Nvidia, bitcoin and other falling stars drag the US stock market lower

NEW YORK (AP) — The U.S. stock market sank Monday as Nvidia and other superstars created by the frenzy around artificial-intelligence technology dimmed some more.

The S&P 500 fell 0.9% and pulled further from its all-time high set late last month. The Dow Jones Industrial Average dropped 557 points, or 1.2%, and the Nasdaq composite sank 0.8%.

Nvidia was the heaviest weight on the market, as it’s often been in its last couple of tumultuous weeks. The chip company fell 1.8%, while losses for other AI winners included a 6.4% slide for Super Micro Computer.

Other areas of the market that had been high-momentum winners also sank. Bitcoin fell below $92,000, down from nearly $125,000 last month, for example. That helped drag down Coinbase Global by 7.1% and Robinhood Markets by 5.3%.

Critics have been warning that the U.S. stock market could be primed for a drop because of how high prices have shot since April, leaving them looking too expensive. Critics point in particular to stocks swept up in the AI mania, which have been surging at spectacular speeds for years.

Even with Monday’s loss, Nvidia is still up 39% for the year so far after it doubled in price in four of the last five years.

That has Wall Street’s spotlight on Wednesday, when Nvidia will report how much profit it made during the summer. AI stocks have surged as much as they have because of expectations that they’ll produce huge growth in profits. If they fail to top analysts’ expectations, that would undercut one of the big assumptions that’s driven the U.S. stock market to records.

Such high expectations extend beyond tech stocks, even if they are toughest for AI darlings.

Aramark fell 5.2% after the company reported a profit for the latest quarter that fell short of analysts’ expectations. The company, which offers food and facilities management for schools, national parks and convention centers, also said it expects an underlying measure of profit to grow between 20% and 25% this upcoming year. While relatively strong, that was less than what analysts had been forecasting.

That helped offset a rise of 3.1% for Alphabet. It jumped after Berkshire Hathaway said it built a $4.34 billion ownership stake in Google’s parent company. Berkshire Hathaway, run by famed investor Warren Buffett, is notorious for trying to buy stocks only when they look like good values while avoiding anything that looks too expensive.

All told, the S&P 500 fell 61.70 points to 6,672.41. The Dow Jones Industrial Average dropped 557.24 to 46,590.24, and the Nasdaq composite sank 192.51 to 22,708.07.

Another source of potential disappointment for Wall Street is what the Federal Reserve does with interest rates. The expectation had been that the Fed would keep cutting interest rates in hopes of shoring up the slowing job market. Wall Street loves lower rates because they can give a boost to the economy and to prices for investments.

But questions are rising about whether a third cut for the year will come out of the Fed’s next meeting in December, something that traders had earlier seen as very likely. The downside of lower interest rates is that they can make inflation worse, and inflation has stubbornly remained above the Fed’s 2% target.

Fed officials have also pointed to the U.S. government’s shutdown, which delayed the release of updates on the job market and other signals about the economy. With less information and less certainty about how things are going, some Fed officials have suggested it may be better to wait in December to get more clarity.

Now that the shutdown is over, the government is preparing to release September’s delayed jobs report on Thursday. That could create further swings for the market. Data that’s very strong would likely stay the Fed’s hand on rate cuts, while figures that are very weak would raise worries about the economy.

In 2026, the Fed is likely to cut interest rates only in response to a slowing economy instead of trying to cut ahead of it, according to Barry Bannister, chief equity strategist at Stifel. That’s not as good an environment for stock prices, and Bannister said the “Fed’s ‘free lunch’ is over.”

In the bond market, the yield on the 10-year Treasury edged down to 4.13% from 4.14% late Friday.

In stock markets abroad, indexes fell modestly across much of Europe and Asia.

Tokyo’s Nikkei 225 slipped 0.1% after the government reported that the Japanese economy contracted at a 1.8% annual pace in the July-September quarter.

South Korea’s Kospi was an outlier and jumped 1.9% as tech-related stocks there did well.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

James Lamb works on the floor at the New York Stock Exchange in New York, Thursday, Nov. 13, 2025. (AP Photo/Seth Wenig)

A currency trader talks on the phone near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, Nov. 17, 2025. (AP Photo/Ahn Young-joon)

A currency trader exchanges a conversation with his colleagues near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, Nov. 17, 2025. (AP Photo/Ahn Young-joon)

Currency traders pass by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Monday, Nov. 17, 2025. (AP Photo/Ahn Young-joon)

NEW DELHI (AP) — A fire ripped through a popular nightclub in India’s Goa state, killing at least 25 people, including tourists, the state’s chief minister said Sunday.

The blaze occurred just past midnight in Arpora village in North Goa, a party hub, some 25 kilometers (15-miles) from the state capital, Panaji.

Goa’s Chief Minister Pramod Sawant said most of the dead were the club’s kitchen workers, as well as three to four tourists. Six people were injured and are in stable condition, he said. All the bodies have been recovered.

The fire was caused by a gas cylinder blast and has been extinguished, the Press Trust of India news agency reported, quoting local police. However, witnesses told the agency that the fire began on the club’s first floor, where nearly 100 tourists were on the dance floor. Several rushed to the kitchen below in the chaos and got trapped along with staff, it said.

Fatima Shaikh said the commotion began as flames erupted, according to the news agency. “We rushed out of the club only to see that the entire structure was up in flames,” she said.

The nightclub, located along the Arpora River backwaters, had a narrow entry and exit that forced the firefighters to park their tankers about 400 meters (1,300 feet) away, delaying the efforts, the news agency said.

Sawant said the club had violated fire safety regulations. The state government ordered an inquiry to determine the exact cause of the fire and responsibility, he said, adding that authorities would act against the club management and officials who allowed it to operate despite the violations.

Local village council official Roshan Redkar told the news agency that authorities had earlier issued a demolition notice for the club, which didn't have construction permit from the government. But higher officials rolled back the order, he said.

Prime Minister Narendra Modi in a social media post called the fire "deeply saddening# and said he spoke with Sawant. Modi said the government “is providing all possible assistance” while offering condolences to the victims’ families.

Accidents, particularly involving gas cylinders and electric short circuits, aren’t uncommon in India and often result in casualties, underlining the need for authorities to implement stringent safety protocols.

“This is not just an accident; it is a criminal failure of safety and governance,” Rahul Gandhi, a top leader of India’s main opposition Congress party, wrote in a social media post. He called for a transparent probe to "fix accountability and ensure such preventable tragedies don’t occur again.”

The western coastal state of Goa is one of India’s most popular tourist destinations, known for its sandy beaches.

The charred interiors of a nightclub, which caught fire early Sunday, are seen in Arpora, Goa, India, Sunday, Dec. 7, 2025. (AP Photo)