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Happy Wednesday. This is TheStreet’s Stock Market Today for Nov. 5, 2025. You can follow the latest updates on the market here in our daily live blog.

Update: 8:51 a.m. ET

Everything Happening (That We Know Of)

Good morning. At day 36, the U.S. government shutdown is now the longest in history. And despite a full-court press on by President Trump, it seems unlikely that Republicans will pursue the ‘nuclear option’ and end the filibuster to reopen the government.

Instead, only partial SNAP and WIC benefits will be paid; the enhanced tax credits for marketplace plans will remain a talking point; government workers will continue to be unpaid. At the same time, Trump has been squarely focused on dealmaking and bringing back nuclear tests.

We’ve heard a great deal about the perils of all of those factors, chief among them are a significant drop-off in consumer sentiment observed in the Morning Consult’s daily sentiment index, especially among lower income consumers.

At the same time, the market has been busy focusing on other champagne problems: stock market valuations, the December rate cut, and Trump’s tariffs — which are heading to the Supreme Court for argument this morning. Stocks had rallied to records early in the shutdown, but given recent events, investors seem less inclined to take things as they are.

That much is clear in the S&P 500 and Nasdaq’s Tuesday performance, which was punctuated by steep declines in equities, largely at the top of the index. And there remained worries into the wee hours after the market closed, as even acceptable earnings were punished with high single-digit and low double-digit downside reactions.

This morning, traders in Japan and Europe saw selling. But by early indications, today might be a day of moderation for investors as they wait to hear the latest on the tariffs, the shutdown, and other factors sitting on the horizon. U.S. equity futures were up modestly after a memorable Election Day for the Democrat opposition (something we’ll touch on a bit later).

A.M. Earnings: Novo Nordisk, McDonald’s, Marriott

As we get a late jump on SMT this morning, we’ll skip the premarket movement and get right into the results from this morning’s largest earnings. Here’s the shortlist, per TipRanks. We’ll be back in about an hour to see the early market reactions:

Economic Events & Data

This morning, reports from the MBA and the ADP Employment Change have already dropped, showing moderation in both the housing market and labor market. Here’s what is slated for the rest of the day: