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Crypto and tech fall together; stocks dramatic slip

Late selloff pressures broader indexes November 21, 2025
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Changes in the Market are on display Tech slump pulls markets lower

Good Morning,

A sharp reversal hit stocks as big tech stumbled and risk appetite faded. We break down what flipped the tape, why it matters for portfolios, and the signals to watch next. If you’re indexed to the S&P, or heavy in AI winners, don’t skip this one.

A legal misstep may void the indictment against James Comey amid claims of political targeting, the Fed remains split on cutting rates in December as inflation and employment concerns persist, and Trump’s proposed $2,000 “tariff dividend” checks face skepticism over funding but could boost consumer driven stocks.

Don't forget to voice your opinion in my polls below.

Here are your Morning Bullets.

– Truly yours, Fred Frost


📉 Yesterday's Market Recap

Yesterday, markets took a gut punch with the largest intraday selloff since April. Nvidia’s earnings initially sparked a rally, but doubts about the AI trade’s staying power triggered broad-based selling. The numbers tell a story of fleeting optimism crushed by cold reality.


  • Nvidia’s Earnings High Fades: Despite a record revenue beat and CEO Jensen Huang touting ‘off the charts’ demand for Blackwell Ultra GPUs, Nvidia’s overnight surge collapsed as AI trade skepticism resurfaced. → MarketWatch

  • Cardano (ADA) Plummets 7%: Cardano broke key support levels, sliding into a bearish phase with a potential drop to $0.32 as outflows and liquidations mount. → Benzinga

  • Geospace Technologies Sinks: Reporting a Q4 GAAP EPS of -$0.71 and a 13.2% revenue drop to $30.71M, Geospace reflects broader sector struggles. → Seeking Alpha


📉 Daily Performance Snapshot

Index/Asset Closing Value Change
S&P 500 6,538.76 -1.56%
Nasdaq 22,078.05 -2.15%
Dow Jones 45,752.26 -0.84%
Gold $4045.70 -0.35%
Crude Oil $58.37 -1.07%
Bitcoin $81,589 -11.15%
10-yr Treasury Yield 4.106% -0.65%

🔭 What to Watch Today

Today’s docket has a few key events that could sway markets. Keep your eyes on these developments for potential volatility or opportunity.

  • Global Market Reactions: After sharp declines in Asian markets (Nikkei down 2.4%, KOSPI 3.8%), watch for ripple effects in U.S. trading sessions today. → ABC News
  • Autumn Budget 2025 Fallout: Chancellor Rachel Reeves’ budget on November 26 could reveal tax hikes or spending tweaks to address a £22 billion fiscal hole. Markets may react to policy signals. → MoneyWeek
  • Google Ad Tech Ruling Nears: Closing arguments in Google’s ad tech monopoly case wrap up. A breakup ruling could disrupt digital ad markets significantly. → ABC News

  • 💡 Opportunity Watch

    Amid the market gloom, a few themes stand out for savvy investors willing to look beyond the headlines. Here’s where I see potential.

    • Enviri Corporation (NVRI): Stock surged 33.6% on news of a $3.04 billion Clean Earth sale and a spinoff plan. Could be a restructuring play with cash returns. → Benzinga
    • Rare Earth Sector: USA Rare Earth’s push for domestic supply chains aligns with policy support. A niche bet on national security-driven growth. → Fortune
    • AI Hardware with Foxconn: Foxconn’s $1-5 billion U.S. investment and OpenAI partnership signal growth in AI infrastructure. A hardware angle on the AI boom. → StockTwits

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    🔥 The Big Bullet

    Tech-led reversal sends U.S. stocks lower into the close

    What happened: U.S. stocks fell late in the day after an early rebound faded. A broad tech selloff dragged major indexes into the red. The Nasdaq led losses as weakness deepened in the final hour, various outlets showing the Nasdaq leading stocks lower into the close. Markets then finished down on the session, marking a sharp reversal from earlier gains, closing lower after a significant swing. Selling pressure picked up across big tech names and growth shares. Traders pointed to fading enthusiasm from an earlier AI-fueled bounce. Risk appetite cooled as the afternoon wore on. By the closing bell, the tone was risk-off and cautious.


    Why it matters: Tech stocks often set the tone for the whole market, so a drop there can pull many portfolios down. When investors de-risk, they tend to sell growth first. The move lined up with stress in crypto, where Coinbase shares slid during a wider crypto selloff. Weakness also showed up in major tokens, with Ethereum down sharply from recent levels. When both tech and crypto fall together, it can tighten financial conditions for risk-taking. That can make companies more careful about hiring and spending. It can also nudge households to pull back on discretionary purchases. For diversified investors, these swings test discipline and position sizing.

    What’s next: Watch if dip buyers step in or if selling spreads beyond tech. Keep an eye on AI-linked names and suppliers; even secondary players can wobble when leaders stumble, as seen when CoreWeave eased after an earlier rally tied to NVIDIA momentum. Retail updates can also sway sentiment on the consumer; note that Gap topped expectations and raised its outlook. If consumer strength holds, it may cushion broader declines. But if spending cools, earnings could face pressure into year-end. Volatility tends to cluster, so intraday swings may stay elevated. Short-term traders should plan around wider ranges and sudden reversals.


    Reader Feedback

    Yesterday, I asked you: Who do you trust more to handle interest rates the right way? The majority of you at 48% said "The Federal Reserve”

    Jenna from Ohio replied: "I trust the Federal Reserve more because they know a lot about the economy and try to keep things stable."

    Here's what I'm asking you today:

    Which of the following do you think best explains the late-day market drop?

    Login or Subscribe to participate

    As always if your opinion is not here, or you want to throw your two cents at me, reply to the E-mail, and let me know your exact thoughts.


    🧭 Policy & Market Ripples

    • Education Dept. Dismantling Push: Secretary Linda McMahon is working with Congress to transfer Education Department functions to other agencies, aiming to dissolve it entirely—a win for reducing federal overreach. → Daily Signal Policy
    • Volex (VLXGF) Leadership Boost: Appointment of Dave Webster as Non-executive Chair targets North American expansion—a strategic move for scaling operations. → Seeking Alpha Earnings

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    📜 This Day in History – November 21

    November 21 tends to reward patience and precision — from engineering feats to policy frameworks, it’s a date where steady innovation pushed the world toward better standards, better systems, and better signals.

    Edison's original phonograph design with wax cylinder

    1877 – Thomas Edison announced his invention of the phonograph, creating the first device capable of recording and reproducing sound — a precursor to the modern media economy.

    1904 – The first section of the Paris Metro Line 6 opened, advancing urban transit design and shaping the modern commuter economy.

    1996 – The United Nations proclaimed World Television Day, acknowledging the medium’s role as a global information infrastructure and soft-power channel.

    2000 – The first resident crew of the International Space Station began operations, launching continuous human presence in orbit and a new frontier for applied research.

    Yesterday, 85% of you chose the right answer to the trivia question: To invest surplus government revenues—often from natural resources or trade surpluses—for long-term national benefit


    The speed of your success is limited only by your dedication and what you’re willing to sacrifice.
    – Nathan W. Morris
    Thanks for Reading.

    Stay Sharp. Stay Focused.
    Fredrick Frost
    Editor, MorningBullets

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