Risk Assets Reel; Bitcoin Slides Into Bear Market 18/11/2025

HOT stories for today

Market wrap:

• Wall Street slumped Monday, with all three major U.S. equity benchmarks finishing firmly in the red. The Dow Jones Industrial Average tumbled more than 550 points, or 1.2%, while the S&P 500 and Nasdaq Composite each slid roughly 0.9%. All primary gauges closed below their 50-day moving averages, a bearish signal ahead of a heavy week for U.S. economic releases following the government shutdown’s pause in data reporting. Nvidia dropped about 2% ahead of earnings due after Wednesday’s close, drawing fresh scrutiny to the durability of this year’s AI-driven market surge.
• The chipmaker reports near the tail end of an otherwise robust earnings season. Yet, doubts persist over narrow market breadth, stretched megacap tech valuations, and whether AI fundamentals can justify the pace of Big Tech debt issuance and the rapid depreciation of AI chips. Beyond Nvidia, traders are positioning around macro catalysts that could influence the Federal Reserve’s rate path. Expectations for near-term easing have faded sharply: fed funds futures now imply roughly a 40% probability of a cut, down from more than 90% a month ago, according to CME FedWatch data. Minutes from the Fed’s October meeting land on Wednesday, followed by the September nonfarm payrolls report on Thursday, the first economic release since the shutdown. Crypto markets also retreated, with Bitcoin sliding back toward the $90,000 threshold.

Bitcoin sinks below $90,000 in deepening rout

• Bitcoin’s tumble below $100,000 has shaken one of 2025’s most crowded trades, reviving doubts about whether the rout is a brief reset or the start of a deeper downturn. The token sank under $90,000 on Tuesday, more than 28% off its Oct. 6 record of $126,000. Analysts blame a two-phase slide, a macro selloff triggered by renewed U.S.–China tensions, followed by billions in forced liquidations.
• Still, long-term holders argue the investment case remains intact. Weak liquidity is amplifying price swings, while fading expectations for Fed rate cuts and reversing ETF flows are adding pressure. Few see an immediate bottom; some warn bitcoin could retest the low-$70,000s if equities weaken. But others note the downturn lacks 2022-style contagion and still expect new highs once liquidity improves.

Stocks on the move:

• Brinker International (EAT): The Chili’s owner jumped more than 8%, on pace for its strongest session since April. Short interest is about 12% of the float, per FactSet. The gain extends a rebound after the stock sank as much as 18% between its Oct. 29 earnings report and the Nov. 6 close.
• Alphabet (GOOGL): Shares rose more than 3% after Warren Buffett’s Berkshire Hathaway disclosed a stake of more than $4 billion in the third quarter, spurring renewed buying in the megacap.
• Zymeworks (ZYME) and Jazz Pharmaceuticals (JAZZ): Both drugmakers rallied after reporting Phase 3 results for their cancer therapy Ziihera. Zymeworks surged 31%, while Jazz added nearly 22%.
• Quantum Computing (QUBT): Shares gained 7% after the company released a strategic roadmap focused on scaling quantum and photonic manufacturing.
• Alibaba (BABA): The e-commerce giant rose 3.4% after unveiling Qwen App, its revamped ChatGPT-style artificial intelligence platform for the Chinese market.

Watchlist: QUBT, LAC, GOOGL, NVDA, DELL, HD, PDD, BIDU, MDT

Key Economic Events Today:

EST time

10:00 am: USD Factory Orders, Housing Market Index
10:30 am: USD FOMC Member Barr Speaks
11:00 am: USD FOMC Member Barkin Speaks


Earnings

BMO (Before Market Open): Home Depot (HD), PDD Holdings (PDD), Medtronic (MDT), Baidu (BIDU),  Futu Holdings (FUTU), KLarna Group (KLAR)



The TEFS Analyst team wishes you a successful day!