| 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 | 26.42 | 2.76 | 11.67% |
| Gold | 4,052.30 | -7.7 | -0.19% |
| Oil | 59.27 | -0.17 | -0.29% |
OVERVIEW OF THE US MARKET
Wall Street tumbled on November 20, 2025, erasing early gains in a dramatic reversal as Nvidia’s strong earnings failed to quell AI valuation fears, marking the S&P 500’s biggest intraday swing since April’s tariff turmoil and its fifth straight decline. The S&P 500 sank 1.56% to 6,538.76, down 5% from its October peak and below the 100-day moving average for the first time since February—its lowest close since September 11. The Nasdaq Composite plunged 2.15% to 22,078.05, widening its drop from October highs to 7.9%, while the Dow Jones Industrial Average fell 0.84% to 45,752.26. The MSCI World Index declined 1.1%, reflecting global de-risking amid speculative unwind in AI and crypto.
Sector losses were broad: Information Technology cratered 2.66%, with Nvidia sliding 3.15% despite beating forecasts—erasing a 2.4% pre-market pop—as receivables concerns and profitability doubts lingered. Consumer Discretionary dropped 1.73%, Industrials 1.70%, and Materials 1.62%. Defensive gains were limited: Consumer Staples rose 1.11%, but Health Care fell 0.62% and Utilities 0.43%. Nvidia topped actives with 340.1M volume, while Ondas Holdings (-16.40%) and Opendoor Technologies (-7.92%) tumbled. Tesla slipped 2.17%, SoFi Technologies 6.77%. The Bloomberg Magnificent 7 Total Return Index shed 1.7%, with swings over $100 billion in Tesla, Alphabet, Apple, Microsoft, Broadcom, and Amazon.
The session’s 3.6% reversal from highs underscores resurfacing AI bubble fears, per Miller Tabak’s Matt Maley—questioning if massive capex yields profits, amid circular deals like Microsoft/Nvidia’s $15B Anthropic investment. Wells Fargo’s Sameer Samana noted Nvidia’s positivity insufficient against rich valuations and debt-financing shifts. VIX topped 26, highest since April, ahead of $3.1T options expiration Friday. Bitcoin below $87,000, down 4.2%, amplified risk-off, per Interactive Brokers’ Steve Sosnick—as a speculation proxy signaling deleveraging.
September jobs data, delayed by shutdown, showed +119K payrolls (topping forecasts but with August revision to -4K) and unemployment at 4.4%—stale but signaling stability, per Goldman Sachs’ Kay Haigh, not altering December cut odds (~40%). Fed’s divide: Governor Barr urged caution on cuts with above-target inflation, Cleveland’s Hammack warned of stability risks, Chicago’s Goolsbee uneasy on early easing. Minutes showed splits; Morgan Stanley dropped December cut call post-jobs.
Corporate highlights: Walmart rose on raised outlook, signaling consumer resilience; Verizon layoffs amid turnaround; Abbott’s $21B Exact Sciences deal. Strategists mixed: EP Wealth’s Adam Phillips sees healthy retracement, neutral on equities; City Index’s Fawad Razaqzada notes macro headwinds persist; Natixis’ Jack Janasiewicz flags labor fragility; Evercore’s Krishna Guha eyes weak October/November reports fracturing Fed. Muddy Waters’ Carson Block warns against shorting AI giants despite bubbles.
Volume reflected volatility, with upcoming Friday data: hourly earnings, Michigan inflation expectations. October CPI Wednesday showed core MM 0.3%, YY 3.0%; Philly Fed -1.7 vs poll 2; existing homes 4.1M vs 4.08M. Thursday’s initial claims fell to 220K, indicating employer retention amid uncertainty.
OVERVIEW OF THE AUSTRALIAN MARKET
Australian shares surged on November 20, 2025, posting their biggest gain since August as mining and technology rebounded amid global AI optimism from Nvidia’s strong results, though tempered by valuation doubts. The S&P/ASX 200 climbed 1.24% to 8,552.7, up from session lows but shy of highs, while the All Ordinaries rose 1.29% to 8,834.0. Small Ords gained 1.55%, All Tech 1.85%, and Emerging Companies 2.27%. Advancers trounced decliners 221-to-30 in ASX 300, reflecting broad relief.
Sector gains led: Materials jumped 2.45%, with iron ore strength boosting Champion Iron (+5.0%), Mineral Resources (+4.5%), and Fortescue (+4.2%). Lithium shone: Liontown (+9.6%) on spodumene auction and Van Eck stake, Pilbara (+5.3%). Critical minerals advanced: Iluka (+6.8%), Chalice (+6.0%). Information Technology rose 2.36%, with Block (+10.9%) on repurchase, Weebit Nano (+6.5%) rebounding. Real Estate added 1.41%, Financials 1.21%—big banks up ~1%, Macquarie +2.4%. Consumer Discretionary (+1.19%), Industrials (+0.52%), Communication Services (+0.42%), Consumer Staples (+0.33%), Health Care (+0.29%). Energy dipped 0.35%, Utilities -1.27%.
Standouts: Mayne Pharma (+20.9%) on unacceptable circumstances order; Pmet Resources (+18.2%) amid lithium strength; Healius (+6.8%) on director buy; Sonic Healthcare (+6.3%) post-AGM; Charter Hall (+6.7%) on upgrades; Netwealth (+6.4%) on substantial holder; Lifestyle Communities (+6.0%); HMC Capital (+6.0%); Deep Yellow (+6.6%) on AGM and SOL stake.
Decliners few: GQG Partners (-4.9%) post-rally pullback; Nuix (-4.2%) extending AGM losses in downtrend; Droneshield (-4.1%) on ASX query, added to downtrends; Gentrack (-3.6%), Worley (-3.2%), Catapult (-3.1%) in downtrends.
BetaShares’ David Bassanese notes no AI bubble evidence yet, but warns RBA cut hopes dashed—Christmas rally hinges on US AI boom. Monash’s Zareh Ghazarian highlights G20 focus on security, climate, trade sans Trump. Albanese advances ties at summit, meets Modi; affirms Indo-Pacific commitment with Wong-Jaishankar dialogue.
AUD/USD +0.02% to 0.6481, below 200-DMA. Thursday’s PBoC LPR unchanged (3%/3.5%); Friday’s AU PMIs (manufacturing 51.6 actual vs prior 49.7), US jobs (poll unavailable, but prior context). Wall Street like Morgan Stanley eyes earnings over bonds despite pullbacks.
