US close: Dow hits another high, but tech stocks still under pressure
By Benjamin Chiou
Date: Wednesday 12 Nov 2025
(Sharecast News) - The Dow jumped to another fresh record high on Wednesday on hopes that the end of the government shutdown is near, though ongoing pressure on tech stocks limited gains on the S&P 500 and pushed the Nasdaq into the red for the second day.
The Dow finished 0.96% higher at 48,389.78, storming past the 48,000 level for the first time in history, while the S&P 500 rose 0.20% and the Nasdaq fell 0.28%.
"The strong rally in tech earlier in the week has given way to a new surge for the Dow, bolstered by expectations that Congress will bring the government shutdown to an end," said Chris Beauchamp, chief market analyst at IG.
Gains were supported by a drop in bond yields, with the 10-year Treasury yield down 4.6 basis points at a two-week low of 4.075%.
"The return of US data next week might provide a speed bump, though the signs of a weakening economy continue to be seen, leaving a December Fed cut a strong possibility."
A spending package approved by the US Senate to fund the government until the end of January, now moves to the GOP-controlled House of Representatives for a final vote on Wednesday, before Donald Trump is expected to sign it into effect.
The opening of the public sector, which could come as early as Friday, is predicted to prompt the release of a barrage of postponed economic data in the next week or so, as concerns start to mount about the impact of the shutdown on the wider economy.
However, one concerning development were comments from White House press secretary Karoline Leavitt, who said that governmental reports on inflation and payrolls for October are "likely never" to be released, since the shutdown impaired statisticians' abilities to gather the necessary data.
"All of that economic data released will be permanently impaired, leaving our policymakers at the Fed flying blind at a critical period," Leavitt told reporters on Wednesday.
AMD and On Holding surge
Shares in AMD rose 9% after the chip giant gave a bullish outlook, forecasting a 60% jump in data centre revenues over the next three to five years, driven by what it called "insatiable" AI demand. AMD profits are also expected to triple by 2030.
Other blue chips in the tech sector, however, were facing heavy selling pressure, including Apple, Palantir, Amazon.com and Tesla.
US-listed shares of On Holding rocketed 18% after the buzzy Swiss running apparel brand reported record quarterly results and hiked its sales guidance for the third time this year.
Banking stocks were performing well, with Goldman Sachs, JP Morgan Chase & Co, Morgan Stanley and Bank of America pushing higher.
Meanwhile, SaaS outfit Clearwater Analytics jumped 8% on reports that the company was considering a potential sale.
Dow Jones - Risers
Unitedhealth Group Inc. (UNH) $342.61 3.55%
Goldman Sachs Group Inc. (GS) $833.31 3.54%
Nike Inc. (NKE) $63.97 1.66%
Walt Disney Co. (DIS) $115.39 1.57%
JP Morgan Chase & Co. (JPM) $321.10 1.52%
3M Co. (MMM) $170.41 1.43%
Caterpillar Inc. (CAT) $577.52 0.90%
American Express Co. (AXP) $375.82 0.71%
Salesforce.Com Inc. (CRM) $244.27 0.62%
Merck & Co. Inc. (MRK) $91.43 0.55%
Dow Jones - Fallers
Chevron Corp. (CVX) $153.54 -1.87%
Home Depot Inc. (HD) $369.73 -0.83%
Apple Inc. (AAPL) $273.47 -0.65%
Dow Chemical Co. (DOW) $22.11 -0.58%
Procter & Gamble Co. (PG) $148.07 -0.36%
Coca-Cola Co. (KO) $71.82 -0.14%
Visa Inc. (V) $338.11 -0.01%
S&P 500 - Risers
Albemarle Corp. (ALB) $108.30 6.20%
Coty Inc. Class A (COTY) $3.63 5.60%
Jefferies Financial Group Inc. (JEF) $57.71 5.54%
Chipotle Mexican Grill Inc. (CMG) $30.58 5.07%
Delta Airlines Inc. (DAL) $59.14 4.75%
PVH Corp. (PVH) $78.88 4.57%
Southwest Airlines Co. (LUV) $32.67 4.22%
VF Corp. (VFC) $15.30 4.18%
Elevance Health Inc. (ELV) $329.73 3.93%
Under Armour Inc. Class A (UAA) $4.72 3.89%
S&P 500 - Fallers
CenturyLink Inc. (LUMN) $9.14 -7.57%
Celanese Corp. (CE) $40.13 -5.51%
Helmerich & Payne Inc. (HP) $27.13 -4.31%
Schlumberger Ltd. (SLB) $36.81 -4.09%
Halliburton Co. (HAL) $27.50 -4.03%
Oracle Corp. (ORCL) $229.64 -3.88%
H&R Block Inc. (HRB) $46.77 -3.30%
Iron Mountain Inc (New) (IRM) $101.13 -3.03%
Meta Platforms Inc. (META) $609.01 -2.88%
Apache Corp. (APA) $23.89 -2.85%
Nasdaq 100 - Risers
Qvc Group Inc Series A (QVCGA) $6.95 10.67%
Analog Devices Inc. (ADI) $241.44 3.44%
Expedia Group Inc. (EXPE) $273.65 3.14%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $535.40 2.40%
Texas Instruments Inc (TXN) $163.09 2.10%
Netflix Inc. (NFLX) $1,157.50 1.85%
Charter Communications Inc. (CHTR) $213.07 1.84%
Comcast Corp. (CMCSA) $27.89 1.60%
Micron Technology Inc. (MU) $244.90 1.57%
QUALCOMM Inc. (QCOM) $176.67 1.55%
Nasdaq 100 - Fallers
Meta Platforms Inc. (META) $609.01 -2.88%
Western Digital Corp. (WDC) $166.11 -2.28%
Baidu Inc. (BIDU) $128.94 -2.28%
Tesla Inc (TSLA) $430.60 -2.05%
Monster Beverage Corp (MNST) $70.48 -1.99%
Amazon.Com Inc. (AMZN) $244.20 -1.97%
Align Technology Inc. (ALGN) $141.69 -1.94%
Seagate Technology Plc (STX) $283.26 -1.65%
Alphabet Inc. Class A (GOOGL) $286.71 -1.58%
DENTSPLY Sirona Inc. (XRAY) $10.85 -1.18%
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