Commentaire quotidien d'Amillex sur les marchés : Les résultats de Nvidia stimulent la hausse des valeurs technologiques, le Nasdaq bondit de 2,181 TP3T, des données non agricoles contradictoires perturbent les anticipations de baisse des taux, l'or chute sous la barre des 4 060 TP4T.
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.
Faits saillants du secteur :
Semiconductor ETF +2.49%
Nvidia +5% after hours
AMD +3.99%, TSMC +3.3%
Principaux facteurs moteurs :
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.
