November 21, 2025 — U.S. equities closed broadly higher, with the Nasdaq soaring 2.18%. The U.S. dollar index held firmly above 100, the yen weakened to 157—its lowest level of the year—spot gold slipped below $4,060, while Bitcoin rebounded to $91,500.
Key Market Moves & Macro Analysis
U.S. Equities: Nvidia Earnings Sweep Away Gloom, Tech Sector in Full-Blown Rally
The Nasdaq rose 2.18% to 23,057, the S&P 500 gained 1.44% to 6,737.93, and the Dow climbed 0.93% to 46,567.51.
Sector highlights:
Semiconductor ETF +2.49%
Nvidia +5% after hours
AMD +3.99%, TSMC +3.3%
Key Drivers:
Earnings Beat Expectations:
Nvidia’s Q3 revenue hit $57B (+62% YoY) with Q4 guidance at $65B, reaffirming resilient AI chip demand and dispelling bubble concerns.
Sentiment Reversal:
Wilson Asset Management noted earnings acted as a “market sell-off circuit breaker,” while Vantage warned sustainability still hinges on 2026 demand trends.
FX: Dollar Holds 100, Yen Slides to 157—New Low for the Year
U.S. Dollar Index edged up 0.05% to 100.15, touching a six-month high at 100.35.
USD/JPY broke above 157 as Japan’s 10-year JGB yield spiked to 1.825%, the highest since 2008.
Policy Landscape:
Fed Hawkishness: October meeting minutes showed most officials favor holding rates steady this year; December rate-cut odds fell to 25%.
Japan Fiscal Concerns: Expectations of a large stimulus package under the Sanae Takaichi administration fueled bond selling; MoF verbal intervention had limited impact.
