The S&P 500 ekes out a gain with almost no help from megacap tech

Despite five of the Mag 7 stocks closing lower, the S&P 500 managed to post a gain after struggling for direction.

Your Evening Briefing November 12, 2025 The S&P 500 ekes out a gain with almost no help from megacap tech Investors were optimistic about the government reopening and an end to delays on economic data. Although Microsoft and Nvidia were the only Mag 7 stocks to close higher, the S&P 500 managed to post a gain. The Nasdaq 100 and the Russell 2000 fell. For anyone who cares about a price-weighted index of 30 arbitrary blue chip companies, the Dow Jones Industrial Average posted a second-consecutive record close. SPDR Gold Shares ETF rose as many volatile, retail darlings were crushed, and the hot momentum-seeking money seemed to be flowing out of those speculative pockets of the market and back into gold. Stocks that moved higher: On Holding sprinted ahead this morning as the Swiss running shoe company raised its full-year guidance after reporting record net sales and profitability for the third quarter. High-flying retail favorite Oklo rose as analysts shrugged off the wider-than-expected loss the developer of modular nuclear reactors reported after the close yesterday. Advanced Micro Devices rose after CEO Dr. Lisa Su said she sees its AI business growing more than 60% a year for the next three to five years. US-listed ADRs of Sony reached their highest point since the early 2000s as investors continued to digest yesterday's second-quarter earnings results. Shares of Starbucks and Dutch Bros popped after Treasury Secretary Scott Bessent said that tariff relief on coffee is imminent in a Fox News interview. DraftKings ticked up as two of its directors bought over $1 million in company stock yesterday, a vote of confidence that better times are coming for the online sports betting company. Stocks that moved lower: Lucid sank following an announcement that it plans to raise $875 million through a private offering of convertible senior notes due in 2031. Stablecoin issuer Circle reported earnings that beat expectations but the stock fell as investors didn't like its forecast for higher expenses. Google's Waymo has started letting passengers take the freeway Waymo is taking the high road in the autonomous car battle (literally, not figuratively). Read more. President Trump is weighing the merits of a 50-year mortgage — what would that mean for homebuyers? The math is clear: you might pay a little less per month, but you won't make a serious dent in your debt for years. Read more. Orange iPhones are the new black The latest iPhone Pro doesn't come in black, the preferred iPhone color, so people are picking... Cosmic Orange. Tencent Music has enough users — it just needs them to start paying The stock is down this morning, undoing some of its stunning year-to-date rise. Anthropic gets into the data center business, pledging $50 billion Buoyed by brisk business sales, Anthropic is investing in its first custom-built data centers, with sites in New York and Texas, partnering with Fluidstack. AI agent fatigue may be hitting enterprise customers Seemingly every piece of enterprise software has an AI agent add-on, but many use the same underlying technology.  Christmas is coming earlier and earlier for music streamers Mariah Carey and co. are cashing in on "christmas creep." OpenAI: The New York Times is forcing us to turn over 20 million ChatGPT conversations Last week, OpenAI was ordered by the courts to hand over ChatGPT logs to The New York Times. The company is lobbying the public in an effort to stave off the deadline this week.   Bitcoin ETFs have their best day in over a month, but bitcoin's price is still in choppy waters "This is hardly the environment for high-risk assets to fly." XRP set for another US-based ETF with Canary Capital's rollout likely on Thursday The fourth-largest cryptocurrency by market capitalization, is getting another US-based ETF.  Was this email forwarded to you? Don't miss out on future stories — subscribe to The Wrap and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and Snacks for quality reads. We care what you think! If you have any feedback or comments, feel free to reply and let us know your thoughts!  Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more Sherwood Terms and Conditions Our Editorial Standards Contact Us Advertise With Us Unsubscribe Privacy Policy SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025