Investopedia Markets News (all except PF)

• A delivery company got a boost from a new partnership announcement on Friday, Nov. 14, 2025, while the termination of a clinical trial weighed on a pharmaceutical firm.
• DoorDash stock move higher after it announced an agreement with clothing retailer Old Navy.
• Bristol-Myers Squibb ended a clinical trial of an experimental heart medication, and shares of the drugmaker fell.

Shares of a delivery giant surged Friday on a new partnership, while a pharmaceutical firm came under pressure after it halted a trial of a key heart treatment.

Major U.S. equities indexes ended the session mixed but posted gains for the week. With the record federal government shutdown over, attention has turned toward delayed economic reports and their potential impact on the Federal Reserve's final interest-rate decision of 2025. The Dow dropped 0.7%, and the S&P 500 edged 0.1% lower, while the Nasdaq eked out a 0.1% gain Friday. For more from Investopedia on Friday's markets news, see here.

DoorDash (DASH) shares jumped 6% to log the S&P 500's top performance Friday, after the delivery platform operator announced a partnership with apparel retailer Old Navy. The expansion into on-demand apparel delivery marks a move beyond DoorDash's core restaurant delivery business. With the uptick heading into the weekend, DoorDash stock clawed back some of the losses it suffered last week after the delivery firm missed third-quarter profit estimates and suggested that heavy spending on new initiatives could weigh on future profitability.

Morgan Stanley named Micron Technology (MU) stock as a "top pick" and boosted its price target, and shares of the memory chip manufacturer gained 4.2%. Analysts pointed to a surge in pricing for memory chips, especially Micron's Double Data Rate 5 products, which the investment bank noted are seeing strong demand related to the buildout of AI data centers.

Shares of Warner Bros. Discovery (WBD) advanced 4% following reports that Paramount Skydance (PSKY), Comcast (CMCSA), and Netflix (NFLX) are all preparing offers to take over the CNN and HBO parent.

In addition to its possible bid for Warner Bros. Discovery, Netflix is preparing for a 10-for-1 stock split, with shares set to begin trading on a split-adjusted basis on Monday. Shares of the video streaming giant sank 3.6% on the final trading day ahead of the split.

Bristol-Myers Squibb (BMY) stock dropped 4.1% after the biopharmaceutical company said it would discontinue a late-stage clinical trial of the experimental heart treatment milvexian, which it is developing in collaboration with Johnson & Johnson (JNJ).

Moody's downgraded its ratings on debt issued by Nike (NKE), and shares of the footwear and athletic apparel company fell close to 3%. The credit rating agency pointed to elevated competition and cost pressures related to tariffs as factors behind its more cautious outlook on Nike.

• Merck agreed to pay $9.2 billion to purchase Cidara Therapeutics, looking to cash in on the firm's experimental flu treatment.
• The $221.50 per share offer is more than twice Cidara's closing price yesterday.

Shares of Cidara Therapeutics (CDTX) more than doubled Friday after Merck (MRK) agreed to buy the biopharmaceutical firm in an all-cash deal worth $9.2 billion to expand its reach in antiviral treatments.

Merck said it would pay Cidara investors $221.50 per share, a whopping 109% premium to yesterday’s closing price. 

The acquisition gives Merck access to Cidara’s top drug candidate, CD388, which uses a fragment of a human antibody to fight influenza A and B. It’s currently in a Phase 3 trial with adolescents and adults who are at higher risk of complications from the flu.

Merck's acquisition of Cidara is an example of a relatively small company with unique assets being highly valued by a major company willing to spend a large amount to acquire it. Shares of biotech companies can offer investors big paydays when their research and development translates into successful products, but the investments also come with risk that the innovations never achieve commercial success.

Merck CEO Robert Davis said the company is confident that CD388 “has the potential to be another important driver of growth through the next decade, creating real value for shareholders.”

Merck said that the transaction is expected to close in the first quarter of next year, and “to be accounted for as an asset acquisition.”

Cidara Therapeutics shares were up 105% at around $218 late Friday, trading at their highest levels in nine years. A year ago, the stock was trading at around $14.

Shares of Merck rose about 1%, but remain in negative territory for 2025.

• Tech stocks have come under pressure in recent weeks, weighed on by concerns about an AI bubble after a strong rally off April lows.
• Many analysts on Friday were saying they expect the rally will regain its footing, with some pointing to Nvidia's earnings report next Wednesday as a possible catalyst.

Tech stocks have at times appeared unstoppable this year. Now they're in a rut.

The tech-heavy Nasdaq Composite soared nearly 60% between April 8, when tariff uncertainty was at its highest, and Oct. 29, the index’s most recent record high. Those gains were driven mostly by the AI trade, which encompasses a variety of stocks across the technology, utilities, and industrials sectors, all of which are seen as beneficiaries of Big Tech’s behemoth AI investments.

Lately, some investors have become concerned about the size of those investments, as well as when and how handsomely they’ll pay off, though not everybody is convinced that AI stocks are in a bubble. Skeptics of that narrative list Big Tech’s hugely profitable businesses, the Fed’s recent rate cuts, and the efficiency gains AI is expected to deliver as reasons to remain optimistic.

AI optimism has been the driving force behind most of the stock market's gains over the past three years. Tech stocks have soared and come to account for a sizable portion of major stock indexes, making their performance vital to that of the broader market.

Nonetheless, the debate has chipped away at the overwhelmingly bullish sentiment that prevailed most of this year. Here's what a selection of experts have to say about the slump and what it means for markets looking toward the end of the year. 

Reading between the lines, many market watchers believe there's still life in the rally -- though many offer degrees of caution, citing among other things a need to be choosy with tech stocks; the likelihood of more profit taking with stocks near highs; and the need to continue to keep an eye on earnings.

Dan Ives, Managing Director and Senior Equity Research Analyst at Wedbush Securities: “In a nutshell, we view this as a short lived mini panic moment for tech stocks.... We believe Nvidia's earnings next week will be another major validation moment for the AI Revolution and be a positive catalyst for tech stocks into year-end as investors continue to underestimate the scale and scope of AI spend.”

Jamie Cox, Managing Partner for Harris Financial Group: “For the vast majority of big-cap tech, the conditions for a 1990s-style tech bubble are not yet present. Markets need a Global Crossing moment, where the major private AI players hit the IPO markets, before we can start talking about equity market bubbles. For me, this is a good way to pick up the highest quality tech names on the cheap.”

Thomas Lee, Managing Director and Head of Research at Fundstrat Global Advisors: “We should expect, from time to time, profit taking, because tech has been a leader for the last decade and it is overbought… But to me, the underlying story driving technology, which is the productivity miracle coming from AI, is still intact.”

Eric Teal, Chief Investment Officer for Comerica Wealth Management: “Given the retail nature of the momentum-fueled recovery since April, we believe the buy on the dip mentality is in place until there is an earnings or profit margin erosion among the AI stocks… Nevertheless, the controversy surrounding the AI stocks is building, and valuations are 45% above the forward earnings multiple for the rest of the market, suggesting a need for caution at this juncture.”

Ross Mayfield, Investment Strategist at Baird, on what it would mean for investors to rotate out of tech into lower-risk stocks: “I think it’s incredibly healthy, both on the earnings front and on the price front, that you’re seeing some breadth, especially at a time when the question about the broader economy outside of AI is, ‘How healthy is it?’ So this is a really good sign to me, and I’m happy to take a little bit of gains from tech and rotate into some nascent leadership there in other sectors.”

Mark Smith, Senior Vice President & Portfolio Manager at Wells Fargo Advisors: “[I'm] not frightened at all. The numbers are dictating that you shouldn’t be. Eighty-three percent of S&P 500 names beat their earnings in the last earnings season, so nothing to be frightened about there. If you’re gonna have a serious correction here, those numbers have got to change.”

Aaron Schaechterle, Equities Portfolio Manager at Janus Henderson: “The impact of AI is real, and the demand for power is significant. We are choosing to selectively participate in these themes, by focusing on companies with proven business models, durable revenue and free cash flow generation.”

• Micron Technology shares surged Friday, after Morgan Stanley called the memory chip maker a "top pick."
• The analysts said a shortage of memory chips to meet growing demand, along with rising prices, could mean more gains for Micron.

Micron Technology (MU) shares took off Friday following bullish comments from Morgan Stanley, which called the memory chip maker a "top pick."

Shares were up over 5% near $250 in recent trading. The stock has roughly tripled in value so far this year, with Morgan Stanley suggesting it still has room to rise.

Morgan Stanley lifted its price target for the stock to a new Street high of $325 from $220, saying it expects the memory chip maker could be set to benefit from a boom in AI-driven demand and rising prices.

Micron, which supplies memory solutions for leading AI chipmakers like Nvidia and Advanced Micro Devices, has already seen big stock gains this year, thanks in part to growing demand for hardware to support AI. Some investors might worry about whether the stock has peaked, but analysts say they believe it still has room to rise.

In a note to clients Thursday, the analysts wrote that a shortage in the market for memory chips like the ones made by Micron could “lead to new highs in earnings power.” The analysts said they believe the stock “has yet to fully price in the upside that's coming.” 

The bullish comments come just days after Mizuho analysts also gave an optimistic assessment of Micron's outlook, saying they see demand remaining strong into next year and 2027.

Wall Street analysts are overwhelmingly bullish on Micron's stock, with nine of the 10 analysts with current ratings compiled by Visible Alpha calling it a "buy," though it has already climbed ahead of their mean target with its recent gains.

• Crypto followers turned to bitcoin evangelist and Strategy founder Michael Saylor for a sign as the coin's price has fallen. He's urged them to keep the faith.
• While the price of bitcoin and some crypto-linked stocks are in retreat, others are gaining in spite of the rout.

The bitcoin faithful are turning to one of their most vocal evangelists for a sign amid an intensifying market rout. His message? HODL.

We're talking about Michael Saylor, chief of Strategy (MSTR), the enterprise software company known for stockpiling bitcoin. The price of the world's most valuable cryptocurrency has been falling lately, and rumors broke out on social media that the company was selling amid the slide. Saylor dismissed those rumors, but the notion that latched onto the possibility that the man who might be bitcoin's best-known bull was turning tail shows the negativity radiating from the market at present.

As X users started to fret, Saylor posted an image of himself on a life raft as a burning ship sank behind him. "HODL," he said, using an acronym for "hold on for dear life."

The sell-off in risk assets this week—a bleed that the end of the U.S. government shutdown couldn't stem—has put a dent in the price of bitcoin and the narrative that it could be a useful hedge against stocks or a safe haven like gold. Bitcoin sank below $95,000 on Friday morning to levels not seen since early May. Some crypto-linked stocks diverged, with MicroStrategy declining about 4%, while Coinbase Global (COIN), and Robinhood (HOOD) were up at least 1%.

Bitcoin is sometimes considered a hedge against stocks, characterized as a portfolio diversification tool. Lately, it's been falling with the broader market as sentiment has soured.

Saylor, who in recent months had forecast that bitcoin would climb to $150,000 by the end of the year, said Strategy was "buying quite a lot" lately in a Friday interview with CNBC. He also stopped short of providing a price target, though he said bitcoin over the long-term would "outperform" both gold and the S&P 500.

"Obviously it's hard to make a forecast for the end of the year right now given what's happened over the past few weeks," he said.

The cryptocurrency has erased almost all of its 2025 gains, lagging gold's 50%-plus climb and the broad market's 14% year-to-date rise. ETF investors appear to be in selling mode: Spot bitcoin funds including iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin (FBTC) collectively showed nearly $867 million in outflows yesterday, according to Farside Investors.

Meanwhile, crypto watchers have become less sanguine about the market rout as investors rushed to sell. Vitaliy Shtyrkin, chief product officer at Estonia-headquartered platform B2BinPay, said sentiment weakened after bitcoin fell through a key technical support zone of $100,000 to $102,000. Dean Chen, an analyst at derivatives trading platform Bitunix, likened the latest decline as more than "a simple technical correction."

Though Strategy might be buying at these levels—and just a few days ago, some experts sounded bullish as bitcoin seemed to bounce—others are sitting out. "We're in this awkward in-between zone. I don't want to be buying," All Star Charts' senior crypto analyst Louis Sykes said during an X live-stream discussing what to do about crypto now. "Just go play some golf."

• Walmart CEO Doug McMillon is slated to retire at the end of January but spend the next year advising his replacement: John Furner, the CEO of Walmart's U.S. operations.
• McMillon led Walmart through 11 years of rapid change, including a period of wage growth and the growth of e-commerce and delivery.

Walmart CEO Doug McMillon is retiring after more than a decade of guiding the company's evolution—and watching its stock quadruple.

Walmart (WMT) on Friday said McMillon will retire at the end of January, but spend another year advising his successor: John Furner, a company veteran. McMillon presided over 11 years of immense change—Walmart went from a big-box store known for low wages and to a dominant e-commerce player with compensation that's attracted attention from academics. Even the company's name has evolved; it referred to itself as Wal-Mart Stores when announcing McMillon as CEO.

Investors have rewarded McMillon for increasing wages, modernizing the supply chain and developing a delivery business that's popular with affluent Americans. Its shares rose more than 300% since McMillon became CEO on Feb. 1, 2014; the S&P 500 rose about 280% during that period. The shares, recently down 1%, have advanced more than 13% so far this year.

McMillon "leaves Walmart stronger, more innovative, and better aligned with our purpose to help people save money and live better," Chairman Greg Penner said in a statement.

Walmart will rely on a new CEO as it adapts to a number of economic headwinds, including widespread tariffs, concerns about inflation and an anemic job market. While consumers are still spending, there are signs of stress and pullback, particularly among low-income households.

McMillon is slated to update investors during a conference call on third-quarter earnings next Thursday. The meeting will likely give investors a chance to hear about the company's outlook and to hear from Furner. He's spent the past six years as president and CEO of Walmart's U.S. operations, and has led merchandising, operations and sourcing teams, Walmart said.

"As we enter a new retail era fueled by innovation and AI, our purpose and our people will continue to guide us," Furner said in a Friday statement.

McMillon, who started at Walmart in 1984 as an hourly associate, is stepping back as the heady times at Walmart face headwinds, including tariffs on goods from many countries. The company has gained market share, particularly among households with six-figure incomes. But lower-income families are showing signs of increased caution with their pocketbooks in recent quarters with inflation stubborn and the job market slowing.

The timing of the change "underscores Walmart's confidence in its strong position and the current momentum of the business," Bank of America analysts said Friday. "We would not expect to see meaningful changes in company strategy."

Major U.S. equities indexes were mixed Friday afternoon, following a sharp decline Thursday fueled by a selloff of tech stocks. The Dow Jones Industrial Average was down 0.3%, while the S&P 500 was up 0.5%, and the Nasdaq climbed 0.8%.

StubHub (STUB) stock dropped nearly 25%, in its worst day since going public in September, a day after the ticket reseller declined to offer guidance for the current quarter.

Shares of drugmaker Bristol-Myers Squibb (BMY) lost 3.4%, making it the biggest decliner on the S&P 500. The company is halting a trial of a heart drug it is developing with Johnson & Johnson (JNJ).

Netflix (NFLX) shares slipped about 3%, a day after reports emerged the streaming giant is among those preparing bids to acquire Warner Bros. Discovery (WBD).

Cidara Therapeutics (CDTX) stock soared, more than doubling in value after Merck (MRK) announced a deal to acquire the flu prevention drugmaker for $221.50 per share, valuing it at some $9.2 billion.

DoorDash (DASH) stock was among the biggest S&P gainers with a nearly 7% rise, reclaiming some of the food delivery platform's losses following its earnings report last week.

The price of Bitcoin fell, briefly dropping below $95,000 Friday morning. Most other major cryptocurrencies also slid. Oil futures climbed 2.5% to above $60 per barrel, while gold futures were down about 2%. The yield on the 10-year Treasury note was little changed. The U.S. dollar was slightly lower against the euro, pound, and yen.

• StubHub shares fell sharply Friday, a day after the ticket sales platform posted its first quarterly report since going public.
• The company did not provide an outlook for the current quarter, and said it will give 2026 guidance with its next report.

Shares of ticket reseller StubHub (STUB) plunged Friday after the company declined to provide guidance for the current quarter with its first earnings report as a public company.

The stock dropped over 20% to finish Friday's session near $15, its lowest close since the company made its trading debut in September.

CFO Connie James told investors during Thursday's earnings call that the company plans to issue a 2026 outlook when it reports fourth-quarter results in about three months.

StubHub is one of the largest ticket selling platforms in the U.S., competing with others like Live Nation's Ticketmaster, Seatgeek, and Vivid Seats, and its decision to withhold its guidance could point to concerns about its performance and changes in demand.

StubHub said it recorded a net loss of $1.3 billion in the third quarter, but said it took a charge of about $1.4 billion awarding stock to its employees as it went public in the quarter. StubHub made $468 million in revenue, up 8% from the same time a year ago, when StubHub was still private.

StubHub's gross merchandise sales, or the total value of tickets consumers bought through its platform, was $2.4 billion in the quarter. That was up 11% year-over-year, or up 24% excluding the impact of tickets that were sold in the same quarter last year for Taylor Swift's record-breaking "Eras Tour."

JPMorgan analysts, trimming their price target to $22 from $24, suggested StubHub's decision to withhold its guidance could point to softness in the current quarter. However, the analysts said they're still bullish on the stock, considering the sales growth and market share gains that the third-quarter's results showed.

This article has been updated since it was first published to reflect more recent stock prices.

News of the day for Nov. 14, 2025

Stock futures are sharply lower this morning as the technology sector remains under pressure; the Trump administration is looking to reduce tariffs on imported food items such as coffee and bananas; Microsoft (MSFT) and Amazon (AMZN) are reportedly backing efforts to restrict the ability of chipmakers such as Nvidia (NVDA) to sell to China; Paramount (PSKY), Comcast (CMCSA) and Netflix (NFLX) are reportedly preparing bids to purchase Warner Bros. Discovery (WBD); and shares of StubHub (STUB) are tumbling after the ticket seller declined to provide current-quarter guidance to investors. Here's what you need to know today.

Stock futures are sliding this morning after closing sharply lower on Thursday as concerns about the AI trade weigh on the technology sector. Futures tied to the Dow Jones Industrial Average, which tumbled 800 points yesterday after hitting record highs this week, were down 0.6% recently. S&P futures were down 0.9%, while futures tied to the tech-heavy Nasdaq dropped 1.4%. Among the big-name tech stocks falling sharply in premarket trading, AI chip giant Nvidia (NVDA) was down 3% and EV maker Tesla (TSLA) fell more than 4%. The Nasdaq enters today's session on track to post losses for the second consecutive week. Bitcoin also remains under pressure this morning, trading at $94,500, down from an overnight high of $100,400 and at its lowest level since May. Gold futures were down 1.8% at $4,120 an ounce, as the precious metal retreats after a run-up over the past week. The yield on the 10-year Treasury note, which influences mortgage rates and borrowing costs on other consumer loans, was at 4.07%, down from 4.11% at yesterday's close.

President Donald Trump is preparing to reduce tariffs on several food items in an effort to reduce inflation at the grocery store, according to media reports. Bloomberg News reported that the Trump administration is preparing new framework deals with Argentina, Guatemala, El Salvador and Ecuador in an effort to reduce the costs of food imports, including coffee, bananas and beef. The push comes after Treasury Secretary Scott Bessent earlier this week said the administration was looking to reduce tariffs on items that weren’t easily produced in the U.S. Inflation data from September showed that coffee prices rose 19% year-over-year, while banana prices increased 7%.

Microsoft (MSFT) and Amazon (AMZN) are supporting legislation that would restrict the ability of Nvidia (NVDA) to sell chips to China, according to a report in The Wall Street Journal. Microsoft has come out publicly in support of the Gain AI Act, which would require U.S. approval to send chips to China and other countries subject to an arms embargo. Amazon has privately indicated its support of the measure in conversations with Senate staffers, the report said. The move comes as Nvidia has pressed U.S. officials for more access to the Chinese market amid restrictions on chip sales there. Both Microsoft and Amazon purchase a significant amount of chips from Nvidia.

Paramount (PSKY), Comcast (CMCSA) and Netflix (NFLX) are preparing bids to purchase Warner Bros. Discovery (WBD), according to a report in The Wall Street Journal. Paramount is seeking to buy the entire company, whose holdings include HBO, CNN, TNT, and the Warner Bros. movie and television studios, while Comcast and Netflix are primarily focused on the movie and television studios and the HBO Max streaming service, the report said. Warner Bros. Discovery said last month it was preparing a “review of strategic alternatives” amid interest in its properties from other companies. Warner Bros. Discovery shares, which have more than doubled this year amid the takeover talks, were up nearly 3% premarket trading.

Shares of StubHub (STUB) are plunging in premarket trading after the ticket reseller declined to offer an outlook for its current quarter. In its first earnings report since going public in September, StubHub posted sales that came in ahead of Wall Street estimates. It also posted a net loss of $1.3 billion, which reflected a $1.4 billion compensation charge related to the September initial public offering. During a call with investors, StubHub CEO Eric Baker said the company wouldn’t provide guidance for its current quarter. Shares of the ticket seller, which were down 19% before the bell this morning, closed Thursday at $18.82, down 20% from its IPO price of $23.50.

• The price of gold has rebounded over the past week after slumping for a few weeks following a series of record highs.
• Several demand drivers for the precious metal persist, most notably strong investment demand from ETFs.
• Additional policy or financial market risk could push prices up another 10%, UBS says.

The price of gold surged in anticipation of the federal government shutdown, but now that it's over, the rally won't necessarily end.

Ongoing robust investment demand amid continued economic uncertainty could keep driving gold higher, analysts say.

Gold has hit a series of record highs this year, with the spot price surging as high as $4,360 per troy ounce on Oct. 20 before slumping in the weeks that followed to as low as $3,970 early last week. The trend has reversed course over the past week, with the precious metal hitting a high around $4,260 Thursday morning before giving back some of those gains later in the day.

The renewed rally reflects a market environment that, despite the end of the shutdown, hasn't changed materially. It's an environment that has spurred hearty demand from gold-related North American exchange-traded funds.

It's also one that UBS, in a research note, sees pushing gold to $4,700 if political or financial market risk increases.

Investors often turn to gold as a safe haven during times of economic uncertainty and financial market volatility. The outlook for the U.S. economy is murky and concerns have grown about the sustainability of a rally that has lifted stocks to record highs. Some prominent investors in recent months have suggested that investment portfolios should have more gold exposure than has been typical.

U.S. gold trading volume reached a record high of $208 billion per day in October. It rose 59% in September from the previous month and another 51% in October. Demand from ETFs triggered that volume, easily compensating for lower global demand for gold jewelry, bars and coins. In the U.S. alone, gold ETFs added 160% more physical gold to their holdings in the third quarter than during the same period a year ago.

That demand could persist, UBS said, considering the continued cloudy geopolitical outlook.

For one, the legislation ending the shutdown only funds the federal government through Jan. 30. Another partial shutdown could occur at that time if Congress doesn't approve an additional continuing resolution or make progress on funding other departments.

In addition, a skeptical Supreme Court last week threw into doubt the legality of President Trump's tariff policy based on the International Emergency Economic Powers Act (IEEPA). A decision could be forthcoming in several weeks, but uncertainty in the interim "should provide ongoing support for gold," UBS said.

Likewise, the potential for additional interest rate cuts from the Federal Reserve, associated weakness in the U.S. dollar and elevated levels of global government debt all should send global gold demand this year to the highest level since 2011, UBS projects.

The World Gold Council, meanwhile, notes the retail demand has improved in recent weeks, with demand for gold bars in the U.S. "currently very strong."

"Costco's gold business is booming online and in-store," the council said in a recent report, "driven by consumer trust as well as static pricing in a rising market."