On Thursday, November 20, 2025, U.S. markets experienced a day of mixed fortunes, with tech giants facing a downturn while retail and pharmaceutical sectors showcased resilience. Nvidia, a leader in AI chip manufacturing, saw its stock price recede despite an initial surge following an impressive earnings report, contributing to a broader decline across the technology sector. Meanwhile, Walmart's robust quarterly performance provided a positive counter-narrative, signaling strength in consumer spending and boosting investor confidence in the retail giant.
Despite an initial rally driven by better-than-anticipated earnings, Nvidia's shares ultimately lost ground, closing down 3.2%. This decline was mirrored across the tech sector, with other AI chip manufacturers like Advanced Micro Devices (AMD) and Broadcom (AVGO) experiencing drops of nearly 8% and 2%, respectively. Micron Technology (MU), a key partner in Nvidia's memory chip production, saw an even steeper fall of 10.9%. This downturn in tech stocks contributed to the broader market's negative close, with the Dow falling 0.8%, the S&P 500 down 1.6%, and the Nasdaq Composite decreasing by 2.2%. The PHLX Semiconductor Index, a barometer for the semiconductor industry, registered a notable nearly 5% decline, indicating a widespread bearish sentiment in the chip-making space.
In contrast to the tech sector's struggles, the retail giant Walmart (WMT) emerged as a significant gainer, with its shares climbing nearly 7%. This impressive performance followed a quarterly earnings report that surpassed analysts' forecasts, driven by strong year-over-year growth in e-commerce sales and advertising revenue. This positive outcome from Walmart offers an optimistic outlook for U.S. consumer spending as the holiday season approaches. Elsewhere in the market, Regeneron Pharmaceuticals (REGN) saw its shares advance by 5% after receiving Food and Drug Administration approval for its Eylea HD eye treatment for macular edema and an expanded monthly dosing option for other eye conditions. Similarly, Solventum (SOLV), a healthcare company spun off from 3M, experienced a nearly 3% increase in its stock price following its announcement to acquire bioscience firm Acera Surgical for $725 million in cash, with potential additional payments of up to $125 million tied to performance milestones.
Meanwhile, the cryptocurrency market continued its downward trend, with Bitcoin (BTCUSD) extending its decline to approximately $87,000. This broader crypto market weakness impacted related stocks, as Robinhood Markets (HOOD), a platform offering crypto trading, saw its shares drop by about 10%, and Coinbase Global (COIN), a prominent crypto exchange operator, fell by 7.4%. In the engineering and consulting sector, Jacobs Solutions (J) experienced a significant 11% decline in its stock price after reporting a year-over-year decrease in quarterly profits. This outcome was primarily attributed to a change in the valuation of its investment in Amentum (AMTM), a company that was previously spun off from Jacobs Solutions and integrated its intelligence arm with its cyber and critical mission solutions business.
Thursday's trading session painted a picture of a divided market, where strong performances in retail and healthcare contrasted sharply with a notable pullback in the technology sector, particularly among AI-related chipmakers. The mixed signals from September's jobs data and the continued downtrend in cryptocurrency markets further contributed to the day's overall volatility. While some companies demonstrated robust growth and positive outlooks, the tech industry faced headwinds, suggesting investors are carefully reassessing valuations and future growth prospects in a dynamic economic environment.
