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The Nov 20 2025 stock market selloff flipped a morning surge into a broad rout as volatility spiked. Here’s the twist: defensives rose while tech stumbled.

TL;DR

Indexes reversed hard into the close as fear jolted options pricing. The VIX ended at its highest since April, while Treasury yields eased. A delayed September jobs report and AI valuation jitters shaped the tape.

Nov 20 2025 stock market selloff: what happened

The Nov 20 2025 stock market selloff erased a powerful morning rally and soured sentiment. The S&P 500 fell 1.6% to 6,538.76, the Nasdaq lost 2.2%, the Dow slipped 0.8%, and the Russell 2000 dropped 1.8% on the day. Week-to-date losses deepened: S&P 500 -2.9%, Dow -3.0%, Nasdaq -3.6%, and Russell 2000 -3.5%.

Meanwhile, the VIX closed at its highest since April, the vix spike april high many feared, during the biggest S&P intraday reversal since April, about 3.6%. The nvidia earnings reversal amplified anxiety around AI leaders and helped flip the risk mood.

Nov 20 2025 stock market timeline

An early rally faded into the biggest S&P 500 swing since April by afternoon, as the delayed September jobs report hit the wires and traders reassessed risk. After the bell, the vix spike april high still loomed, and global markets caught the chill. By Nov 21, Europe opened weaker and Asia followed, extending the reversal across time zones.

Why it turned: AI jitters and sector rotation

Tech led the drop while defensives held up. Semiconductor stocks slump was the standout, even as consumer staples eked out gains. You might be surprised that the nvidia earnings reversal did not calm valuation worries; instead, it appeared to rekindle them.

Big movers: Nvidia, AMD, Micron drop; Walmart pops

Nvidia fell about 3.2% after an early post-earnings surge faded, while AMD and Micron slid roughly 8% and 11%. Walmart jumped about 6.5% on results, underscoring how the nvidia earnings reversal contrasted with strength in selected consumer names.

Macro signals: jobs data and Treasury yields

Here’s the twist: the delayed September jobs report showed 119,000 jobs added and unemployment rising to 4.4%. Bond markets rallied, and the 10-year treasury yield 4.11% became a new focal point for rate expectations. As the curve firmed, traders kept citing the delayed September jobs report and the 10-year treasury yield 4.11% as reasons to fade risk late.

Global ripple: Europe and Asia follow U.S. reversal

Europe’s STOXX 600 fell around 0.9% by mid-morning on Nov 21, with tech and defence stocks hit and volatility rising to the highest since mid-May. Across Asia, South Korea’s Kospi dropped 3.8%, Taiwan’s Taiex lost 3.6%, and Japan’s Nikkei 225 fell 2.4% as AI-valuation worries spread. In short, the semiconductor stocks slump was global, not just a U.S. story.

What’s next

What no one is mentioning: whether elevated fear sticks into the weekly close matters as much as the point move. Watch if volatility remains bid after this Nov 20 2025 stock market selloff and whether yields keep easing. Upcoming economic releases and earnings guidance will likely decide if risk appetite stabilizes or retreats further.