Banking Sector Faces Pressure

During Monday’s trading, significant pressure was observed in the banking sector as rising concerns about a potential slowdown in the U.S. economy took hold. Major banks experienced declines:

• JPMorgan Chase: fell approximately 4%
• Goldman Sachs: down roughly 4%
• Citigroup: slid over 4%
• Wells Fargo: dropped 5%
• Bank of America: decreased by more than 2%
• Morgan Stanley: fell more than 5%

Robinhood Faces Regulatory Challenges

Shares of Robinhood, the financial services platform, plunged over 14% after the Financial Industry Regulatory Authority (FINRA) announced a ruling requiring the company to pay $3.75 million in restitution to customers. Additionally, Robinhood Financial and Robinhood Securities were fined $26 million for alleged deficiencies in their anti-money laundering programs.

Cryptocurrency Market Reacts to Investor Sentiment

The cryptocurrency market experienced volatility as Bitcoin prices decreased by 3%, indicating a general retreat from speculative investments. Key cryptocurrency-related stocks also suffered losses:

• Coinbase: down 10%
• Strategy: decreased by 13%

Real Estate and Tech Stocks in Focus

In notable market updates, Redfin’s stock surged nearly 70% following the announcement of its acquisition by Rocket Companies in an all-stock deal valued at $1.75 billion, expected to close in late 2025. Conversely, shares of Rocket Companies declined almost 15% post-announcement.

Nvidia and Chip Companies Underperform

Nvidia’s shares dropped 4%, extending a recent downward trend. The chipmaker has seen a decline of over 20% this year, following a 9% drop the previous week. The VanEck Semiconductor ETF also fell by more than 4%, with major chip manufacturers experiencing losses:

• Broadcom and ASML: both down about 6%
• Taiwan Semiconductor Manufacturing: decreased over 3%

Tesla Sees Extended Decline

Tesla’s stock fell by 10%, dropping below $240 and marking a continuous decline for seven weeks, the longest streak for the company since going public. The stock was recorded at $251.44 on Election Day, November 5.

Pharmaceutical and Technology Stocks Update

Shares of Novo Nordisk fell more than 8% after trial results for its weight loss drug CagriSema disappointed compared to earlier tests. Meanwhile, Palantir Technologies saw its shares decline by 7%, reflecting a drop of over 32% over the past month.

In contrast, Cracker Barrel’s stock rose by 6% after an upgrade by Truist Securities, citing renewed confidence in the company’s turnaround efforts.

Oracle and Cognizant Technology Performance

Oracle’s stock fell more than 4% ahead of its earnings report, extending a decline of over 10% for the year. On a positive note, Cognizant Technology’s shares increased over 4%, bolstered by news of an activist investor, Mantle Ridge, acquiring a stake valued at over $1 billion, which they believe indicates undervaluation of the company’s shares.