U.S. stocks continued to decline on Tuesday (November 18), as technology shares extended their losses amid concerns about the valuations of AI-related stocks, and as Bitcoin fell below the 90,000 USD mark — a sign that investors are cutting back on risk appetite.
At the close of trading on November 18, the Dow Jones dropped 498.50 points (equivalent to 1.07%) to 46,091.74 points. The S&P 500 slipped 0.83% to 6,617.32 points. This marked the index’s fourth straight losing session, its longest losing streak since August 2025. The Nasdaq Composite lost 1.21% to end at 22,432.85 points.
At its session low, the Dow Jones sank nearly 700 points, or 1.5%, while the S&P 500 and Nasdaq Composite fell 1.5% and 2.1%, respectively.
U.S. stocks came under pressure from Nvidia shares, which fell nearly 3%, and other members of the “Magnificent Seven,” including Amazon and Microsoft. Amazon shares ended the session down more than 4%, while Microsoft dropped nearly 3%.
Nvidia shares have plunged more than 10% this month ahead of the chipmaker’s third-quarter earnings report, scheduled for release after the close on November 19. Nvidia — preparing to report earnings at the end of a robust profits season — has become the center of debate over the strength of this year’s AI-driven market rally, amid growing concerns about expensive tech valuations and the stability of AI-related fundamentals due to the surge in major tech-sector debt.
A major AI partnership announced on Tuesday failed to boost related stocks the way similar deals have done in the past. AI startup Anthropic said it would invest 30 billion USD into Microsoft, and in return, Microsoft and Nvidia would invest billions of dollars into Anthropic. Nvidia and Microsoft shares remained deep in negative territory following the announcement.
Bitcoin fell below 90,000 USD on Tuesday before recovering. Many tech investors also hold large amounts of cryptocurrency, so the sharp drop raised concerns that the stock market could continue to decline sharply. Bitcoin ended the session trading above 92,000 USD.
Outside the tech sector, Home Depot shares fell after the home-improvement company reported earnings that missed expectations and cut its full-year outlook.
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