U.S. stocks plunged as investors feared the Federal Reserve might not cut interest rates in December, ending the market rally. The Dow Jones fell 0.8%, the S&P 500 dropped 1.6%, and the Nasdaq declined 2.2%. Tech, energy, communication services, industrials, materials, and consumer discretionary stocks all suffered. The fear gauge, VIX, rose 11.67%.

Tech stocks initially soared on strong earnings from NVIDIA but retreated as fears over AI stock valuations grew. NVIDIA ended 3.2% lower, and other AI players like Oracle and Microsoft also declined. Concerns mounted over a potential Fed rate cut in December, impacting tech stocks and the broader market.

Data showing higher job additions in September but a rise in unemployment raised concerns over a December rate cut. Nonfarm payrolls rose by 119,000, beating estimates. The unemployment rate increased to 4.4%, the highest in four years. Existing home sales grew by 1.2% in October to 4.1 million units annually.

Zacks Investment Research has identified 5 stocks set to double in the coming year, handpicked by experts. Most are under Wall Street radar, offering potential for significant growth. Recommendations from Zacks, including Microsoft, NVIDIA, and Oracle, are available for free download. Check out the article on Zacks Investment Research for more details.

Read more at Nasdaq: Stock Market News for Nov 21, 2025