Stock Market Today: Russell 2000, Dow Jump More than 1% Despite Nvidia's Decline; Inflation Worries

• StockStory Top Pick NVDA -3.91%
• GOOG +0.90% ^IXIC +0.26%

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Happy Tuesday. This is TheStreet’s Stock Market Today for Nov. 25, 2025. You can follow the latest updates on the market here in our daily live blog.

Update: 9:31 a.m. ET

Opening Bell

The U.S. markets are now open. As mentioned earlier, the Russell 2000 (+0.39%) and Dow (+0.27%) are putting up a healthy showing to start the day, while the Nasdaq (-0.41%) and S&P 500 (-0.12%) are seeing a light decline. These opening prints come amid a slew of economic data -- including overdue reports from September, which were delayed by the government shutdown. They also come in an abbreviated week, which is seeing one last push for earnings season.

Here are today's emerging stories:

Nvidia Declines As Alphabet Ascends

Shares of chip giant Nvidia are down over 4% this morning as Google parent Alphabet hits another 52-week high. It's up more than 2% this morning thanks to the optimism surrounding its new Gemini 3 AI model.

However, there's another reason why Alphabet's win is Nvidia's loss. Gemini 3 runs on Alphabet's own AI TPU chips, rather than Nvidia's GPU architecture -- and last night, a report emerged that Meta might be eying the use of similar technology for its data center expansion.

People could forgive investors for ignoring Alphabet's TPUs when the company was struggling to find its identity with AI, but as the competing chip architecture demonstrates efficiencies over GPUs built by Nvidia and wins over competitors, there's reasons to perk up.

For those who reckon that Nvidia's GPUs are the 'only game in town', that's bad news. It isn't. In fact, it hasn't been for a long time. The news also hammered shares of Advanced Micro Devices, which is down over 6% this morning -- now down more than 23% this month, falling below $200.

WSJ Skewers Meta Data Center Accounting

Anybody else weirded out by the fact that the world's most valuable company is defending itself in private memos to its accountants as "not Enron"? No?

Well, maybe there's reason to perk up. WSJ's Heard on the Street ran a fascinating story that seems to square some of the "aggressive accounting" involved in making Meta's new data center look better than it supposedly really is. They more or less skewer some of the assumptions they've made in building their $27 billion mega build.

Accounting has become a big component of the AI bubble discussion for a number of reasons. Its also been championed by Michael Burry of "The Big Short" fame, who has alleged that convenient accounting has helped companies look better than they really are.

Update: 9:04 a.m. ET

Premarket Movers: Kohl's, Zoom, Masimo, Ross Stores

After this morning's slew of economic data, the Nasdaq (-0.26% in futures) and S&P 500 (-0.05%) look set for a decline to start their day, while the Dow (+0.08%) and Russell 2000 (+0.28%) look locked in for a modest gain to start their trading day.

Before the bell tolls, though, here are a cropping of the stocks making the biggest moves before the market opens, per data from MarketWatch:

Winners

Kohl's Corp (+27.4%) is having a dominant morning after naming interim CEO Michael Bender its be permanent CEO, a sign of confidence in the executive's turnaround management of the beleaguered retail chain, which has seen its stock rise 20.9% year-to-date. It's joined by Keysight Technologies (+13%) and Woodward Inc. (+7%), among other firms making strides.

Losers

At the bottom of the movers, Masimo Corp (-17.6%) is seeing marked declines this morning, along with Ross Stores (-7.1%) and Advanced Micro Devices (-6.8%), among others.

Update: 8:34 a.m. ET

A.M. Update

Good morning. Here is the morning update:

Earnings Today: Alibaba, Analog Devices, Dell

This morning, reports from Alibaba, Analog Devices, and Burlington Stores are among the cropping of companies making the A.M. reports. Here's a list of some of the larger reports slated for today, over 50 in total per Nasdaq:

Economic Data + Events: Sept. PPI, CB Consumer Confidence,

This morning, the long-overdue September Producer Price Index (PPI) report was released, showing an acceleration in wholesale inflation prices, which was widely expected. Retail sales for September moderated month-over-month, coming in lighter than expected.

For the rest of the day, we'll be looking out for Business Inventories, Pending Home Sales, and the Conference Board Consumer Confidence Survey at 11:00 a.m. ET. In smaller reports, we'll also have the Richmond Fed Manufacturing Index and Dallas Fed Services Index then, too.

Here are today's big reports, summarized by TradingEconomics:

This story was originally published by TheStreet on Nov 25, 2025, where it first appeared in the Latest Business & Market News section. Add TheStreet as a Preferred Source by clicking here.