Wall Street Correction Deepens JFrog Soars as Tech Sells Off

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•  07 Nov 2025
 

•   ABNB  
   
  +0.29%
•   EXPE  
   
  +17.55%
•   NVDA  
   
  +0.09%
•   OPEN  
   
  0.00%
•   TSLA  
   
  -3.68%

The unease on Wall Street isn't going away. After days of choppy trading, the selloff picked up steam again today, with the Nasdaq sliding 1.4%, the S&P 500 down 0.8%, and the Dow losing 0.5%. If you've been watching your portfolio bleed red ink this week, you're not alone. The growing sense across trading desks is that this correction is just getting started, and overvaluation fears are finally catching up to a market that's been running hot for months.

Even crypto couldn't find support, with Bitcoin slipping 1.5% below the psychologically important $100,000 mark and Ethereum dropping 2% under $3,250. Meanwhile, the federal government shutdown drags into day 38, leaving traders without key economic data they'd normally have by now. Senate Majority Leader John Thune floated a temporary resolution, but the uncertainty is weighing on sentiment.

$NVDA took it on the chin, dropping 3% and dragging the entire semiconductor sector with it. Nvidia been down 7% for the week, and the cracks are starting to show. CEO Jensen Huang didn't help when he warned that China will beat the U.S. in the AI race, citing America regulatory burden and high energy costs versus China government subsidies and cheap power. It's a sobering take from the face of the AI boom.

$TSLA wasn't spared either, losing nearly 4% despite shareholders approving Elon Musk monster compensation package that could theoretically be worth over a trillion dollars. Musk also claimed Tesla Full Self-Driving will get Chinese regulatory approval by March 2026, but the market wasn't buying the hype today.

Not everything was doom and gloom though. $JFROG, the Israeli software supply chain security company, ripped 14% higher after crushing Q3 earnings and raising guidance. The focus on enterprise clients and subscription sales is clearly working. Travel stocks also caught fire, with $EXPE surging 16% after raising its full-year forecasts, reporting an 11% jump in nights booked. $ABNB followed suit, climbing 4.2% on strong Q3 revenue growth of 10% to $4.1 billion.

On the flip side, $SQ got hammered, losing 10% after reporting earnings of just 54 cents per share versus the 68 cents analysts expected. Revenue also missed at $6.11 billion. The fintech space is getting crowded, and Block margins are getting squeezed. $OPEN crashed 16% after posting a massive revenue decline and announcing a strategic pivot to become an AI and software company, a move the market clearly doesn't believe in yet.

The 10-year Treasury yield ticked up 2.4 basis points while gold touched $4,000 again, up 0.5%. There cautious optimism about a potential Fed rate cut in December and hopes the government shutdown ends soon, but for now, traders are dealing with the reality that this pullback might have further to run. When the market gets this frothy, corrections don't usually end in a day or two. If you've got cash on the sidelines, watching for quality names getting unfairly punished might be the smart play here.

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