This data is as of Market close at 4 pm ET on November 4, 2025.
The AI bubble/boom debate is now extending into the stock market, much like the government shutdown, which, on its 34th day, is now closer to becoming the longest shutdown in history.
- The S&P 500 recorded a 1.2% decline amid concerns about AI valuation and analysts’ claims that a bear market is imminent.
- The Nasdaq Composite slipped 2% following news of Palantir’s short-selling activity.
- The Dow Jones Industrial Average closed 0.5% lower, with the Russell 2000 down 1.8% at the close.
There is a looming concern that AI stock valuations are inflated, the same worry that has surrounded the market for a while, causing a push and pull between earnings and AI infrastructure deals.
The impact was visible in the stock market today, with all major indices in the red, much like Gold, an investor’s haven, which also fell 1.8%, pushing further below $4,000 per ounce, and closer to the $ 3,900 mark.
Rafael Henrique/SOPA Images/LightRocket via Getty Images
The CBOE Volatility Index turned positive after a long time, rising 10.6%, edging closer to 20, which signals increased market uncertainty.
Quantum stocks were also lower today. IONQ Inc. (IONQ) (-8.6%), Rigetti Computing (RGTI) (-10%), and D-Wave Quantum Inc. (QBTS) (-10%) posted major declines after a market frenzy over the last week.
Related: Fund manager who predicted Great Recession sparks fiery Palantir CEO rant
As earnings season continues and stocks reflect the impact of their quarterly performance, one company is already emerging as a winner: Nvidia. Its earnings will be reported on November 19.
Here are the most active stocks today
Five S&P 500 stocks making big moves today are:
- Expeditors International of Washington: +10.8%
- Henry Schein: +10.8%
- Dupont De Nemours: +8.9%
- Yum! Brands: +7.3%
- Waters Corp: +6.3%
The worst-performing five S&P 500 stocks today are:
- Norwegian Cruise Line: -15.3%
- Zoetis Inc: -13.8%
- Carnival Corp: -9.1%
- CDW Corp: -8.5%
- Albemarle Corp: -8.5%
Stocks also worth noting include:
- Rigetti Computing: -10.1%
- Palantir: -7.9%
- AMD: -3.7%
- Shopify: -6.9%
- Tesla: +5.2%.
Shopify slips amid earnings release
Shopify’s (SHOP) stock fell 6.9% on Tuesday, extending its week-long decline of 10%. The drop comes despite strong third-quarter results.
The e-commerce platform reported a strong quarter with double-digit top-line and margin expansion.
Shopify Q3 earnings at a glance:
- Revenue $2.84 billion, up 32% year-over-year.
- Gross Merchandise Volume (GMV) of $92 billion, up 32% year over year.
- Free cash flow margin of 18%, marking nine consecutive quarters of double-digit free cash flow margins.
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Management highlighted consistent growth in GMV and improved operating leverage as key drivers ahead of the holiday shopping season.
Finkelstein noted a full-spectrum growth in commerce that drove its strong Q3 results and is optimistic about a busier season ahead.
“Retail’s busiest season is here, and, as always, Shopify merchants are built for it,” said Finklestein.
The company’s stock, which has seen a 108% gain over the year, has been a cause of contention for analysts. Canaccord analyst David Hynes noted that despite an across-the-board beat with a robust Q3 performance, the stock didn’t do much.
This reflects “where we are from a valuation standpoint versus any kind of questions tied to fundamentals,” adding that the e-commerce giant has performed admirably and continues to optimize for growth, and underscores future opportunities, as reported at TheFly.
Canaccord raised its price target for Shopify to $185 from $165, keeping a Buy rating.
TD Securities analyst Daniel Chan, on the other hand, attributes the stock pullback to Shopify’s “lofty” valuation and “soft” free cash flow outlook. TD has a Hold rating on the shares, as noted by TheFly.
Yum! Brands reports earnings amid Pizza Hut woes
Yum! Brands (YUM), which operates a system of over 61,000 restaurants in more than 155 countries, through its subsidiaries such as KFC, Taco Bell, Pizza Hut, and Habbit Burger & Grill, reported its Q3 2025 earnings on November 4, 2025.
It recorded a 7% stock jump, driven by solid results, marking an 11% year-to-date stock gain.
Here are the highlights from Yum! Brands’ Q3 earnings report:
- GAAP EPS $1.41 and $1.58 adjusted, which is up 15% year-over-year.
- Worldwide system sales grew 5%, led by Taco Bell and KFC.
- Revenue up 8% from Q3 2024, at $1.98 billion.
This performance was primarily driven by strong reports from Taco Bell and KFC.
Related: Chipotle sees concerning customer trend
Chris Turner, who stepped into Yum’s new CEO position, promised to unlock greater value for the food giant.
“Going forward, my three priorities for driving growth will be staying relevant with the next generation of consumers, leveraging our global scale to strengthen franchisees’ store-level economics, and expanding Byte across more restaurants worldwide.”
Byte is Yum! Brands’ consolidated digital platform that powers ordering, delivery, payments, marketing, and restaurant operations across KFC, Taco Bell, Pizza Hut, and Habit Burger.
In addition, Yum! also announced a review of strategic options for Pizza Hut, which has been struggling to retain customers. The company noted on Tuesday that the beloved chain might be up for sale soon, but declined to disclose any further details.
Pizza Hut has many strengths – including deep consumer love, a global footprint, strong growth in many markets, a talented team, and an increasingly powerful technology platform,” noted CEO Chris Turner.
Starbucks makes big China move
Starbucks (SBUX) announced its Q4 2025 earnings on 29th October, in which it mentioned 27 store closures in North America.
Today, it announced a significant change, referring to it as a “commitment to accelerating long-term growth in China.”
Starbucks has announced a new agreement with Boyu Capital, which will give Boyu a 60% stake in Starbucks’ retail operations in China, marking a significant shift in one of the most crucial and rapidly growing markets globally.
The news impacted its already depleting stock price, which fell 1.7% on Tuesday, marking a 12% year-to-date decline.
The agreement, valued at approximately $4 billion, will be a cash-free, debt-free deal.
The change marks a significant shift in the coffee industry’s dynamics. Starbucks is battling to retain market share against local coffee shops and brands like Dunkin’ and Dutch Bros.
