The rally was broad-based, with every sector ETF rising.

Your Evening Briefing

November 21, 2025

Stocks rebound from yesterday’s sell off but still post weekly losses

Stocks rebounded from yesterday’s sell off as the S&P 500, Nasdaq 100, and Russell 2000 all rose today, though all indexes posted weekly losses after a volatile five-day stretch in which traders stewed over the AI trade. The rally was broad-based, with every sector ETF rising. Stocks got a boost as odds of a December rate cut shifted to 70% (up from 39% yesterday) after New York Fed President John Williams said he “fully supported” recent rate cuts by the central bank.

Stocks that moved higher:

  • Opendoor Technologies soared after a filing showed DE Shaw held a 6.4% stake in the online real estate company as of November 13.
  • Gap soared after posting better-than-expected Q3 results after the bell yesterday.
  • Oil prices fell as the US pitched a Russia-Ukraine peace deal, lifting shares of major US air carriers Southwest Airlines, Delta Air Lines, United Airlines, and American Airlines.
  • Eli Lilly, propelled by sales of its blockbuster weight-loss drugs, joined tech giants including Nvidia and Apple as it hit a $1 trillion valuation on Friday.
  • AST SpaceMobile rose after announcing launch plans for the first of its next-generation satellites next month, as it tries to execute its plan to offer satellite-based broadband service directly to consumers.
  • Oppenheimer analysts published a bullish initiation of coverage on IBM spotlighting software sales growth as a bright spot and potentially rich growth in AI-related businesses.

Stocks that moved lower:

  • Nvidia got a short boost after Bloomberg reported that the Trump administration is internally discussing the idea of letting Nvidia sell its H200 chips to China, but lost those gains by the close.
  • Bitcoin miners turned data center providers Cipher Mining and IREN are in a world where the market seems to have soured on everything they’re associated with as crypto is “having a bit of a meltdown” and investors question the AI trade.

How bitcoin's moves show that the stock market is actually fueled by vibes

Bitcoin has been strongly correlated with the S&P 500; the low-volatility stocks within the S&P 500 have not.

Read more.

Visualizing why yesterday’s stock market reversal was so weird and unnerving

Nvidia passed the test with flying colors. The market decided it didn’t care.

Read more.

TODAY’S
BIG MOVE

Google closes at a record high

Google parent Alphabet hit a record closing high of $299.66 today, continuing what’s been a very good run for it recently.

Read more.

  • It’s Tesla vs. Google in the fight for self-driving supremacy. Trillions are at stake.
    Two of the biggest companies on the planet are finally slamming the accelerator as they try to capture a potentially humongous market. But will it eventually turn into a race to the bottom?
  • Nvidia CEO Jensen Huang reportedly said “the whole world would’ve fallen apart” if the company had a bad quarter
    He’s right about the memes, that’s for sure.
  • Panera’s million-dollar turnaround starts with fixing its salads — as Americans drift away from iceberg lettuce
    The fast-casual chain is undoing years of cutbacks with a new strategy dubbed “Panera RISE.”
  • Even OpenAI is worried about Google’s Gemini 3
    The vibes, they’re rough. 
  • Joby sues Archer, accusing its air taxi rival of stealing trade secrets
    Joby alleges that a former employee who jumped to Archer used confidential details to one-up a partnership deal.
  • As Harvard addresses grade inflation, there’s still no easy fix for easy A’s
    A damning internal report on soaring GPAs has done little to assuage scores of career-anxious Harvardians.
  • Ads are showing up on Google’s AI Mode now
    Hope it doesn’t go the same route as Google Search!
  • Tesla Robotaxi demand outpacing supply in Austin and San Francisco
    The service finally became available to the public this week
 

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