On Wednesday, November 12, 2025, the U.S. stock market displayed mixed results as the Dow Jones Industrial Average (^DJI) achieved a historic milestone, closing above 48,000 for the first time in its history, specifically at 48,320.17. This marked an increase of approximately 0.82% for the day, extending gains from the previous session and setting a new record. The S&P 500 (^GSPC) recorded a minor gain of 0.06%. However, the tech-heavy Nasdaq Composite (^IXIC) saw a decline of 0.26%, reflecting difficulties faced by major technology stocks.
The mixed performance was notably influenced by concerns surrounding Big Tech stocks, which struggled as eight of the Magnificent Seven tech giants experienced losses. Companies including Amazon (AMZN), Alphabet (GOOGL), Meta Platforms (META), and Tesla (TSLA) all plummeted by over 1%. While the broader market demonstrated solid breadth, with the Invesco S&P 500 Equal Weight ETF rising by 0.6%, the pullback in major tech stocks hindered further advances in the Nasdaq and S&P indices.
Market sentiment was buoyed by speculation over a key House vote expected later in the day that could lead to the resolution of the record-long government shutdown, which has affected critical economic data collection. Economics experts and investors alike are paying close attention to this situation, as the Biden administration has indicated that crucial reports on inflation and employment data for October may never be published due to the shutdown.
Earnings reports continued filtering through the market, with investors keeping an eye on Cisco (CSCO) as a key report due after the market close. Earlier, Circle's (CRCL) quarterly figures indicated strong revenue growth, yet the stock dipped, underscoring investor concerns about interest rates and economic growth affecting share prices. In addition, the Federal Reserve's upcoming December meeting has generated speculation about a potential interest rate cut, indicated by shifting probabilities for monetary policy.
Federal Reserve officials, including Atlanta Fed President Raphael Bostic, have been raising alarms about inflation expectations. With traders currently pricing a 65% chance of a rate cut next month, there is a sense of urgency for clarity on how policymakers will navigate a labor market displaying signs of weakness in the wake of the government shutdown.
As of Wednesday's close, while the Dow’s record close showcased bullish sentiment in some sectors, the overall mixed market behavior serves as a reminder of the challenges posed by the current economic environment and uncertainty regarding monetary policy. The attention now turns to the pending House vote and the impacts of the ongoing government shutdown on economic indicators.