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%.
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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)
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)
SYDNEY (AP) — As the sounds of bullets rang out and the bodies fell, the young mother threw herself on top of her 5-year-old son and prayed.
“Please don’t let us die,” 33-year-old Rebecca begged God from her hiding place under a table in a park overlooking Bondi, Australia’s most iconic beach. Rebecca spoke on condition that her last name not be used for fear of retaliation. “Please just keep my son safe.”
It was faith that drew Rebecca and hundreds of other members of Sydney’s Jewish community to this picturesque spot to celebrate the start of Hannukah. And it was faith that authorities said made her and others attending the Channukah by the Sea gathering a target of two gunmen who began firing at revelers around 6:40 p.m. on Sunday. Authorities have called it an antisemitic act of terrorism.
In the minutes that followed, the assault would take the lives of at least 15 people, officials said, including a 10-year-old girl, a Holocaust survivor and a beloved rabbi. It would also take away a sense of security in a country that, because of strict gun laws, has largely been insulated from the mass shootings so common in the United States and other Western nations.
This reconstruction is based on interviews with survivors and footage of the assault.
Under the table that held food for the partygoers, Rebecca pulled buckets of drinks on top of her body, to try and hide herself and her son. Suddenly, a man lying on his side just 10 centimeters (3 inches) from her was struck in the chest by a bullet.
“I’m dying,” he told Rebecca. “I can’t breathe.”
Under fire and separated from her husband and 7-year-old daughter, Rebecca could offer him nothing but words. “You’re going to be OK,” she told him desperately. “You’re going to be OK.”
She did not know if that was true.
It started out as a classic Sunday summer evening in Sydney. The sun had not yet set, and the temperature was still a balmy 29 degrees Celsius (84 degrees Fahrenheit). The Tasman Sea was speckled with swimmers and surfers.
In the park overlooking Bondi’s golden arc of sand, children giggled and cuddled animals at a petting zoo set up as part of the Hanukkah celebration. Rebecca’s son scampered up a rock-climbing wall. Music competed with the sound of crashing waves.
And then the bubbles floating through the air were replaced with bullets, the laughter replaced with screams. From their positions on one of the pedestrian bridges connecting the busy main road to the beach, two armed gunmen — a father and son, according to police — had begun firing into the crowd.
Young people began to run, but older people struggled to get up. From her perch on a bench, Rebecca watched in horror as a bullet struck an older woman sitting next to her. Rebecca grabbed her son and dove under the table.
On the beach and the boardwalk, it was bedlam.
Some surfers and swimmers frantically paddled ashore, while others sought safety in the sea. Eleanor, who also spoke on condition that her last name not be used for fear of retaliation, said she been walking down the boardwalk on her way to dinner when she heard the gunshots. Her mind went blank, apart from one command: “Run.” And so she did, fully clothed, into the ocean.
Crowds of people — gathered on a grassy slope overlooking the sea for a sunset viewing of the Christmas romcom, “The Holiday” — abandoned their blankets and beach chairs and fled.
From their hotel room overlooking the streets of Bondi, Joel Sargent, 30, and his partner, Grace, from Melbourne, heard the shots and began to film. Their footage, obtained by The Associated Press, shows that the gunfire went on for at least seven minutes, with dozens of blasts. Grace spoke on condition her last name not be used because she didn't want people at work to know she had been involved.
"Baby, I’m scared," Grace can be heard saying as they watched throngs of screaming people stream past their building. She shouted down to them: “Get off the street!”
Phones across the city lit up with panicked calls and messages. Lawrence Stand was at home when his phone rang. It was his 12-year-old daughter, who had been attending a bar mitzvah inside the Bondi Pavilion, overlooking the beach.
Stand told his daughter to stay on the phone as he leaped into his car and raced toward the beach. He found her and pulled her and others into his car, speeding them away from the carnage.
Many did not know where to find sanctuary. Inside a Greek restaurant, 20-year-old American friends Shira Elisha and Lexi Haag first hid in the restaurant’s bathroom, and then ran back to Elisha’s home, where they hid under her bedding. The pair wondered how a situation so common to the U.S. but so alien to Australia was happening here.
Back in the park, the man next to Rebecca was bleeding out. Rebecca’s 65-year-old mother-in-law grabbed a piece of discarded cardboard and pressed it against his wound.
The man did not survive.
The shots kept coming. Sirens wailed. Minutes passed. A bystander can be heard shouting in one video: “Where are the cops?”
That and other widely circulated videos of the attack chronicled what happened next.
Near one of the shooters, a passerby identified by Home Affairs Minister Tony Burke as Ahmed al Ahmed crouched behind a parked car. Ahmed, a fruit shop owner and father of two, then rushed the shooter and wrestled away the gun, before pointing the weapon at the shooter, who fell to the ground. Ahmed was shot in the shoulder by the other gunman, but survived.
The man disarmed by Ahmed got up but, under fire from police, soon fell again. The other shooter traded fire with police for another minute before he, too, fell.
Police later confirmed the older of the two suspected gunmen, a 50-year-old, was fatally shot. His 24-year-old son, who was shot and wounded, is being treated at a hospital.
Back in the park, rescuers frantically pumped the chests of unmoving bodies on the grass, near a picnic table, an abandoned stroller and the petting zoo.
On Monday, Elisha, the American who hid in the restaurant bathroom, wandered down to the beach, where rows of shoes abandoned by fleeing beachgoers lined the sand.
“It just reminded me of the Holocaust — all these shoes lying here. This is like Oct. 7,” she said, referring to Hamas-led militants’ 2023 attack in Israel. “How many times do Jews need to be attacked before the world just wakes up and realizes that we have targets on our backs?”
After a sleepless night, Rebecca and her sister-in-law, draped in the flag of Israel, made their way to the beach to mourn before a memorial of flowers.
Rebecca’s children have asked her many questions since the attack, for which she has no answers, she said.
She has her own questions: for officials she said did little to address a surge in antisemitic crimes in Sydney and Melbourne over the past year.
“The world needs to wake up and see what’s happening,” she said. “They specifically targeted us, the Jewish people. ... No one did anything. They turned a blind eye.”
Police cordon off an area at Bondi Beach after a reported shooting in Sydney, Sunday, Dec. 14, 2025. (AP Photo/Mark Baker)
People offer hugs to each other at a flower memorial placed outside Bondi Pavilion at Sydney's Bondi Beach, Monday, Dec. 15, 2025, a day after a shooting. (AP Photo/Mark Baker)
A woman places an Israeli flag over flowers outside Bondi Pavilion at Sydney's Bondi Beach, Monday, Dec. 15, 2025, a day after a shooting. (AP Photo/Mark Baker)
A couple embrace a day after a shooting at Sydney's Bondi Beach, Monday, Dec. 15, 2025. (AP Photo/Mark Baker)
Shoes sit lined up following a shooting the day prior at Sydney's Bondi Beach, Monday, Dec. 15, 2025. (AP Photo/Mark Baker)
