight a highly volatile session for several Nasdaq-listed companies.