The stock market survived the longest government shutdown in U.S. history with minimal impact. But it tumbled on Thursday, November 13, amid a sell-off of tech stocks as worries about overinflated values and interest rate cuts grew. 

Take the S&P 500, which shrank 1.66% to 6,739.49, or the Dow Jones Industrial average, which went down by 1.65% to 47,457.22—both at their lowest in over a month. 

It was only the day before that the Dow had surpassed 48,000, reaching a new record high. The Nasdaq composite met a similar fate, dropping 2.29% to its month low of 22,870.36.

Many tech stocks felt the effect. Shares of electric vehicle maker Tesla (Nasdaq:TSLA) dropped 6.64% on Thursday, followed by another 4.78% at one point during after-hours and premarket trading on Friday. 

Palantir Technologies (Nasdaq:PLTR), which has been repeatedly pointed to as an example of overinflated value, saw its shares fall 6.53% Thursday and an additional 4.30% in after-hours and premarket trading. 

As of yesterday’s closing bell, Palantir was still trading 127.61% up in 2025.

Nvidia Corporation, which just became the first company to hit a $5 trillion valuation in late October, also saw its shares (Nasdaq:NVDA) fall. Shares of the AI chip designer closed down 3.58% and, like its fellow tech companies, saw that drop continue through after-hours and premarket trading with a decline of 3.33%. 

Nvidia’s stock had already fallen Tuesday, following the news that Softbank sold its 32 million Nvidia shares—worth $5.8 billion—in October. 

These drops occurred alongside a decreasing likelihood that the Federal Reserve will cut interest rates when it meets on December 9 and 10. 
According to CME FedWatch, the likelihood for a rate cut reached over 98% a month ago, but sank to 62.9% on Wednesday and 50.1% on Thursday.