Nvidia(US:NVDA) 凤凰网财经·2025-11-25 22:48Market Overview - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1.43%, the S&P 500 increasing by 0.91%, and the Nasdaq only slightly rising by 0.67% due to Nvidia's stock decline [1] - Nvidia's stock experienced a significant drop of over 7%, leading to a market value loss of nearly $350 billion, before closing down 2.6% at a two-month low [1] - Alphabet, Google's parent company, saw its stock rise by 1.6%, marking a historical closing high for the third consecutive trading day [1] Impact of Nvidia's Decline - Nvidia's decline negatively affected the entire tech sector, with key partners like Super Micro Computer (SMCI) dropping over 6% and CoreWeave, a data center operator, falling by 10% [2] - Competitors such as AMD also faced losses, with a drop of nearly 9.7% during the day [2] Key Market Variables - Two major variables are influencing the market: the rising expectations for a rate cut in December and the potential announcement of the new Federal Reserve Chair before Christmas [3][4] Employment Data and Rate Cut Expectations - The ADP employment report indicated a worsening labor market, with an average loss of 13,500 jobs per week over the past four weeks, significantly worse than the previous week's report [5] - The lack of official data due to government shutdowns has made alternative data sources like ADP crucial for understanding economic conditions, which will impact the Federal Reserve's decision-making in December [6] - Federal Reserve officials have expressed support for rate cuts, with predictions of a 25 basis point cut in December being highly likely, with an 84.9% probability according to CME FedWatch [7][8] Federal Reserve Chair Succession - The process of selecting the next Federal Reserve Chair is nearing completion, with an announcement expected before Christmas [9] - The current discussions include potential reforms to simplify the Fed's policy tools and improve communication mechanisms [10]