Weekly Market Brief: Musk's trillion-dollar ambition, Expedia, GTA VI, and government shutdown

The week was marked by significant market fluctuations, debate over data centers, and excessive valuation of tech stocks, which impacted the weekly performance of all major indices, pushing them into the red.

The S&P 500 was down 1.6% over the week, experiencing significant losses during early trading hours on Friday due to faltering tech stocks. The tech-heavy Nasdaq Composite suffered more and declined 3% this week. The Dow Jones Industrial Average recorded a 1.2% decline over 5 days, with the Russell 2000 down 1.9% over the same period.

The volatility that earlier pushed Gold prices to soar once again helped it close above the $4000 mark, contributing to a modest 0.3% gain this week.

Everyone watched the Vix CBOE Volatility Index this week to gauge the “fear” in the market, which closed at 19, up 9% this week, but suggesting relative calm.

The only constant in this market is volatility, which shakes active investors with its dynamism, rising one day and falling the next.Expedia stock is up 32% this quarter.Shutterstock

Housing market offers some good news, but labor market looks bleak

Housing is a sensitive market, from appearing on ballots to sparking social media content, and some key numbers are crucial to gauge demand and economic sentiment. A report from the National Association of Realtors revealed that despite a decline in house sales, an increase in median prices was seen in 77% of metro areas.

Amid economic uncertainty and lower house sales, especially on the East Coast, which is seeing a bigger year-over-year increase in median prices, people and jobs are shifting to the south, the data suggests.

However, job cuts are generally on the rise. According to a recent Challenger, Gray, & Christmas report, the job market is shifting from "low-hire, low-fire" to "more fire and low-hire."

“U.S.-based employers announced 153,074 job cuts in October, up 175% from the 55,597 cuts announced in October 2024. It is up 183% from the 54,064 cuts announced one month prior.”

The vast difference in numbers sets the scope for people who will be on the lookout for jobs during the festive season, hinting at a weakening labor market.

Major companies that conducted layoffs include Amazon, UPS, General Motors, and Target.

Speaking of jobs, government workers are at the receiving end of the shutdown, now the longest in history, on its 38th day. The lack of continuous income is prompting them to seek alternative sources of income, especially as the holiday season approaches. On a broader scale, its effects are now visible in several other sectors.

Airlines are cutting flights to accommodate the lack of personnel at the airport. The Federal Aviation Administration (FAA) announced 10% cut in flights of major airlines at 40 airports across the country, to reduce air traffic and pressure on the handful of air traffic controllers who are still showing up for work unpaid.

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While this may delay some holiday plans or require timely planning and bookings, some immediate effects can be observed, including an increase in foot traffic at train stations and a rise in car rentals.

SNAP (Supplemental Nutrition Assistance Program) benefits lapsed starting November 1, and the Supreme Court ordered the government to use the contingency fund to cover the cost. However, the White House announced that it only has enough to pay partial benefits.

Usually, $8 million is spent on average per month on SNAP benefits, according to the USDA (United States Department of Agriculture).

Political history was also made this week, with Democratic nominee Zohram Mamdani winning the mayoral election in New York City to become the city’s first Muslim mayor and its youngest since 1892.

Meanwhile, Virginia elected its first woman Governor in Democrat Abigail Spanberger.

Earnings continue to pour in the background, along with announcements that impact the stock market as it bounces back and forth from the reported numbers.

DoorDash, McDonald’s, Airbnb, Warner Bros. Discovery, Shopify, Pinterest, Qualcomm, and IREN were some of the companies releasing earnings this week.

Some stocks to watch next week include CoreWeave, Rigetti, Walt Disney, and Alibaba as they share their earnings.

Expedia soars on travel demands

Expedia Group’s stock soared 17.6% on Nov. 7 after the travel bookings platform announced its Q3 earnings on November 06.

The beat earnings report underscored a strong global demand and U.S. consumer trends.

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Gross bookings rose 12% year over year to $30.7 billion, while revenue increased 9% to $4.4 billion. Expedia’s B2B business surged 26%, marking its 17th straight quarter of double-digit growth, and booked room nights grew 11%, the fastest U.S. pace in over three years.

The booking site, which has seen a 38% stock gain year to date, credited the accelerated role of AI-driven personalization in improving travel engagements.

“AI-driven search is transforming the way travelers discover and plan their trips,” said Gorin.

Driven by a strong Q3 report, Goldman Sachs increased its price target to $295 from $253, keeping a buy rating. Analysts note that the near-term focus should now be on monitoring U.S. consumer health and the impact of AI on travel aggregation.

At the same time, capital returns in the longer term underscore a constructive outlook, as reported by TheFly.

Take-Two stock drops on GTA VI release

The stock of video games developer Take-Two Interactive declined 8% on Nov. 7 after it pushed the release date of its most popular game, Grand Theft Auto (GTA) VI.

Rockstar Games, a subsidiary of Take-Two Interactive, took to X (formerly Twitter) on Nov. 6, indicating that the GTA release date has been pushed back.

Apologizing for the delay, the company noted that the extra months will help them “finish the game with the level of polish you have come to expect and deserve.”

However, this is not the first time its release date has been pushed, and players took to social media platforms to express their dissatisfaction, also sharing memes suggesting it would be an eternal wait before they get to see the new game.

To put this into context, Rockstar Games first confirmed in 2022 that work on GTA VI was ongoing and initially revealed a trailer in 2023. It even announced an official date of "26 May 2026" for the game, before delaying it further to the end of 2026.

Related: Veteran analyst drops sharp take on GTA 6 hype

However, analyst Brian Pitz at BMO Capital sees this stock decline as a buying opportunity for investors, citing its impressive Q2 report and FY26 guidance. It raised the firm’s price target to $275 from $252, maintaining an outperform rating.

UBS analyst Christopher Schoell also raised the price target to $292 from $285, keeping a buy rating, looking at the delay as a catalyst for the stock, and noting any pullback as an opportunity to buy, as noted at TheFly.

Elon Musk a trillionaire?

The ongoing debate over whether Elon Musk’s $1 trillion pay package would be approved, causing significant volatility in its stock amid the rollout of its full self-driving software, has now found a resolution.

During Tesla’s Annual Shareholder Meeting, a majority of shareholders approved CEO Musk’s record-breaking pay package, a deal that would make him the world’s first trillionaire, provided that Tesla’s market valuation reached $8.5 trillion.

Tesla’s current valuation stands at $1.4 trillion, its stock price up 6% year to date.

While the pay package took most headlines, at the meeting, Musk also announced that he expects full approval in China for Tesla’s Full Self-Driving software by early next year.

Musk also revealed that the second generation of its supercar Roadster will be unveiled in April 2026 during a demo event, although production will not begin until 2027.

Related: Goldman Sachs CEO sends stark reminder on stocks

This story was originally reported by TheStreet on Nov 9, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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