| Name | Daily Close | Daily Change | Daily Change (%) |
|---|---|---|---|
| Dow | 45,752.26 | -386.51 | -0.84% |
| S&P 500 | 6,538.76 | -103.4 | -1.56% |
| Nasdaq | 22,078.05 | -486.18 | -2.15% |
| VIX | 27.42 | 1 | 3.79% |
| Gold | 4,037.80 | -22.2 | -0.55% |
| Oil | 57.58 | -1.56 | -2.64% |
OVERVIEW OF THE US MARKET
Wall Street closed higher on November 21, 2025, rebounding from Thursday’s dramatic reversal as investors digested Nvidia’s earnings beat and dovish comments from New York Fed President John Williams. The S&P 500 climbed 0.98% to 6602.99, the Nasdaq Composite rose 0.88% to 22273.08, and the Dow Jones Industrial Average gained 1.08% to 46245.41. The rally was broad-based, with nine of the 11 S&P sectors advancing, led by communication services up 2.15% and health care up 2.11%. Information technology lagged with a mere 0.07% gain, reflecting lingering AI jitters, while utilities were nearly flat at 0.01%.
Nvidia shares dipped 0.97% to 178.88 despite topping expectations, underscoring concerns about an AI bubble and circular financing deals with firms like OpenAI and Anthropic. CEO Jensen Huang pushed back against bubble fears in a post-earnings interview, emphasizing strong Blackwell demand and disciplined partnerships, but the stock’s monthly decline signals investor caution amid high valuations. Other actives included Opendoor Technologies surging 9.58% on volume of 160.5 million shares, Ondas Holdings up 7.42%, and Intel gaining 2.62%. Tesla slipped 1.05%, extending losses tied to broader risk-off sentiment.
The session followed Thursday’s Nasdaq 100 intraday plunge of nearly 5%, triggered by a crypto selloff with Bitcoin hitting a seven-month low, amplifying correlations between digital assets and high-beta stocks. Hedge funds scrambled to cover shorts on Friday, with Goldman’s prime brokerage noting a 4.6% jump in ETF short positions unwound amid the rebound. Consumer staples and health care outperformed as defensive plays, while energy fell 0.52% on oil weakness.
September nonfarm payrolls rose 119,000 with unemployment at 4.4%, a mixed bag that initially dampened December Fed cut odds before Williams’ remarks boosted them to over 70%. Core CPI held at 0.3% month-over-month, aligning with expectations but highlighting persistent inflation. Investors are eyeing Tuesday’s delayed retail sales and durable goods reports for consumer health clues ahead of Black Friday, with the National Retail Federation forecasting holiday sales over $1 trillion but at a slower 3.7-4.2% growth pace.
Strategists remain cautiously optimistic. UBS’s Ulrike Hoffmann-Burchardi sees Fed cuts and AI tailwinds sustaining gains into 2026, while Nationwide’s Mark Hackett calls the week’s volatility a “release valve” rather than a bull market reversal. Geopolitical notes included Trump’s team floating Nvidia H200 sales to China as a compromise, lifting shares intraday, though hawks oppose easing export curbs. Treasury Secretary Scott Bessent noted ongoing rare-earth talks, but no firm deals. Overall, the rebound spared a deeper rout, but brittle sentiment lingers amid AI despeculation and tariff uncertainties.
OVERVIEW OF THE AUSTRALIAN MARKET
Australian shares tumbled on November 21, 2025, closing at their lowest since June amid global risk-off waves from US AI jitters and reduced Fed cut expectations. The S&P/ASX 200 fell 1.59% to 8416.5, the All Ordinaries dropped 1.67% to 8686.3, and the Small Ordinaries plunged 2.99% to 3519.4. Losses spanned 10 of 11 sectors, with materials cratering 3.93% on softer commodity prices, energy down 3.11% amid oil weakness, and real estate off 1.97%. Consumer staples eked out a 0.04% gain as a defensive haven, while health care closed flat.
Big miners led the rout: Iluka Resources sank 11.55% to $6.32, Core Lithium dropped 13.73%, and Ioneer fell 13.16%, mirroring Bitcoin’s slump and Nasdaq correlations that amplified despeculation fears. Mayne Pharma tanked 23.14% after FIRB blocked its $627 million Cosette takeover, citing national interest. Retailers Accent Group and Lovisa Holdings plunged 15.42% and 13.79% on soft trading updates ahead of Black Friday. Coal names like Whitehaven and Yancoal slipped 2-4.2% on energy jitters, while uranium plays weakened despite AI demand hype.
Financials lost 0.74%, with CBA flat but peers grinding lower—down over 12% month-to-date post-earnings. WiseTech Global bucked the trend, up 4% after reaffirming guidance at its AGM despite pay protests, though still halved year-over-year amid scandals. Star Entertainment surged 22.09% on Bally’s casino approval, and GQG Partners rose 5.18% in a week-long rally. DroneShield extended losses in a broader tech rout, down 0.81% sector-wide.
Local data showed Q3 wage growth at 0.8% quarterly and 3.4% annually, meeting polls but signaling sticky inflation that tempers RBA cut bets. Flash PMIs improved: manufacturing at 51.6, services at 52.7, composite at 52.6, hinting expansion but not enough to counter global drags. Japan’s ¥21.3 trillion stimulus weakened the yen, pressuring AUD/USD to 0.6443, up 0.05% but near lows.
PM Modi’s G20 sideline meet with Albanese pledged deeper ties in defense, energy, and tech, amid US boycott over South Africa issues. Reuters noted G20 declaration adoption despite US absence, stressing climate and debt relief—snubbing Trump’s stance. Domestically, IG’s Tony Sycamore flagged potential “sinister” downturn after October highs. Morningstar’s weekly update saw US parallels, with tech down 4.79% globally, but local resilience in staples. Black Friday looms with delayed US retail data, testing consumer spend amid labor slowdowns and tariffs.
