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Happy Wednesday. This is TheStreet’s Stock Market Today for Nov. 5, 2025. You can follow the latest updates on the market here in our daily live blog.

Update: 10:34 a.m. ET

A.M. Check In: Lumentum, Teva, Pinterest, Axon Enterprise

Over an hour into trading, here’s a look at the stocks on either end of the market (with at least a $2 billion market cap.)

Movers

Losers

Update: 9:30 a.m. ET

Opening Bell

The U.S. markets are now open. Small caps in the Russell 2000 (+0.41%) lead out of the gate, while large cap indexes like the Nasdaq (+0.10%), Dow (+0.07%), and S&P 500 (+0.01%) are little-changed.

Gold (+0.77%) is approaching $4K again, while the 10YTreasury rose (+2.3 bp) to 4.114%. Bitcoin (-0.83% over 24H) rose back above $102K.

Aside from the opening prints, here are some of the stories dominating this morning’s economy of attention:

ADP Employment Change Jumps

For the first time since July, the ADP Employment Change report showed an increase in job additions in October, with the report showing an addition of 42,000 jobs. In fact, the private market report might be a key reason for the turnaround in U.S. equities this morning, which were earlier seen trending lower with other global market indexes.

Trump’s Tariffs Head to the SCOTUS

As aforementioned (below), Trump’s emergency use power tariffs are heading to arguments at the Supreme Court this morning. The arguments will be the final stop for the President’s chief economic policy, which was overturned by two lower courts. A more sympathetic conservative majority might be more generous to Trump based on previous rulings of executive power, but there is also a possibility that the court will hold the previous judges’ decisions, possibly creating new headaches and questions about U.S. trade policy.

Update: 8:44 a.m. ET

Everything Happening (That We Know Of)

Good morning. At day 36, the U.S. government shutdown is now the longest in history. And despite a full-court press on by President Trump, it seems unlikely that Republicans will pursue the ‘nuclear option’ and end the filibuster to reopen the government.

Instead, only partial SNAP and WIC benefits will be paid; the enhanced tax credits for Obamacare Marketplace plans remain a talking point; and government workers will continue to be unpaid. At the same time, Trump has been squarely focused on dealmaking and bringing back nuclear tests, hoping Democrats will fold.

We’ve heard a great deal about the perils that might await if the government didn’t reopen. Chief among them are a significant drop-off in consumer sentiment observed in the Morning Consult’s daily sentiment index, especially among lower income consumers. That has likely played a role in why some rank-and-file Democrats have been looking to make a deal to end the shutdown, even as Republicans hold their ground.

At the same time, the market has been busy focusing on other champagne problems: stock market valuations, the December rate cut, and Trump’s tariffs — which are heading to the Supreme Court for argument this morning. Stocks had rallied to records early in the shutdown, but given recent events, investors seem less inclined to take things as they are.

That much is clear in the S&P 500 and Nasdaq’s Tuesday performance, which was punctuated by steep declines in equities, largely at the top of the index. And there remained worries into the wee hours after the market closed, as even acceptable earnings were punished with high single-digit and low double-digit downside reactions.

This morning, traders in Japan and Europe saw selling. But by early indications, today might be a day of moderation for investors as they wait to hear the latest on the tariffs, the shutdown, and other factors sitting on the horizon. U.S. equity futures were up modestly after a memorable Election Day for the Democrat opposition (something we’ll touch on a bit later).

A.M. Earnings: Novo Nordisk, McDonald’s, Marriott

As we get a late jump on SMT this morning, we’ll skip the premarket movement and get right into the results from this morning’s largest earnings. Here’s the shortlist, per TipRanks. We’ll be back in about an hour to see the early market reactions:

Economic Events & Data

This morning, reports from the MBA and the ADP Employment Change have already dropped, showing moderation in both the housing market and labor market. Here’s what is slated for the rest of the day: