Pre-Market Brief - November 18, 2025
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US equity futures are trading lower pre-market amid growing concerns over AI valuations ahead of Nvidia’s critical earnings report (Wednesday) and the release of delayed economic data post-government shutdown. The Dow (-0.76%), S&P500 (-0.49%), and Nasdaq (-0.60%) futures reflect risk-off sentiment, mirrored in global markets (European DAX -1.46%, Asian Nikkei -3%). The dominant narrative centers on uncertainty around AI’s sustainability and the impact of upcoming economic indicators on Federal Reserve policy.
- US Futures: Dow Jones (46,309, -356 pts/-0.76%), S&P500 (6,659, -32.75 pts/-0.49%), Nasdaq100 (24,730, -148.5 pts/-0.60%) [4]
- European Markets: DAX (-1.46%), FTSE100 (-0.67%), CAC40 (-0.67%) [4]
- Commodities: Gold (+0.08% to $4048.94), WTI Oil (+0.27% to $60.07) [4]
- Top Gainers: Crawford (CRD/A, +25.25%), FTC Solar (FTCI, +24.06%), Defiance Leveraged AMD ETF (AMDU, +20.93%) [3]
- Top Losers: CTW Cayman (-11.27%), Ucloudlink Group (UCL, -10.72%), Ainos (AIMD, -10.26%) [3]
Nvidia’s Q3 earnings (Wednesday) are the week’s most impactful event—options markets indicate a potential $320 billion swing in its market value. The chipmaker’s 8% weighting in the S&P500 means results will influence broader tech and AI sentiment [6]. Analysts warn of an AI bubble unwinding, driving risk-off flows [5].
Investors await delayed October Import/Export Price Indexes (8:30 AM ET today), which will provide critical inflation cues for the Fed [7]. The shutdown has backlogged key data, increasing market sensitivity to releases [5].
- Xpeng (XPEV) slid 7.7% post-earnings as investors reacted negatively to the Chinese EV maker’s results [1].
- Applied Digital (APLD) saw unusual options activity (71,000 calls) amid its pivot to AI data center infrastructure—despite a 40% pullback from recent highs [2].
Asian (Nikkei -3%) and European (DAX -1.46%) markets traded lower, reflecting caution ahead of US data and Nvidia’s earnings [4,5].
- Xpeng (XPEV): Down 7.7% post-earnings—investors focused on weak guidance for EV demand [1].
- Applied Digital (APLD): Unusual call volume signals investor interest in its AI infrastructure play, even as shares pull back [2].
- Crawford (CRD/A): Up 25.25% in premarket—likely driven by corporate restructuring news (not specified in available data) [3].
- FTC Solar (FTCI): Up 24.06%—benefiting from renewable energy sector optimism [3].
- October Import/Export Price Indexes: 8:30 AM ET today—will shape Fed rate cut expectations [7].
- Nvidia Earnings: Wednesday—key focus areas: AI chip demand, margin trends, and 2026 guidance [6].
- Technical Levels: S&P500 futures test support at 6650; Nasdaq100 futures near 24700 (critical recent low) [4].
- AI bubble unwinding if Nvidia’s guidance is weak [5].
- Weaker-than-expected delayed economic data [7].
- Ongoing China-US trade tensions [8].
Insights are generated using AI models and historical data for informational purposes only. They do not constitute investment advice or recommendations. Past performance is not indicative of future results.