On this November 4th, 2025 episode of The Gentle Ledger, the markets exhaled after weeks of tech-led strength. The S&P 500 fell 1.2% to 6,771.55, the Dow slipped 0.5% to 47,085.24, and the Nasdaq dropped 2.0% to 23,348.64, as investors rotated out of mega-cap tech and into safety. Palantir tumbled nearly 8% despite strong earnings, while Nvidia, Alphabet, and Microsoft all edged lower. Overseas, the STOXX 600 in Europe slid 1.4%, and Asian markets mirrored the softer tone. Oil hovered near $61 a barrel, gold stayed near recent highs, and the 10-year Treasury yield lingered close to 4.0%. Meanwhile, Bitcoin steadied near $107,000. Tonight’s episode traces a day of recalibration — a quiet reminder that even bull markets need to pause and breathe.