On Thursday, the S&P 500, Dow Jones Industrials, and Nasdaq 100 closed down by -1.56%, -0.84%, and -2.38% respectively. Tech and chip stocks dragged the market lower after early gains were erased. Hawkish Fed comments dampened rate cut expectations, intensifying the sell-off. Bitcoin dropped over -3% to a 7-month low, continuing a 6-week downtrend.

The US stock market initially rallied Thursday after Nvidia’s positive forecast and Walmart’s strong Q3 results. Bond yields whipsawed following Sep nonfarm payrolls, which beat expectations but saw an unexpected rise in the unemployment rate. Expectations for a Dec rate cut now at 35%.

US economic schedule heavy with delayed reports this week, including US manufacturing and services PMI, consumer sentiment index, and more. Q3 earnings season wrapping up with 82% of S&P 500 companies beating forecasts. Overseas markets mixed, with Euro Stoxx 50 up +0.50% and Nikkei up +2.65%.

The Fed’s hawkish stance on inflation and rate cuts weighed on stocks. T-note prices rose after Sep nonfarm payrolls report, with the 10-year yield falling to 4.104%. European bond yields mixed, with German bund yield up to 2.742%. Bitcoin’s drop impacted crypto-exposed stocks.

Tech stocks like Nvidia, Tesla, and Amazon closed lower, while semiconductor and AI stocks like Micron and AMD also saw losses. Cryptocurrency-exposed stocks retreated with Bitcoin’s decline. Walmart and Regeneron Pharmaceuticals led gainers. Earnings reports from various companies due on 11/21/2025.

Read more at Nasdaq: Stocks Reverse Sharply Lower as Tech Stocks Get Crushed