Stock Market Live November 4: S&P 500 (VOO) Tumbles After Palantir Report, Goldman Sachs Warning

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Who Wants Some Cheap GLP-1 Weight Loss Drugs?

Nov 4, 2025 11:59 AM

Live

Swiss bank UBS reports that the White House may reach a deal with GLP-1 weight loss drug producers Novo Nordisk (NYSE: NVO) and Eli Lilly (NYSE: LLY) to adjust their pricing lower for U.S. customers.

Patients on Medicare may be able to buy the lowest dose levels of both companies’ drugs for just $149 per month under the new pricing scheme, says UBS. Now the question will be: If Novo and Lilly have to cut their prices by more than half to get Medicare coverage… can they “make it up on volume?”

Investors seem uncertain. Novo stock is down about 1% on the news, while Lilly stock is up 1%.

Marriott Moves Higher

Nov 4, 2025 11:15 AM

Live

Hotel operator and S&P 500 component company Marriott (Nasdaq: MAR) beat earnings by a dime this morning, reporting Q3 profit of $2.47 per share. Quarterly revenue approached $6.5 billion, just ahead of expectations.

Marriott guided investors to expect no more than $2.62 per share in Q4 profit, below analyst predictions of $2.65. Nevertheless, investors are rewarding Marriott for the earnings beat, and the stock is up nearly 3%.

The Voo’s losses are moderating, too, now down only 0.8%.

Shopify Gets a Price Rollback

Nov 4, 2025 9:48 AM

Live

E-commerce powerhouse Shopify (Nasdaq: SHOP) delivered a sales beat this morning, reporting Q3 revenue of $2.8 billion, or $80 million more than analysts had expected. Profits on the other hand tumbled 68% year over year, to $264 million.

Management guided for “mid-to-high-twenties” percentage sales growth in Q4, but faster growth in operating expenses — up 30% to 31%. This sales growth number would be weaker than the 32% growth in revenue from Q3, while faster growth in expenses implies profits will continue to decline in the current quarter.

Shopify stock is down 2.5% in early trading, and the Voo is down 1% so far today.

This article will be updated throughout the day, so check back often for more daily updates.

The Vanguard S&P 500 ETF (NYSEMKT: VOO) came close to regaining its all-time high (hit just late last week) on Monday, closing up at 628.27 — but what went up is coming crashing back down this morning. In premarket trading, “the Voo” is already down 1%… and falling.

What’s driving the stock market’s decline? Crazy as it may sound, an earnings beat from Palantir seems to have sparked the selling.

Last night, defense technology company Palantir (Nasdaq: PLTR) beat analyst forecasts for Q3 earnings with a $0.21 per share (adjusted) profit on sales of $1.2 billion (nearly $100 million more than forecast). The company boasted of 61% year over year sales growth (77% growth in the U.S., and 121% growth in U.S. non-government commercial sales).

And Palantir raised its guidance for the Q4 currently underway, saying sales will exceed $1.3 billion, beating forecasts for $1.2 billion in revenue. Full-year revenue should be roughly $4.4 billion, with more than $2.1 billion in adjusted income from operations and free cash flow between $1.9 billion and $2.1 billion.

Fantastic numbers, but apparently not fantastic enough to justify the 700x P/E that Palantir stock was fetching heading into earnings. Investors are selling off Palantir stock by more than 8% this morning, and seeing as Palantir is a big component of the S&P 500, that selloff is pulling the whole Vanguard S&P 500 ETF lower as well.

Worry spreads

Adding to investor misery, Goldman Sachs CEO David Solomon warned last night of a “likely … 10 to 20% drawdown in equity markets sometime in the next 12 to 24 months.” And Morgan Stanley CEO Ted Pick suggested he’s looking for a 10% to 15% stock market decline in the near future.

Spooked by the reaction to Palantir’s positive report, investors are starting to question whether stocks (like Palantir) that are associated with artificial intelligence might simply all be a bit too overvalued to respond positively to good news. Premarket, we’re also seeing shares of Nvidia (Nasdaq: NVDA), AMD (Nasdaq: AMD), and Oracle (NYSE: ORCL) start to give back some of their outsize gains. These three AI stocks are down 2%, 3%, and 3% premarket.