{"id":3205,"date":"2025-11-21T18:48:36","date_gmt":"2025-11-21T07:48:36","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3205"},"modified":"2025-12-23T19:27:39","modified_gmt":"2025-12-23T08:27:39","slug":"20251120en","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/es\/2025\/11\/21\/20251120en\/","title":{"rendered":"Amillex Daily Market Commentary: Nvidia Earnings Ignite Tech Stock Rally, Nasdaq Surges 2.18%, Conflicting Nonfarm Data Disrupt Rate-Cut Expectations, Gold Falls Below $4,060"},"content":{"rendered":"<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<h2 class=\"wp-block-heading\">November 21, 2025 \u2014 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\u2014its lowest level of the year\u2014spot gold slipped below $4,060, while Bitcoin rebounded to $91,500.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Key Market Moves &amp; Macro Analysis<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">U.S. Equities: Nvidia Earnings Sweep Away Gloom, Tech Sector in Full-Blown Rally<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">The Nasdaq rose 2.18% to 23,057, the S&amp;P 500 gained 1.44% to 6,737.93, and the Dow climbed 0.93% to 46,567.51.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Sector highlights:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Semiconductor ETF +2.49%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Nvidia +5% after hours<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">AMD +3.99%, TSMC +3.3%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Key Drivers:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Earnings Beat Expectations:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Nvidia\u2019s Q3 revenue hit $57B (+62% YoY) with Q4 guidance at $65B, reaffirming resilient AI chip demand and dispelling bubble concerns.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Sentiment Reversal:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Wilson Asset Management noted earnings acted as a \u201cmarket sell-off circuit breaker,\u201d while Vantage warned sustainability still hinges on 2026 demand trends.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">FX: Dollar Holds 100, Yen Slides to 157\u2014New Low for the Year<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">U.S. Dollar Index edged up 0.05% to 100.15, touching a six-month high at 100.35.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">USD\/JPY broke above 157 as Japan\u2019s 10-year JGB yield spiked to 1.825%, the highest since 2008.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Policy Landscape:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Fed Hawkishness: October meeting minutes showed most officials favor holding rates steady this year; December rate-cut odds fell to 25%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Japan Fiscal Concerns: Expectations of a large stimulus package under the Sanae Takaichi administration fueled bond selling; MoF verbal intervention had limited impact.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Commodities: Gold\u2019s Safe-Haven Appeal Weakens, Oil Rebalances<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Spot gold fell 0.4% to $4,060; silver also declined.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Pressure factors: Stronger USD + rising real-rate expectations; conflicting NFP data reduced haven demand.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Brent crude rose 0.7% to $63.95; WTI followed higher.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Supply-demand logic: Expected EIA inventory draw and geopolitical risks (Russia oil sanctions waiver deadline approaching) supported crude prices.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Crypto &amp; Bonds: Bitcoin Reclaims $91k, Treasury Yields Ease<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Bitcoin +1.1% to $91,538, Ethereum +0.9% to $3,017.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Sentiment improved as Nvidia earnings boosted tech-related risk appetite, easing leveraged long liquidation pressure.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Bond Market:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">U.S. 10-year Treasury yield fell 3 bps to 4.11%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Rise in unemployment to 4.4% triggered safe-haven buying.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Global Equities: Asia Follows Higher, Nikkei Jumps 2.6%<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Nikkei 225 +2.6% to 49,823, KOSPI +1.92% above 4000.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Europe: STOXX 50 +0.3%, DAX +0.16%, FTSE 100 \u22120.47%.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Transmission Mechanism:<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">AI-related optimism spread across markets, lifting Nvidia\u2019s supply chain (Tokyo Electron, SK Hynix).<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Nvidia Earnings Mark a Market Inflection Point<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Data-center revenue +80% YoY; Blackwell chip orders booked through Q4 2026.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">AMD, TSMC and other supply-chain names surged, offsetting recent weakness in Meta and Tesla.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Vantage Markets warned: if AI capex growth slows in 2026, valuation correction risks may re-emerge.<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Nonfarm Payrolls Split Fed\u2019s Policy Trajectory<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">September NFP +119k (vs. +51k expected) \u2192 labor resilience<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Unemployment rose to 4.4%, a 4-year high<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">July\u2013August revisions: \u221233k total<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Today\u2019s focus<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Fed Governor Lisa Cook speaks on financial stability<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\">Eurozone November manufacturing PMI flash reading<\/h2>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>November 21, 2025 \u2014 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\u2014its lowest level of the year\u2014spot gold slipped below $4,060, while Bitcoin rebounded to $91,500. Key Market Moves &amp; Macro Analysis U.S. Equities: Nvidia Earnings Sweep Away Gloom, Tech [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/posts\/3205","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/comments?post=3205"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/posts\/3205\/revisions"}],"predecessor-version":[{"id":3207,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/posts\/3205\/revisions\/3207"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/media\/3206"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/media?parent=3205"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/categories?post=3205"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/es\/wp-json\/wp\/v2\/tags?post=3205"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}