November 19, 2025 — U.S. equities opened lower and extended losses, with the Nasdaq falling nearly 1%. Japan’s Nikkei 225 tumbled more than 3%, while the yen slid to a new year-to-date low of 155.37. Spot gold staged a V-shaped rebound to $4,060, and Bitcoin dropped below the $90,000 level.

U.S. Equities: Tech Leads Declines as Valuation Pressure Builds Ahead of Nvidia Earnings

The Dow fell more than 0.7%, the Nasdaq dropped nearly 0.6%, and the S&P 500 followed lower.

The Philadelphia Semiconductor Index plunged 3%.

Stock highlights:

• Nvidia fell 3.4% amid strong pre-earnings caution

• AMD slid 6%

• Amazon dropped 3.6%

Sector logic:

• Valuation pressure: JPMorgan warned of a needed re-pricing in the AI sector; the “Magnificent Seven” tech index dropped 2.5%.

• Event risk: Markets are focused on Nvidia’s Wednesday earnings (expected revenue: $54.9B) and Thursday’s delayed nonfarm payrolls report.

Asia-Pacific Markets: Japan Hit by Triple Shock in Stocks, Bonds and FX; Nikkei at Monthly Low

The Nikkei 225 slumped over 3%, with the TOPIX falling in tandem.

The yen weakened to 155.37 per dollar and broke 180 per euro, a historical low.

Japan’s 10-year government bond yield surged to 1.754%, the highest since June 2008.

Drivers:

• Policy concerns: Markets speculate the Takai administration will unveil a large-scale stimulus package, intensifying debt-sustainability fears.

• Geopolitical risk: Strained China–Japan relations weighed on foreign inflows; Invesco noted deteriorating investor confidence.

FX Markets: Yen Hits New Yearly Low, Safe-Haven Flows Return to the Dollar

The Dollar Index strengthened on broad risk-off sentiment.

The yen weakened sharply across major currency pairs.

EUR/JPY surged past 180, while GBP/JPY also retreated.

Policy backdrop:

• Odds of a Fed rate cut in December fell to 40%.

• Intervention speculation around the Bank of Japan increased but no action was taken.

Precious Metals: Gold Rebounds on Safe-Haven Buying After Global Equity Rout

Spot gold rebounded from an intraday low of $3,997, closing up 0.36% at $4,060.

Spot silver fell more than 1%.

Long–short dynamics:

• Supportive forces: A global equity selloff spurred safe-haven demand; diverging Fed policy views added uncertainty.

• Headwinds: A stronger dollar and higher U.S. yields capped upside; the $4,000 level remains key technical support.

Cryptocurrencies: Bitcoin Breaks Below $90,000 as Leveraged Longs Unwind

Bitcoin fell more than 3% to below $89,000, while Ethereum dropped below $3,000.

Market sentiment:

• Broad risk-off pressure intensified across risk assets.

• Bitcoin ETFs saw continued outflows.

• Lombard Odier noted that expectations for Fed easing are being recalibrated, dragging down digital assets.

Commodities: Oil Pressured by Supply Concerns and Broader Risk Aversion

While no fresh quotes appeared in overnight trading, global risk aversion and persistent worries over OPEC+ oversupply continued to weigh on crude prices.

Previous data showed WTI hovering below $60, with demand weakness dominating the narrative.

Industrial metals such as copper also softened amid rising concerns over global growth.

Today’s focus

• U.S. API crude oil inventory data

• Eurozone CPI (final reading)

• Meeting between Japan PM Sanae Takai and BoJ Governor Kazuo Ueda — signals on policy coordination in focus

• Position adjustments ahead of Nvidia earnings