Nvidia(US:NVDA) Ge Long Hui A P P·2025-11-21 02:12Core Viewpoint - The U.S. stock market experienced a dramatic intraday reversal, dropping 1.5% after initially rising 1.9%, with over $2 trillion in market value evaporating during the session, driven by Nvidia's earnings report and a mixed non-farm payroll report [1] Group 1: Market Reactions - Nvidia's strong earnings report failed to sustain market optimism, leading to a 3% decline in its stock price after an initial 5% rise, indicating that good news not being rewarded can signal bad omens [1] - The cryptocurrency market faced significant pressure, with Bitcoin dropping below $90,000, contributing to a broader sell-off in risk assets [3] Group 2: Economic Indicators - Concerns were raised regarding private credit vulnerabilities, as Federal Reserve Governor Lisa Cook warned about potential asset valuation weaknesses, which led to widening spreads in investment-grade and high-yield bonds [2] - The September non-farm payroll report, while stable, did not provide clear guidance for the Federal Reserve's December interest rate decision, with the probability of a rate cut only slightly increasing to 35% [2] Group 3: Market Dynamics - Commodity Trading Advisors (CTAs) accelerated their selling as the market broke through short-term technical thresholds, with a key mid-term level at 6456 points being closely monitored [3] - The re-emergence of short positions occurred as market momentum reversed, indicating a shift in trader sentiment [4] - Poor performance in key Asian tech stocks, such as SK Hynix and SoftBank, failed to provide a positive external environment for U.S. markets [4] - Market liquidity significantly deteriorated, with the liquidity size of top buy-sell orders in the S&P 500 dropping to approximately $5 million, well below the average of $11 million for the year, making the market more susceptible to large trades [4] - The trading volume of exchange-traded funds (ETFs) surged to 41% of total market volume, indicating that market movements are increasingly driven by macro factors rather than individual stock fundamentals [4]