Wall Street drifts around its records as AMD rallies
[November 13, 2025] By
STAN CHOE
NEW YORK (AP) — U.S. stocks drifted around their records in a mixed day
of trading Wednesday.
The S&P 500 added 0.1% and neared its all-time high set a couple weeks
ago. The Dow Jones Industrial Average jumped 327 points, or 0.7%, to set
a record for the second straight day, while the Nasdaq composite slipped
0.3%.
Advanced Micro Devices was at the front of the market. It rallied 9%
after CEO Lisa Su said the chip company is expecting better than 35% of
annual compounded revenue growth over the next three to five years. She
credited “accelerating AI momentum.”
Stocks benefiting from the artificial-intelligence frenzy have been
shaky recently, as investors question whether how much more they can add
to already spectacular gains.
Their sensational performances have been one of the top reasons the U.S.
market has hit records despite a slowing job market and high inflation.
Their prices have shot so high, though, that critics say they’re
reminiscent of the 2000 dot-com bubble, which ultimately burst and
dragged the S&P 500 down by nearly half.
Nvidia came into the day with a 4.6% drop for the month so far, for
example, after its stock price more than doubled in four of the last
five years. The biggest player in AI chips swung between gains and
losses throughout Wednesday. Palantir Technologies, another AI darling,
fell 3.6% for one of the day’s larger losses in the S&P 500.
Similar questions about priciness are dogging the rest of the U.S.
market, though not as pointedly as for Big Tech and AI superstars.
One way for stock prices to look less expensive is for companies to
deliver big growth in profits.
On Holdings jumped 18% after the Swiss shoe and apparel company reported
a much bigger profit for the latest quarter than analysts expected. It
reported growth in sales from around the world, with the strongest
coming from Asia.
But even beating expectations may not be enough for some stocks. Circle
Internet Group fell 12.2% even though it reported profit for the latest
quarter that trounced analysts’ estimates.
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Options trader Chris Dattolo works on the floor of the New York
Stock Exchange, Wednesday, Nov. 12, 2025. (AP Photo/Richard Drew)
 The issuer of one of the most
popular cryptocurrencies has seen its stock price fall since it got
near $300 in June, just a few weeks after its initial price offering
of $31. It’s now below $87.
All told, the S&P 500 rose 4.31 points to 6,850.92. The Dow Jones
Industrial Average climbed 326.86 to 48,254.82, and the Nasdaq
composite slipped 61.84 to 23,406.46.
Another way for stock prices to look less expensive is if interest
rates fall. That’s because bonds paying lower yields can encourage
investors to pay higher prices for other kinds of investments.
In the U.S. bond market, the yield on the 10-year Treasury eased to
4.06% from 4.13% late Monday after trading resumed following
Tuesday’s Veterans Day holiday.
Traders still see a nearly 2-in-3 chance that the Federal Reserve
will cut its main interest rate at its next meeting in December,
according to data from CME Group. That’s despite Fed Chair Jerome
Powell saying a third cut for the year is far from a sure thing. Fed
officials are worried about the potential of giving still-high
inflation more fuel.
The Fed has been in a difficult spot recently because the U.S.
government has not been publishing its usual updates on the job
market, inflation and other areas of the economy. That’s restricted
its view of how things are going, though the nation’s longest-ever
shutdown appears to be nearing an end.
In stock markets abroad, indexes rose across much of Europe and
Asia.
Germany’s DAX returned 1.2%, and South Korea’s Kospi jumped 1.1% for
two of the world’s bigger gains.
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AP Business Writers Yuri Kageyama and Matt Ott contributed.
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