Traders work on the floor of the New York Stock Exchange (NYSE) in New York on November 14, 2025.
Charly Triballeau | Afp | Getty Images
Stock futures were little changed on Sunday night following a choppy week in which valuation fears, a rotation within the market and a recalibration of Federal Reserve rate cut expectations pressured the artificial intelligence trade.
Dow Jones Industrial Average futures slipped 58 points, or 0.1%. S&P 500 and Nasdaq-100 futures hovered around the flatline.
The Nasdaq Composite ended last week down 0.5%, led by declines in Alphabet, Amazon, Broadcom and Meta Platforms. The Dow Jones Industrial Average and S&P 500 eked out small gains last week, though they suffered steep declines on Thursday.
“We had expected the first couple weeks of November to be choppy, and it certainly looks like we are in the midst of the chop,” wrote Tom Lee, head of research at Fundstrat.
“While some parts of the wall of worries, such as the government shutdown and the New York City mayoral race, have been resolved, other parts remain,” he said. “Nevertheless, we expect the current chop to ultimately give way to a rally and ultimately add roughly 200 points to take the S&P 500 over 7,000.”
Investors will get more clues on the state of the AI trade this week, when Nvidia reports earnings on Wednesday. Wall Street will also get a look at the health of the consumer, with retail giants Walmart and Home Depot set to post their quarterly results.