On November 20, local time, the European markets experienced a downturn across the board, mirroring the fluctuations seen in the U.Sstock market, where major indexes faced volatility and most large tech stocks declinedA significant contributor to this market atmosphere was Nvidia, the AI chip giant, which released its third-quarter earnings report revealing figures exceeding expectations for revenue and adjusted earnings per share (EPS). Despite this positive data, Nvidia's stock price plummeted nearly 5% at one point after the earnings call, indicating that investor expectations were not met sufficiently, particularly in the guidance portion of the reportBy 7 PM Beijing time, Nvidia's after-hours losses had subsided to 1.25%.

During the trading session, Forte Biosciences saw dramatic fluctuations, hitting a volatility circuit breaker several timesEarly in the session, its stock rose over 220% but ended with a remarkable gain of more than 140%.

Meanwhile, the Chinese concept stocks saw an upswing

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The Nasdaq China Golden Dragon Index rose over 1%, while the Wind China Concept Technology Leaders Index advanced by 0.37%. Notable gains were observed for companies such as Kingsoft Cloud, which surged over 42%, Manbang Group climbed over 14%, and Daquan New Energy increased by over 9%, along with Zeekr witnessing an uptick of over 8%.

Turning back to the European markets, by the end of the trading day, the UK’s FTSE 100 Index fell by 0.17%, the CAC40 Index in France dipped by 0.43%, the DAX Index in Germany slipped by 0.29%, and the MIB Index in Italy also descended by 0.29%. The broader European STOXX 50 Index saw a decline of 0.45%.

In the U.S., the closing figures were mixed, with the Dow Jones Industrial Average gaining 0.32%, the Nasdaq Index dipping by 0.11%, and the S&P 500 finishing perfectly flatThe performance of large tech stocks was particularly telling, with the Wind U.S

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Tech Giants Index down by 0.48%. While META saw a slight increase of 0.79% and Apple climbed by 0.32%, other major players such as Microsoft decreased by 0.55%, Nvidia fell by 0.76%, Amazon dropped by 0.85%, Tesla slid by 1.15%, and Google's A shares decreased by 1.25%. Notably, leading up to the earnings report, Nvidia’s stock fluctuated significantly, even dipping nearly 3% during the day.

After the bell, Nvidia reported strong numbers for the third quarterThe adjusted EPS was $0.81, surpassing the analyst expectation of $0.74. The quarterly revenue reached $35.1 billion—indicating a remarkable 93.7% increase year-over-year—while analysts had anticipated a figure of $33.25 billionNvidia's net profit of $19.31 billion, a steep 108.9% rise, outperformed the $16.93 billion forecast from analystsThe data center revenue alone was $30.8 billion, exceeding expectations of $29.14 billion, and gaming revenue came in at $3.3 billion, also surpassing the analyst prediction of $3.06 billion

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The gross margin for the third quarter stood at 75%, in line with market expectations, and projected revenues for the fourth quarter are $37.5 billion, slightly above the $37.1 billion anticipated by analysts.

However, it is important to note that Nvidia's revenue growth has been decelerating over the past quarter, and further slowdown is expected in the approaching quarterDespite reporting revenues above analyst expectations last season, the guidance provided this time did not satisfy the higher-end forecasts set by investorsAs a result, the stock experienced significant volatility post-reporting, culminating in a near 5% drop.

In broader economic terms, several officials from the U.SFederal Reserve were scheduled to speak on WednesdayFed Governor Cook indicated that it might be appropriate for the Fed to maneuver interest rates towards a more neutral stance over time, citing the inflation trajectory and a robust labor market as key considerations

Cook characterized the risks associated with the Fed's employment and inflation targets as “largely balanced.” A neutral policy stance suggests a positioning that neither stimulates nor constrains economic activityCook acknowledged that rates are likely headed downward, although the extent and timing of any cuts will depend on forthcoming data and economic outlooks.

Fed Governor Bowman emphasized substantial progress in curtailing inflation since the start of 2023; however, more recently, progress seems to have stalled, advocating for a cautious approach moving forward on potential interest rate cuts.

Back to the Chinese concept stocks, their performance was notably strong during the trading dayThe Nasdaq Golden Dragon China Index appreciated by 1.44%, with Kingsoft Cloud surging more than 42% after its earnings announcementKingsoft Cloud reported third-quarter total revenues of 1.886 billion yuan, reflecting a 16% year-on-year growth; its non-GAAP EBITDA turned approximately profitable at about 185 million yuan after a loss previously recorded.

Furthermore, NIO Inc

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saw significant movements, rallying dramatically from nearly a 7% drop to close in the greenFor the third quarter, NIO reported revenue of 18.67 billion yuan, indicating a quarter-over-quarter growth of 7%. They delivered 61,855 new vehicles, representing an 11.6% year-on-year increase and a sequential growth of 7.8%, marking a historical highThe company’s guidance for fourth-quarter deliveries sits between 72,000 and 75,000 units, translating to a year-on-year growth rate of 43.9% to 49.9%. Revenue guidance is projected between 19.68 billion and 20.38 billion yuan, a year-over-year increase of 15.0% to 19.2%. NIO's CEO, Li Bin, mentioned a target for the company to achieve 100% sales growth by 2025, estimating an annual sales volume approaching approximately 450,000 vehicles, while also setting an aim to achieve profitability by 2026.

The dramatic movements of Forte Biosciences throughout the trading session caught attention, leading to multiple trading halts due to volatility