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US Equity Indexes Mixed as Technology Rebound Helps Lift Nasdaq, S&P 500

1:37 PM ET 11/14/2025 - MT Newswires

The Nasdaq Composite rose 0.4% to 22,967.3 and the S&P 500 climbed 0.2% to 6,751.8. The Dow Jones Industrial Average fell 0.4% to 47,260.7. Materials, communication services, and financials led the decliners intraday.

In company news, Micron Technology (MU) is poised to move into new highs in terms of its earning power, given the shortage in Dynamic Random Access Memory, Morgan Stanley said in a Thursday note. Shares of Micro were up 6.2% intraday, the top performer on the S&P 500 and the Nasdaq.

Shares of Bristol-Myers Squibb (BMY) dropped 3.5% intraday, the worst performer on the S&P 500, after the company and Johnson & Johnson (JNJ) decided to stop a phase 3 trial of their experimental drug, milvexian, in patients recovering from a recent acute coronary syndrome event.

Netflix (NFLX), along with two other firms, is lining up bids for Warner Bros. Discovery (WBD), with nonbinding initial offers expected by Nov. 20, The Wall Street Journal reported Thursday, citing people familiar with the matter. Shares of Netflix slid 2.9% intraday, among the steepest declines on the S&P 500 and the Nasdaq.

Merck (MRK) shares were up over 1% intraday, the top gainer on the Dow, after the company said it agreed to acquire Cidara Therapeutics (CDTX) for $9.2 billion.

Most Treasury yields advanced intraday, with the 10-year yield rising 3.1 basis points to 4.14% and the two-year rate higher by 1.9 basis points to 3.61% as investors attempt to assess the outlook for the US economy amid delayed macroeconomic data.

Higher yields coincide with Kansas City Fed President Jeffrey Schmid's comments Friday that the current stance of monetary policy is "modestly restrictive," which he said is appropriate given continued concerns about inflation.

"By my view, inflation remains too high, the economy shows continued momentum, and the labor market-though cooling-remains largely in balance," Schmid said in prepared remarks to a Kansas City Fed energy conference. Schmid dissented at the most recent Federal Open Market Committee meeting in October, preferring no change in Fed policy compared with the 25-basis-point cut the central bank announced.

San Francisco Fed President Mary Daly, Atlanta Fed President Raphael Bostic, and Boston Fed President Susan Collins have all recently resisted the idea of the third consecutive rate cut next month.

The probability of a 25-basis-point rate reduction in December sank to about 46% by Friday afternoon, down from over 94% a month ago, according to the CME Group's FedWatch Tool. The likelihood of the target rate being left unchanged in the 3.75% to 4% range surged to 54% from about 6%, a gain of almost 10 times.