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Wall Street ends mixed; traders look to Nvidia report

Nov 14 (Reuters) – Wall Street stocks ended mixed on Friday as investors looked ahead to Nvidia’s quarterly results next week and worried that the Federal Reserve may hold off on cutting U.S. interest rates in December.

The Nasdaq ended higher and the S&P 500 finished marginally weaker after an early selloff that dragged all three major Wall Street indexes down more than 1%.

Investors in recent days have fretted about the pace of rate cuts and pricey valuations of heavyweight artificial intelligence stocks that have fueled much of the U.S. stock market’s gains in recent years.

Nvidia (NVDA.O), opens new tab, Palantir (PLTR.O), opens new tab and Microsoft (MSFT.O), opens new tab each gained more than 1%.
Expectations the Fed will cut rates at its December policy meeting have faded in recent days amid signs of persistent inflation, caused in part by U.S. President Donald Trump’s global tariffs. The probability of a 25-basis-point rate cut in December has fallen to under 50% from 67% last week, according to CME Group’s FedWatch tool.

Kansas City Fed President Jeffrey Schmid said on Friday his concerns about “too hot” inflation go well beyond the narrow effects of tariffs, signaling that he could dissent again at the Fed’s December meeting should policymakers opt to cut short-term borrowing costs. He was one of two dissenters in the Fed’s October decision to lower the policy rate by a quarter of a percentage point.

AI chipmaker Nvidia will be at the center of Wall Street’s attention when it reports quarterly results on Wednesday, with investors eager for fresh evidence that a race to dominate the emerging technology is not losing steam.

“We’ve got a huge event next week with Nvidia,” said Mike Dickson, head of research and quantitative strategies at Horizon Investments in Charlotte, North Carolina. “If Nvidia disappoints, they will be punished. But I also think that – kind of like you’re seeing today – you’ll see dip buyers come back in pretty quickly and stabilize things.”

UnitedHealth Group (UNH.N), opens new tab declined 3.2% and Visa (V.N), opens new tab lost 1.8%, both weighing on the Dow.

The S&P 500 fell 0.05% to end at 6,734.11 points.

The Nasdaq gained 0.13% to 22,900.59 points, while the Dow Jones Industrial Average declined 0.65% to 47,147.48 points.

Seven of the 11 S&P 500 sector indexes declined, led lower by materials (.SPLRCM), opens new tab, down 1.18%, followed by a 0.97% loss in financials (.SPSY), opens new tab.

For the week, the S&P 500 rose 0.1%, the Dow added 0.3% and the Nasdaq lost 0.5%.

Concerns about the labor market’s health and the inflation outlook have weighed on investors, who expect some permanent gaps in official economic data even after the record-long U.S. government shutdown ended on Thursday.

In global trade, the Swiss government said U.S. tariffs on Swiss goods will be reduced to 15% from 39%.

Warner Bros Discovery (WBD.O), opens new tab gained 4% after the entertainment company said it had amended CEO David Zaslav’s employment agreement amid a strategic review of its business.

Cidara Therapeutics shares (CDTX.O), opens new tab more than doubled after Merck (MRK.N), opens new tab said it will acquire the company in an almost $9.2 billion deal

Declining stocks outnumbered rising ones within the S&P 500 (.AD.SPX), opens new tab by a 1.7-to-one ratio.

The S&P 500 posted 12 new highs and 10 new lows; the Nasdaq recorded 52 new highs and 295 new lows.

Volume on U.S. exchanges was 20.1 billion shares, just below the average of 20.2 billion shares over the previous 20 sessions.

Reporting by Twesha Dikshit and Purvi Agarwal in Bengaluru, and by Noel Randewich in San Francisco; Editing by Maju Samuel, Krishna Chandra Eluri and Richard Chang

News Team by — November 16, 2025 By News Team in Equities
Jones Trading Slashes The GEO Group, Inc. (NYSE:GEO)’s Price Target To $37, Maintains Buy Rating

The GEO Group, Inc. (NYSE:GEO) is among the 13 Most Undervalued Stocks Under $20 to Buy. On November 7, Jones Trading slashed the stock’s price target to $37 from $50, citing the company’s slow growth as the reason behind the adjustment.

Despite the downward revision, the new price target reflects a 142% upside potential. Moreover, the firm said that it has a positive outlook for all business segments of the company, reflected in the reiteration of its earlier Buy rating on the stock.

In September this year, The GEO Group, Inc. (NYSE:GEO)’s subsidiary, BI Incorporated, secured a two-year contract from the U.S. Immigration and Customs Enforcement to continue delivering services for the Intensive Supervision Appearance Program (ISAP).

Jones Trading described the contract award as a significant opportunity for the company, while noting that ISAP could continue to face challenges until ICE expands its detention capacity to its target of 100,000.

In other news, on November 6, The GEO Group, Inc. (NYSE:GEO) reported financial results, with revenues up 13% year-over-year to $682.3 million, and net income soaring to $174 million from a mere $26 million a year ago.

However, the strong results were overshadowed by its fourth-quarter guidance, which fell short of analysts’ estimates and disappointed investors. The stock is down by over 10% since the announcement, closing at $14.98 on Monday, November 10.

The GEO Group, Inc. (NYSE:GEO) is a government services provider, with a focus on developing, financing, and supporting secure facilities, community reentry centers, and processing facilities.

While we acknowledge the potential of GEO as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

News Team by — November 16, 2025 By News Team in Equities
An AI-Generated Country Song Is Currently Topping Charts in America

Breaking Rust’s “Walk My Walk” is currently the No. 1 song on the Billboard Country Digital Song Sales chart

The song was created using artificial intelligence by Aubierre Rivaldo Taylor

Taylor is also listed as the composer of AI-generated country songs released under the artist name Defbeatsai

Who is Breaking Rust?

The No. 1 song on the Billboard Country Digital Song Sales chart for the week of Nov. 8, 2025 is “Walk My Walk” by Breaking Rust, a seemingly gritty track featuring a raspy vocal performance of lyrics from the perspective of a “rough” and “raw” man who “ain’t selling my soul for a seat at your table.”

Breaking Rust, however, is not a real person at all. “Walk My Walk” is a song created using artificial intelligence by someone named Aubierre Rivaldo Taylor, according to credits listed on Spotify.

While debates about AI’s relationship to art are more tense than ever, listeners have embraced “Walk My Walk” by Breaking Rust. Of course, it’s unclear if they’re all aware the track was composed by a computer.

In addition to topping the Billboard Country Digital Song Sales chart, “Walk My Walk” currently sits in the top 10 of the all-genres chart on iTunes, while Breaking Rust’s Resilient EP is in the top 10 on the platform’s albums side.

Breaking Rust also boasts over 2.3 million monthly listeners on Spotify, where “Walk My Walk” has over 3.6 million streams to date.

And who exactly is the person behind Breaking Rust? Taylor doesn’t seem to have much of an online presence, though they’re also listed as the composer of AI-generated country songs released under the artist name Defbeatsai — many of which are comically raunchy.

In September, Spotify announced stronger AI protections for artists, songwriters and producers.

At the time, the streaming service stated that over 75 million spam tracks were removed from the platform, which expressed a focus on “improved enforcement of impersonation violations,” “a new spam filtering system” and “AI disclosures for music with industry-standard credits.”

However, Breaking Rust and Defbeatsai are each currently labelled as a “verified artist” on Spotify.

Recently, Xania Monet made history as the first known AI-generated singer to appear on a Billboard radio airplay chart. Creator Telisha Nikki Jones sat down with Gayle King for a CBS Mornings interview earlier this month after landing a multimillion-dollar recording contract with Hallwood Media for Monet.

Jones explained she writes all the lyrics to Monet’s songs (including the hit “How Was I Supposed to Know?”) and produces them using the AI app Suno with guiding prompts like “female voice,” “soulful vocals,” “slow tempo,” “R&B style,” “light guitar” and “heavy drums.”

“Xania is an extension of me, so I look at her as a real person,” she said.

“But you can’t sing! So in that sense, she’s not a real person,” King, 70, shot back. “What do you say to people who say she may be an extension of you, but other singer who have worked hard, who have practiced their craft, who are struggling to get heard, who are really doing the actual singing, you seem to have taken a shortcut through all of that?”

“I wouldn’t call it a shortcut, because I still put in the work,” said Jones. “Anytime something new comes about and it challenges the norm and it challenges what we’re used to, you’re going to get strong reactions behind it. And I just feel that AI is the new era that we’re in. I look at it as a tool, as an instrument. Utilize it!”

 

News Team by — November 16, 2025 By News Team in World News
Future data centers are driving up forecasts for energy demand. States want proof they’ll get built

HARRISBURG, Pa. (AP) — The forecasts are eye-popping: utilities saying they’ll need two or three times more electricity within a few years to power massive new data centers that are feeding a fast-growing AI economy.

But the challenges — some say the impossibility — of building new power plants to meet that demand so quickly has set off alarm bells for lawmakers, policymakers and regulators who wonder if those utility forecasts can be trusted.

One burning question is whether the forecasts are based on data center projects that may never get built — eliciting concern that regular ratepayers could be stuck with the bill to build unnecessary power plants and grid infrastructure at a cost of billions of dollars.

The scrutiny comes as analysts warn of the risk of an artificial intelligence investment bubble that’s ballooned tech stock prices and could burst.

Meanwhile, consumer advocates are finding that ratepayers in some areas — such as the mid-Atlantic electricity grid, which encompasses all or parts of 13 states stretching from New Jersey to Illinois, as well as Washington, D.C. — are already underwriting the cost to supply power to data centers, some of them built, some not.

“There’s speculation in there,” said Joe Bowring, who heads Monitoring Analytics, the independent market watchdog in the mid-Atlantic grid territory. “Nobody really knows. Nobody has been looking carefully enough at the forecast to know what’s speculative, what’s double-counting, what’s real, what’s not.”

Suspicions about skyrocketing demand

There is no standard practice across grids or for utilities to vet such massive projects, and figuring out a solution has become a hot topic, utilities and grid operators say.

Uncertainty around forecasts is typically traced to a couple of things.

One concerns developers seeking a grid connection, but whose plans aren’t set in stone or lack the heft — clients, financing or otherwise — to bring the project to completion, industry and regulatory officials say.

Another is data center developers submitting grid connection requests in various separate utility territories, PJM Interconnection, which operates the mid-Atlantic grid, and Texas lawmakers have found.

Often, developers, for competitive reasons, won’t tell utilities if or where they’ve submitted other requests for electricity, PJM said. That means a single project could inflate the energy forecasts of multiple utilities.

News Team by — November 16, 2025 By News Team in World News
Gold falls 1% as broad market sell-off follows U.S. government reopening

Gold prices fell 1% on Thursday, pulling back from a three-week high earlier in the session amid a broad market sell-off following the reopening of the U.S. government.

Spot gold lost 1.1% to $4,151.86 per ounce. Elsewhere, spot silver fell 2.3% to $52.18 after rising to its highest level since October 17 earlier in the session.

U.S. gold futures for December delivery settled 0.5% lower at $4,194.50.

The U.S. government will resume operations after a record 43-day shutdown, under an agreement that funds federal operations through January 30.

“Precious metals are caught in a widespread selloff, where stocks, bonds, the dollar, and crypto are all under pressure and in the red,” said Tai Wong, an independent metals trader.

“It’s a classic buy-the-rumor, sell-it-all after the U.S. government re-opens.”

Earlier in the session, spot gold hit a session high of $4,244.94, the highest level since October 21.

Initially, gold and silver markets rallied on the expectation that economic data released after the end of the shutdown will reveal U.S. labor market weakness and push the Fed toward at least one December rate cut, said Jim Wyckoff, senior analyst at Kitco Metals.

However, citing worries about inflation and signs of relative stability in the labor market after two U.S. interest rate cuts this year, a growing number of Federal Reserve policymakers are signaling reticence on further easing.

Private surveys have indicated job market weakness.

While the U.S. central bank reduced rates last month, Fed Chair Jerome Powell cautioned that further easing this year was not guaranteed, partly due to a lack of data.

Lower interest rates typically benefit gold, which offers no yield and is often seen as a safe-haven asset during periods of economic uncertainty.

Platinum was down 2.8% at $1,569.65 and palladium fell 3.7% to $1,419.75.

News Team by — November 16, 2025 By News Team in Market Watch
Bitcoin Is Falling, But Don’t Call It a Bear Market Yet: Analyst

Bitcoin fell below $95,000 multiple times Friday after losing 7.5% over the week.

An analyst told Decrypt that the sell-off appears to be a mid-cycle correction rather than the start of a full-blown bear market, as losses haven’t reached capitulation levels yet.

Market uncertainty stems from shifting Federal Reserve expectations, with traders now seeing only a 56.4% chance of unchanged rates in December compared to 94% odds of a cut just a month ago.

Bitcoin tumbled below $95,000 on Friday morning and looked like it had stabilized by the early afternoon—but then fell back below that mark again in the afternoon. Analysts told Decrypt that volatility from panicked short-term holders seems to have subsided, at least for now.

“The Bitcoin market is significantly influenced by the profitability of its newest participants, who represent fresh capital and liquidity. A dynamic price uptrend is typically sustained when these new investors are in profit, which builds market confidence,” popular pseudonymous CryptoQuant analyst CrazzyBlockk told Decrypt.

They explained that when short-term holders start to see 20% to 40% losses, it kicks off a period of panic selling.

“This level of pain has traditionally signaled a transition into full-scale capitulation phase,” they said. “Given the current loss level of this cohort, we remain distant from the classic signals of a macro bear market.”

But if new entrants can realize some gains, then support will build and the dip will be more of a “mid-cycle correction” rather than the beginning of a bear market, the analyst added.

Decrypt spoke with other analysts earlier on Friday, who varied in their reads on whether Bitcoin’s recent fall had kicked off the start of a bear market.

At the time of writing, Bitcoin was trading for $95,390 after having dropped 2.8% in the past day and 7.5% compared to last week. Liquidations in the past day have now topped $1 billion after Bitcoin slipped below $100,000 for the third time in a month. Before that stretch, the last time Bitcoin was trading for less than six figures was back in May.

Sentiment about the Federal Reserve’s last meeting of the year—and what it could mean for the federal interest rate—has been shifting. Aggregated derivatives data shows that traders think there’s a 56.4% chance that the Federal Open Markets Committee will leave rates unchanged on Dec. 9. Just a month ago, traders rated there was a 94% chance that the FOMC would cut rates again before 2026, according to the CME FedWatch Tool.

Typically, Bitcoin and risky assets, like equities, tend to benefit when the FOMC cuts interest rates, making safe assets like treasury bonds less appealing to investors.

But investor pessimism has been hitting crypto harder than stocks. Wintermute analysts said in a note shared with Decrypt that crypto’s been heavily negatively skewed compared to equity proxies like the Nasdaq 100.

“This macro rotation comes at a moment where the market already tested/defended the $100K level twice before, leading to a substantial push sub-$100K this time around,” they wrote.

Pepperstone Research Strategist Dilin Wu said the market isn’t yet showing signs of a sustained recovery, and so she advised that traders remain cautious in the near-term.

“Over the medium- to long-term, Bitcoin retains the potential to challenge new highs, but this hinges on sentiment improving, liquidity returning, and volatility easing,” she told Decrypt. “The four-year cycle still offers some reference, but it is far from a rule. I focus more on actual market participation and funding conditions than on purely cyclical patterns.”

News Team by — November 16, 2025 By News Team in Market Watch
Walmart CEO Doug McMillon is stepping down

New York — Doug McMillon, Walmart’s CEO for just over a decade, is retiring next year, the retailer announced Friday.

McMillon will be succeeded by John Furner on February 1, 2026. Furner is currently the CEO and president of Walmart’s US operations, the company’s largest business unit. Both executives have been with the company for several decades in various leadership roles.

The transition comes amid a tumultuous time for retailers, as tariffs and sinking consumer sentiment has roiled the industry’s bottom lines. Yet Walmart under McMillon has overcome many of the issues that have plagued competitors – its supply-chain dominance and grocery prowess has allowed Walmart to offer rock-bottom prices on necessities, attracting customers across a wide range of income groups. The company reported in its most recent earnings call that its fastest-growing customer segment includes households who earn more than $100,000 a year.

McMillon also oversaw the company’s transition to a major ecommerce competitor, offering a strong alternative to Amazon and a significant growth engine for Walmart. The company has grown its Walmart+ subscription business that serves as a kind of nascent rival to Amazon Prime.

He was also previously the chairman of Business Roundtable, the most prominent group of nearly 200 chief executives representing corporate America’s interests in Washington, for a two-year term.

In addition to expanding Walmart, he’s also made striking changes at the company. In 2019, Walmart stopped selling handgun ammunition, ammunition commonly used in military-style assault weapons and ask customers to stop openly carrying guns at stores after a mass shooting at an El Paso, Texas location left 22 people dead.

He was also an outspoken critic of the insurrection at the US Capitol on January 6, and he has frequently spoken out against President Donald Trump’s tariffs.

But McMillon also oversaw the unsuccessful $3 billion acquisition of Jet.com, an upmarket Amazon rival that didn’t pan out the way Walmart had expected. The business was ultimately shut down and integrated into the broader Walmart.com. McMillon’s push into upscale clothing, like Bonobos, also hasn’t worked out.

McMillon first began as a store associate and worked his way to top including stints at Sam’s Club and Walmart’s international operations. He helped harness Walmart (WMT) into being a true competitor to Amazon and its stock has grown 300% since he became CEO in 2014.

“Our family and Board have stated many times that Doug was uniquely qualified to be CEO at the necessary time for Walmart,” said Greg Penner, Chairman of Walmart Inc., in a press release. “Doug led a comprehensive transformation by investing in our associates, advancing our digital and eCommerce capabilities, and modernizing our supply chain, resulting in sustained, robust financial performance.”

As for Furner, he’s been the CEO and President of Walmart US’ 4,600 stores since 2019 and also began as an hourly associate in 1993. In addition, he’s worked at Sam’s Club and Walmart China. The company credited his “associate development, digital innovation, and operational excellence.”

Walmart said that McMillon remain on its board until next June and will be an adviser to Furner throughout fiscal year 2027. An announcement on Walmart’s US CEO replacement will be named soon.

This story has been updated with additional developments and context.

News Team by — November 16, 2025 By News Team in Business News
Warren Buffett’s Berkshire Hathaway reveals new position in Alphabet

Warren Buffett’s Berkshire Hathaway revealed a new position in Alphabet, making the Google parent the conglomerate’s 10th largest equity holding at the end of September, according to a regulatory filing.

Berkshire disclosed a $4.3 billion stake in Alphabet at the end of the third quarter, a surprising move given Buffett’s traditional value investing philosophy and reluctance toward high-growth, tech names. While Berkshire has owned Apple
for years, Buffett has called it more of a consumer products company than a pure tech play.

The purchase was also likely made by Berkshire investment managers Todd Combs or Ted Weschler, who have been more active in technology names. One of them initiated an investment in Amazon
back in 2019, and Berkshire still owns $2.2 billion worth of the e-commerce shares.

Alphabet has been the market’s standout winner this year with shares rallying 46%. Strong demand for artificial intelligence has driven solid momentum in Alphabet’s cloud business.

Buffett previously admitted that he “blew it” by failing to invest early in Google even though he had insight into its advertising potential. Berkshire’s auto insurance unit Geico was an early customer of Google, paying the search engine 10 bucks every time someone clicked on the ad at the time.

“I had seen the product work, and I knew the kind of margins [they had],” Buffett said in 2018. “I didn’t know enough about technology to know whether this really was the one that would stop the competitive race.”

Trimming Apple

Berkshire continued paring back its massive Apple stake, trimming the position by another 15% in the quarter to $60.7 billion.

Buffett went on a head-turning selling spree in Apple in 2024, slashing two-thirds of the shares Berkshire held in a surprising move for the famously long-term-focused investor. Berkshire also cut the holding in the second quarter of this year.

Even with the continuous sales, the iPhone maker remains Berkshire’s biggest equity holding.

The conglomerate also dialed back its Bank of America stake by 6% to a bet worth just under $30 billion. Berkshire reduced holdings in Verisign and DaVita as well in the third quarter.

Berkshire has been a net seller of stocks for 12 straight quarters as valuations continued to climb in the tech-driven bull market.

The 95-year-old Buffett is stepping down as CEO at the end of the year, with longtime lieutenant Greg Abel set to take the reins. Investors have been watching Berkshire’s positioning closely for clues about the next era of leadership and how its investment approach may evolve.

News Team by — November 16, 2025 By News Team in Business News
Grayscale seeks NYSE debut in latest sign of crypto IPO momentum under Trump

Grayscale Investments has filed for an IPO, seeking to list Class A shares on the NYSE under the ticker GRAY, according to an S-1 with the SEC.

The firm reported $35 billion in assets under management as of Sept. 30, and identified a total addressable market of $365 billion.

Grayscale Investments Inc. has formally filed for an initial public offering, joining a growing cohort of crypto firms pushing into U.S. public markets this year.

According to its S-1 filing on Thursday, Grayscale oversees about $35 billion in assets as of Sept. 30, 2025. It also reported an estimated $365 billion total addressable market for its suite of products covering 45 assets, including bitcoin and ether.

The company intends to list its Class A common stock on the New York Stock Exchange under the symbol GRAY. Pricing terms were not yet included in the paperwork submitted to the U.S. Securities and Exchange Commission.

Post-offering, Grayscale will operate with a dual-class structure. Class A shares carry one vote, while Class B shares — held by parent company Digital Currency Group — hold 10 votes but no economic rights. Parent firm Digital Currency Group will retain majority voting power, making Grayscale a “controlled company” under NYSE rules.

The IPO uses an Up-C structure, with proceeds used to purchase LLC units from pre-IPO holders. Grayscale confidentially filed its draft IPO paperwork with the SEC, as reported previously by The Block.

A rush of crypto IPOs in 2025

Grayscale’s move lands in one of the busiest IPO stretches the crypto industry has seen, as firms move quickly to capitalize on improved political conditions and growing institutional demand.

Over the past year, and notably under a pro-crypto administration led by President Donald Trump, crypto exchange Gemini debuted on the public market, trading above $40 per share at launch. Custody provider BitGo filed its own paperwork, revealing strong revenue growth. Circle also enjoyed an explosive debut.

Additionally, Blockchain infrastructure developer Consensys is pursuing an IPO with backing from JPMorgan and Goldman Sachs, while Mike Cagney’s Figure Technologies has also submitted draft documents. Meanwhile, crypto exchange Kraken has been exploring strategic investments at a $20 billion valuation as it gears up for an eventual 2026 listing.

News Team by — November 15, 2025 By News Team in Equities
Nasdaq Joins NYSE and TXSE With Launch of New Texas-Based Dual Listings Venue

The race to make Texas a national financial hub is heating up. Months after announcing a regional headquarters in Dallas, Nasdaq plans to launch Nasdaq Texas, a new dual listing venue that would join NYSE Texas and the Texas Stock Exchange on the newly established Y’all Street. Nasdaq expects to begin operations in early 2026, pending SEC approval.

“Texas is the financial services capital of America,” said Governor Abbott. “With another financial exchange coming to Texas, Nasdaq Texas cements our state as a global economic leader and will help further grow our leading financial industry. I thank Nasdaq for choosing Texas for their expansion and look forward to working together to keep Texas the financial hub of the nation.”

At the helm of Texas operations is Rachel Racz, who joined Nasdaq in 2013 to help stand up its oil and gas listings operation. Under her watch, she helped the exchange grow from capturing 20 percent of all energy IPOs to 80 percent.

“I think Dallas is the epicenter [of capital markets]—but really, it’s all of Texas,” Racz said. “The governor says it well: Texas has an incredible brand. What’s happening here, and what Nasdaq supports, is this miracle of leadership that’s been empowered across the state.

“Think about it—Texas is the eighth-largest economy in the world, soon to be seventh,” she continued. “It’s the global center and the gravitational force for innovation. It’s a job magnet and a job creator. I believe Texas is the bridge between energy and technology—the leader in job creation for both—and it embodies smart, pro-growth, pro-business regulation.”

Nasdaq might be third to join the capital markets party in Texas, but Racz is ready to compete.

“We don’t think about our competitors—we think about our clients,” she said. “We welcome competition, and we’re glad other companies view Texas as important as we do. But when I look at our business model compared with others, I truly believe no one offers the same holistic support for the capital markets that Nasdaq does.

“We want to win every listing, and we believe Nasdaq offers the best value proposition for companies looking to go public,” she continued. “Globally, we have about an 88 percent IPO win rate—meaning 88 percent of companies that choose to IPO do so on Nasdaq. I would expect our Texas numbers to be comparable to that.

“From a company growth perspective, roughly $3 trillion in market capitalization has transitioned from other exchanges to Nasdaq. About 500 companies have left their primary exchange to list with us. We already have a strong business of switches here in Texas, and I believe that segment will continue to grow as Nasdaq builds out its platform and deepens its support for listed companies across the state.”

Across the state, there are about 200 Nasdaq-listed companies with a combined market cap of $1.98 trillion. According to Racz, Nasdaq works with an additional 600 Texas companies, or its affiliated banks, to provide data transparency around its stock. Nasdaq has about 120 employees in the state.

Major companies have already chosen to dual-list on the NYSE Texas, including a handful of companies which have primary listings on Nasdaq. NYSE Texas’ first get was Trump Media & Technology, which is listed on Nasdaq too. AT&T, D.R. Horton, HF Sinclair, Comstock Resources, Marsh & McLennan, and more have also dual-listed with NYSE Texas.

The Texas Stock Exchange has yet to open for dual listings, but will do so in 2026.

News Team by — November 15, 2025 By News Team in Equities