It's Nov. 7, 2025, and we hope you don't have plans to fly today because neither airlines nor their stocks will be doing much of that either. Making good on a warning this week, the Federal Aviation Administration ordered cuts across 40 airports today, prompting the cancellation of more than 800 flights plus delays on 1,100+ more. The moves come as the government shutdown has limited staffing at air traffic control towers.
However, it's not just planes that aren't ready for takeoff today. It turns out tech stocks aren't turning a corner either. It's been a rougher-than-usual week for the Magnificent 7 (or 10, or however many we're up to), with the megacaps taking a beating amid valuation jitters and concerns about AI spending. The Nasdaq Composite (-1.86%) is down nearly 2%, followed by the Russell 2000 (-1.33%) and S&P 500 (-1.07%).
Friday Reading:.
Certainly not helping matters today are the preliminary UM Consumer Sentiment data, which showed the index declined to 50.3, the lowest since June 2022,
The largest decline was in current conditions, which fell to 52.3 from 58.6.
But consumer expectations have also continued to decline, hitting 49 in November (from 50.3 in the previous month). Last November, it was 76.9. We can't imagine that any of this week's drama will help improve the index's worst reading in years, either.
TurboTax Via TheStreet
-- Noah Weidner, Markets Reporter
