Veeva Systems Inc.

Elastic N.V.

NVIDIA Corporation

Daily review and forecast of events on the U.S. stock market from Mikhail Denislamov, Deputy Director of Freedom Capital Markets Research.

A morning in New York: waiting for the moment of truth

All three key U.S. stock indexes showed the strongest reversal in a single trading session since April 8, CNBC <a href="https://www.cnbc.com/2025/11/19/stock-market-today-live-updates.html">notes</a>. At the height of the morning rally on November 20, they added more than 1.5%, but closed in a significant downside. Nvidia's strong quarterly report, which supported markets early in the session, wasn't enough to keep the momentum going as investors still fear the AI sector's overvalued stocks. And employment statistics published on Thursday dampened hopes that the U.S. Federal Reserve will cut rates again in December.

Strongest reversal since April: stock indices collapsed after morning rally

Nvidia's report and positive jobs statistics were not enough for the market

The rally was short-lived: US indices lost their gains and sharply went into negative territory

Marvell Technology, Inc.

The worst stock drawdown since April triggered a wave of buying by corporate insiders. Over the past 30 days, top managers of public companies bought back securities of their firms at the fastest pace since Ma, Bloomberg <a href="https://www.bloomberg.com/news/articles/2025-11-20/corporate-insiders-buying-stock-dip-at-fastest-pace-since-may">writes</a>.

Insiders accelerated stock purchases on the downturn. Should we follow their lead?

All three major U.S. stock indices rose sharply in early trading on Nov. 20 after a successful report from global AI market leader Nvidia and unexpectedly better-than-expected U.S. jobs data for September.

Nasdaq up more than 2%: Nvidia and labor market stats set off rally

Broadcom Inc.

Nvidia's strong third-quarter results have temporarily calmed investors worried about the shakiness of the artificial intelligence boom. Analysts were generally positive about the report of the world's most expensive company, noting the acceleration of revenue growth and improved profitability. However, experts warn that concerns about the AI bubble have not gone away - they have simply receded into the background.

'Necessary respite': Nvidia quells fears of AI bubble before the end of 2025

The Bureau of Labor Statistics (BLS)<a href="https://www.bls.gov/bls/2025-lapse-revised-release-dates.htm#:~:text=BLS%20will%20not%20publish%20an%20October%202025%20Employment%20Situation%20news%20release."> said</a> Wednesday, November 19, that it will not release the October nonfarm payroll employment report and will include data for that month in the November statistics, which will be released in December.

The Bureau of Statistics declined to release the Fed's all-important November employment data

Alphabet Inc.

U.S. stocks rose in early trading after four days of selling. Ahead of the Nvidia report

U.S. stocks opened trading on Nov. 18 with sharp declines, continuing the market sell-off.

U.S. stocks fall for the fourth consecutive trading session. S&amp;P 500 down by almost 1%

Apple Inc.

UBS expects the S&amp;P 500 to rise another 5% by the end of the year and urges using pullbacks as a buying opportunity

U.S. indices went negative, pressured by a selloff in Nvidia and other tech giants

But the Nasdaq Composite is still in the negative at the end of the week

IT struck back: the Nasdaq index posted its strongest one-day reversal since April

U.S. stocks opened trading on Nov. 14 with a sharp decline, continuing the sell-off that began earlier. Investors are concerned about overvaluations of technology and AI-related stocks, and are increasingly doubtful that the Fed will cut rates in December after the longest government shutdown, Barron's <a href="https://www.barrons.com/livecoverage/stock-market-news-today-111425?mod=hp_LEDE_C_2">writes</a>.