Morning Brew November 19 2025

Good Morning

Equities saw quite a swing yesterday, Futures started lower, turned green but ended the day in the red again. The S/P is down 4 days in a row for the first time in three months. The S&P 500 down 0.8%, Dow off 1%, and Nasdaq losing 1.1% as investors unwound AI trades ahead of Nvidia’s earnings and questioned tech valuations after heavy debt issuance. Mega caps led declines: Nvidia (-2.8%), Microsoft (-2.7%), Amazon (-4.4%), Tesla 1.9%). Home Depot dropped 6% after cutting its profit outlook Home Depot is often used as an indicator of the private sector health, when people are doing well they spend on construction and home improvement. Wall Mart later in the week will give more insight.

Nvidia and Microsoft committed to invest $15b in Anthropic, while Anthropic commits to buying $30b worth of computing capacity from Microsoft’s Azure cloud service. 

Volumes were lower than average at 18 bio shares, the Nasdaq and the S/P 500 are currently below the 50 Day moving average

While US Yields and the USD Index were quite stable, the Yen weakened further to above 155 Yen per USD, and the Japanese Yields continue to grind higher.

Gold and Silver traded under pressure yesterday morning but while Equities turned lower after the US open, both continued to rise on news of strong central bank buying.

Koen took at look at Crypto and Jocob at the AI trade

Why crypto is selling off – and what it means for risk assets By Koen

In a matter of weeks, crypto has swung from new highs and headlines about institutional adoption to renewed talk of a “crypto winter”. Bitcoin has given back a meaningful part of its recent rally, with ethereum falling even further in percentage terms. The entire crypto market has dropped sharply, and many listed crypto-related equities have followed.

For investors, the key question is no longer just why crypto is down, but what this move reveals about risk appetite. Crypto is increasingly behaving less like a niche asset and more like a high-beta gauge of global liquidity and market mood.

The AI trade: investing in the age of intelligence

• 
  AI has moved from hype to infrastructure, reshaping industries from chips to cloud and consumer platforms.
• The investment opportunity spans the entire value chain, from hardware and manufacturing to software and applications.
• Saxo’s AI theme showcases a curated list of companies across the AI value chain that investors can use as a diversified starting point for research. 

Today focus will be on Nvidia so it can be a choppy day, the results will come after the bell. Before, we are awaiting important European data and this evening the minutes of the last Fed meeting.

Tomorrow, we will receive the September Nonfarm Payrolls

Trade safely and consider your risk willingness

Wednesday November 19

UK CPI, EU HICP

Target, Wix, Lowe`s, Nvidia, Paloalto,
Fed Minutes

Thursday November 20

China Rate Decision, US Initial Jobless claims, EU Consumer Confidence

Walmart,

Speaker Hammack, Cook, Golsbee, Paulsopn.

Friday November 21

Japan CPI, UK Reetail Sales. International PMI.

Speakers: Bar, Jefferson, Logan