Global stock markets extended their losing streak for a fifth straight session on Wednesday, November 19, 2025, weighed down by renewed concerns over soaring artificial intelligence (AI) valuations. Investors remained cautious ahead of crucial earnings from chip giant Nvidia and key U.S. labor market data expected later in the week.
On Wall Street, the tech-heavy Nasdaq Composite (.IXIC) fell 1.2% overnight, marking its second consecutive daily decline and leaving it more than 6% below its late-October record high. In early European trade, futures tied to the S&P 500 and Nasdaq 100 were largely unchanged, reflecting investor hesitation before Nvidia’s highly anticipated results.
In Europe, the pan-regional STOXX 600 (.STOXX) dropped 0.2%, extending a slide of 4% from record highs reached less than a week earlier. Across Asia, Japan’s Nikkei (.N225) closed down 0.34%, bringing its November losses to 7% in U.S. dollar terms. MSCI’s All-World Index (.MIWD00000PUS) slipped another 0.1%, logging its fifth consecutive decline, the longest losing streak since August.
Nvidia Takes Center Stage
All eyes are on Nvidia, whose graphics processing units (GPUs) have powered the global AI boom that has propelled equities to record levels. The company is expected to report a 56% year-on-year surge in fiscal third-quarter revenue to $54.92 billion, according to LSEG data.
“It looks like Nvidia’s stock price has been priced for perfection, so GPU demand must continue to grow strongly for many more years for the stock to stay up,” said Wong Kok Hoi, founder and CEO of APS Asset Management in Singapore.
Nvidia’s performance is seen as a key barometer for risk appetite across global markets. MUFG strategist Lee Hardman noted that weak results could hit both equities and the dollar. “A bad earnings report this evening could drive the dollar weaker,” he said, adding that attention would then shift quickly to Thursday’s delayed U.S. employment report.
Nvidia alone now represents roughly 7% of the S&P 500’s total market capitalization, underscoring its outsized influence on global risk sentiment.
Fed and Currency Outlook
The U.S. dollar has fallen 8.1% so far this year, putting it on track for its steepest annual decline since 2017. Although losses topped 10% in October, the greenback has since regained ground as inflation concerns and uncertainty about economic growth tempered expectations for aggressive Federal Reserve rate cuts.
Markets now see only a 42% chance of a 25-basis-point rate reduction in December—a sharp pullback from near-certainty a month ago.
The Japanese yen, trading around 155.64 per dollar, has surrendered nearly all of its gains this year, prompting renewed warnings from Tokyo officials about potential intervention. Meanwhile, U.S. 10-year Treasury yields were steady at 4.12%, holding in a tight range as traders balanced inflation worries with political uncertainty surrounding President Donald Trump’s declining approval ratings.
Bitcoin and Commodities
In digital assets, Bitcoin recovered modestly to $91,400 after hitting a seven-month low on Tuesday. Despite the rebound, it remains down about 27% from its October peak.
“BTC has erased this year’s gains and then some, meaning anybody who acquired in the past 10 months is underwater,” said Justin d’Anethan, head of research at Arctic Digital, a crypto investment and advisory firm.
In commodities, gold gained 0.4% to $4,080 per ounce after recent declines from record highs, while Brent crude slipped 0.76% to $64.41 a barrel. Soybean futures held near 17-month highs, buoyed by strong Chinese demand for U.S. supplies.
