Market Recap
11/19/25
SEQH Capital Partners Research – Market Tearsheet
November 19, 2025
Broad Market Overview
US equity markets ended Wednesday modestly higher, snapping a four-day losing streak for the S&P 500.
The S&P 500 closed at 6,642.16, up 0.38%. The Dow Jones Industrial Average gained 0.1% to 46,138.77, while the Nasdaq Composite rose 0.6% to 22,564.23.
Intraday volatility was pronounced, with the Dow dropping as much as 700 points and the S&P 500 and Nasdaq each falling over 1% before recovering into the close.
The Russell 2000 was flat, closing at 2,347.89.
Volatility and Risk Metrics
The VIX volatility index surged to 24.69, up 10.32% on the day and 58% year-over-year, reflecting heightened market anxiety.
The spike in volatility occurred despite positive index closes, signaling increased hedging and protection-buying ahead of key catalysts.
Nvidia Earnings Catalyst
Nvidia reported blowout Q3 results, with revenue of $57.0 billion and net income of $31.9 billion, both well above consensus.
Data center revenue hit a record $51.2 billion, and Nvidia guided Q4 revenue to $65 billion, significantly above expectations.
Nvidia shares rose 3% in regular trading and another 5.7% in after-hours, sparking sympathy gains in other megacap tech names.
Federal Reserve and Interest Rates
The October FOMC minutes revealed a deeply divided committee, casting doubt on a December rate cut.
Many officials indicated a December cut is “likely not appropriate,” while several suggested it “could well be appropriate.”
The market repriced December rate cut odds to 47%, down from over 90% a month ago.
The 10-year Treasury yield rose to 4.13%, the 2-year to 3.596%, and the 30-year to 4.69%.
The US Dollar Index (DXY) strengthened to 99.70, up 0.15% to multi-week highs.
Energy Markets
Crude oil prices fell sharply, with WTI dropping to $59.32/barrel and Brent to $63.26/barrel, down 2.7% and 2.5% respectively.
The decline was driven by US inventory builds and reports of renewed peace talks to end the Russia-Ukraine conflict.
Natural gas prices rose 4.64% to $4.574/MMBtu on forecasts of colder weather.
Precious Metals and Cryptocurrencies
Gold prices rose to $4,073-$4,081 per ounce, up 0.15%-0.34%, extending its 2025 rally.
Bitcoin fell to $89,440-$91,265, down 3.6%-4.2%, with the crypto Fear and Greed Index plunging to 16 (extreme fear).
Ethereum dropped to $2,882-$3,095, down 4.6%-8.7%.
Total crypto market cap was $3.11 trillion, essentially flat.
Nuclear and Uranium Sector
Constellation Energy (CEG) surged over 5% after securing a $1 billion DOE loan guarantee to restart Three Mile Island Unit 1.
Oklo (OKLO) gained 6.3% on a binding contract with Siemens Energy for its Aurora reactor.
NuScale Power (SMR) fell 2% despite a major agreement with TVA for up to 6 GW of SMR capacity.
Nano Nuclear Energy (NNE) rose 2.7%-3.7% after successful full-scale testing of its proprietary pump.
Uranium spot prices held at $76.30/lb, down 0.78% month-over-month and 5.1% year-over-year.
The Nuclear Energy Index rose 3.58% to 45.42, up 39% year-over-year.
Sector Rotation and Market Breadth
Market breadth deteriorated, with the advance-decline ratio skewing negative despite positive index closes.
Technology outperformed on Nvidia strength and Google’s Gemini AI model upgrade.
Energy lagged on crude collapse and demand concerns.
Utilities were mixed, with Constellation Energy’s surge offsetting broader sector weakness.
Top gainers included La-Z-Boy (+18.71%), SEMrush (+74.35%), and TransMedics (+11.21%).
Top losers included Agios Pharmaceuticals (-49.26%), Wix.com (-18.65%), Plug Power (-15.85%), and MicroStrategy (-10.48%).
Looking Ahead
Nvidia’s after-hours surge may drive follow-through strength in semiconductors and AI infrastructure.
December FOMC uncertainty remains the primary overhang, with markets pricing just 47% odds of a cut.
The November jobs data delay until December 16 creates an information vacuum.
Market breadth deterioration and elevated volatility argue for selectivity over broad beta exposure.
SEQH Capital Research remains constructive on nuclear infrastructure, particularly operating utilities with government backing, while maintaining cautious positioning in speculative small-cap uranium miners pending evidence of sustained spot price recovery.