Dovish Fed Minutes and Nvidia (NVDA) Earnings
Key Points
- FOMC minutes showed most participants supported further rate cuts, producing a dovish tone that lowered Treasury yields and boosted demand for long-dated Treasuries.
- Nvidia (NVDA) reported fiscal Q3 after the close and beat revenue and adjusted EPS expectations, focusing investors on data-center demand and triggering post-earnings volatility.
- U.S. equities closed mixed as dovish Fed minutes and AI earnings flow shaped positioning, with the S&P and Nasdaq posting modest gains while the Dow was essentially flat.
- Technology and industrial ETFs outperformed while energy and staples lagged; notable stock moves included sharp gains in NUVB, EXAS and TMDX and declines in WIX, DGNX and QFIN.
Global Market Summary
U.S. equities closed mixed as dovish FOMC minutes and AI earnings flow shaped positioning: the S&P 500 (SPX) rose 0.29%, the Nasdaq (^IXIC) gained 0.52%, and the Dow (DJIA) was essentially flat, down 0.05%. European benchmarks lagged after UK CPI, with the FTSE (UKX) down 0.47% and the CAC (FRA40) down 0.18%, while Germany's DAX (DAX) slipped 0.08%. In Asia Shanghai (000001.SS) ticked up 0.18% while Tokyo (NKY) and Hong Kong (HSI) retreated 0.34% and 0.38% respectively.
Top Movers
Technology led among sector ETFs with VGT (0.64%) and industrials XLI (0.42%) outperforming, while energy XLE (-1.52%) and staples XLP (-0.83%) were weakest. Notable stock moves included NUVB (+49.37%), EXAS (+20.43%) and TMDX (+13.72%); major decliners included WIX (-19.17%), DGNX (-12.86%) and QFIN (-12.49%).
Macro highlights
The Fed's November FOMC minutes showed most participants supported further rate cuts, producing a dovish tone that lowered Treasury yields and boosted demand into longer-dated bonds such as the US10Y. UK CPI eased to 3.6% year‐on‐year in October driven by smaller energy and hotel price increases, reducing near‐term upside inflation risk, strengthening the pound (GBPUSD) and increasing the odds of Bank of England easing.
News that moved markets
Nvidia (NVDA) reported fiscal Q3 results after the close and beat revenue and adjusted EPS expectations, focusing investor attention on data‐center demand and setting up post‐earnings volatility for NVDA and related AI names; pre‐release futures were modestly firmer. BitMine engaged Tom DeMark as a strategic adviser and filed an 8‐K formalizing plans to apply timing models to its Ethereum accumulation, a move flagged as likely to affect BMNR trading. BigBear.ai released Q3 results and disclosed a director share sale, an item noted as likely to exert near‐term pressure on BBAI shares.
What to Watch Tomorrow
- US Existing Home Sales (Oct) — consensus 4.06M vs 4.06M prior | Measures the pace of existing-home transactions and housing market demand.
- Japan Inflation Rate YoY (Oct) — forecast 3.1% vs 2.9% prior | Shows the annual change in consumer prices and inflation pressures.
Key Takeaways
- The Fed minutes' dovish tone had lowered Treasury yields and boosted demand for longer-dated bonds such as the US10Y.
- Nvidia's (NVDA) fiscal Q3 beat concentrated investor focus on data-center demand, leaving pre-release futures modestly firmer and contributing to post-close volatility for NVDA and peers.
- UK CPI eased to 3.6% year-on-year in October, reducing near-term upside inflation risk and strengthening the pound while European benchmarks lagged.
- Sector divergence was evident as technology led and energy and staples lagged, while several individual stocks produced outsized moves in both directions.
References
- 1. https://www.prnewswire.com/news-releases/bitmine-bmnr-engages-legendary-tom-demark-and-demark-analytics-llc-as-strategic-advisor-302619815.html
- 2. https://ts2.tech/en/nvidia-nvda-earnings-today-ai-chip-giant-faces-320-billion-market-test-all-the-key-news-on-19-november-2025
- 3. https://ts2.tech/en/bigbear-ai-bbai-stock-news-today-nov-19-2025-director-share-sale-as-market-digests-q3-earnings-and-ask-sage-deal
- 4. https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/october2025
- 5. https://www.federalreserve.gov/newsevents.htm
- 6. https://commonslibrary.parliament.uk/research-briefings/sn02802/
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