Markets flipped Monday’s script as the Dow notched another record close while the Nasdaq slipped under the weight of profit-taking in AI and semiconductors.

The rotation from growth to value accelerated through the afternoon, with healthcare, energy, and staples leading the S&P while tech and communications lagged.

The Dow rose 1.2%, marking its 16th record close of the year. The S&P 500 added 0.2% and the Nasdaq fell 0.25%. 

Examining the internals, traders moved capital out of megacap tech and into sectors tied more closely to domestic demand and stable cash flow. 

Merck, Amgen, and Johnson & Johnson anchored the Dow’s advance, while Micron, Oracle, Palantir, and Nvidia extended recent losses.

CoreWeave tumbled 16% after warning that data-center delays will drag fourth-quarter revenue below expectations. The sell-off reinforced concerns that even AI leaders are hitting logistical constraints in their buildout cycle. 

Nvidia fell nearly 3% after SoftBank confirmed it had sold its entire $5.8 billion stake to free up capital for OpenAI and related ventures.

Macro signals leaned soft. ADP’s update estimated private employers cut an average of 11,000 jobs per week in October, and Goldman Sachs now projects October payrolls could show a 50,000-job drop once the government reopens. 

The broader takeaway was rotation rather than retreat: investors trimmed high-multiple AI exposure while extending the rally into cyclicals and defensives. 

If the pattern holds, Wednesday’s session could test whether the Dow’s leadership has legs or if tech’s pullback stabilizes with upcoming earnings from Cisco and Disney.

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The soft labor data we highlighted earlier continued to reframe expectations around the Federal Reserve’s next move. 

The ADP private-payroll estimate showed an average loss of roughly 11,000 jobs per week through late October, another sign that the employment backdrop is cooler than official BLS data (still frozen by the shutdown) will likely confirm once it’s released.

The dollar weakened broadly, with the euro climbing to $1.159 and the yen firming to ¥154. The dollar index fell to 99.39, its lowest level since mid-September, as markets priced a 67% chance of a December rate cut. 

Traders appear to be anticipating that once delayed inflation and jobs data reemerge, potentially between November 13 and 19, they’ll reinforce the case for easing.

Fed officials remained split on timing but unified in tone: soft data argues for flexibility, not panic. 

With Treasury yields steady around 4.10% and gold holding above $4,100 an ounce, policy expectations have begun anchoring a new market rhythm, one less about fighting inflation and more about pacing the slowdown.

Abroad, tariff diplomacy moved from speculation to substance. Switzerland appears close to a deal to cut U.S. tariffs on its exports from 39% to 15%, potentially by week’s end. 

Economy Minister Guy Parmelin and U.S. Trade Representative Jamieson Greer have held daily talks, with both governments describing the tone as “constructive.”

Bern’s package of defense purchases, U.S. investment pledges, and expanded gold-refining capacity appears to have met Washington’s deficit-reduction terms. 

Swiss executives from Rolex, Richemont, Partners Group, and MSC even made a high-profile visit to the White House last week, reportedly presenting President Trump with a custom gold bar and a Rolex as a gesture of goodwill.

Markets responded swiftly: Richemont and Swatch gained 2% and 6% respectively, and the Swiss Market Index closed up nearly 2%. 

A formal reduction would align Swiss duties with those of Germany and Japan under Trump’s tiered tariff structure, hinting at a more permanent trade realignment rather than a one-off gesture.

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The fiscal thaw finally began in Washington. After 41 days, the Senate passed its long-awaited government funding bill late Monday with bipartisan support, ending the longest shutdown in U.S. history. The measure now heads to the House, where a vote could come as soon as Wednesday.

Federal workers should receive back pay by next week, and economists expect a cascade of data releases once agencies reopen. Goldman Sachs projects the BLS will publish a new data schedule by November 17, with the September jobs report likely arriving first. 

That backlog will flood terminals with long-missing economic indicators and help the Fed gauge the true extent of the slowdown heading into December’s meeting.

Elsewhere in Washington, political turbulence continued to orbit around the administration. President Trump’s latest round of pardons, more than seventy in total, sparked renewed debate over executive power, while Fannie Mae’s internal probes into the mortgage records of Democratic officials widened scrutiny on FHFA Director Bill Pulte. 

Despite the noise, investors largely brushed off Beltway drama in favor of concrete progress toward fiscal normalization.

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Today’s market delivered exactly what this morning’s setup implied: rotation, restraint, and relief. AI names corrected, cyclicals carried the tape, and the prospect of a government reopening steadied risk sentiment without reigniting euphoria.

Tomorrow’s focus shifts to confirmation. Disney, Cisco, and Applied Materials report after the close, offering a look at both the consumer and enterprise sides of the post-shutdown landscape.

Economic desks will be watching for the formal reopening timeline and any preliminary data scheduling from Treasury or Labor.

After six weeks of paralysis, the data fog is about to lift, and with it, the market’s ability to trade fundamentals again.