markets

David Crowther11/21/25

Visualizing why yesterday’s stock market reversal was so weird and unnerving

Technically, America’s flagship stock market index is only ~5% away from all-time highs. But an excellent observation from Sherwood News’ markets editor lent a bit of perspective on why yesterday’s remarkable stock market reversal feels so much more unnerving than it might look on paper.

Mostly, it’s down to the fact that what most people expected to feel like a party that raged long into the night — Nvidia did everything right, blowing the lights out on earnings and answering its harshest critics — was shut down at 8 p.m. Then the house caught on fire.

Here’s every single day of the S&P 500 Index from the last decade to give some more context on how unusual yesterday’s intraday swing was.

Nvidia did everything right. It pulled it off. It passed the test. But, at about 10:45 a.m. ET yesterday, the market decided it didn’t care.

US stocks just suffered one of their most stunning reversals in 32 years

US stocks just suffered one of their most stunning reversals in 32 years

Mostly, it’s down to the fact that what most people expected to feel like a party that raged long into the night — Nvidia did everything right, blowing the lights out on earnings and answering its harshest critics — was shut down at 8 p.m. Then the house caught on fire.

Here’s every single day of the S&P 500 Index from the last decade to give some more context on how unusual yesterday’s intraday swing was.

Nvidia did everything right. It pulled it off. It passed the test. But, at about 10:45 a.m. ET yesterday, the market decided it didn’t care.

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Hardware stocks jump thanks to server demand and record Lenovo revenue

Server stocks are rallying as Dell, Super Micro Computer, and Hewlett Packard Enterprise ride the momentum of Hong Kong-based Lenovo. The PC-maker's stock rose 19% on Friday, hitting an all-time high, on record Q4 earnings.

Powering the positive earnings report was the company's AI-related revenue, which grew 84% in the fourth quarter and now makes up for over a third of total revenue. Investors seem to think the increased demand for servers could have trickle-down effects to other companies.

"The company's results and commentary reinforced the outlook for strong AI-infrastructure demand while indicating resilient broader traditional server and storage spending," wrote Bloomberg Intelligence senior technology analyst Woo Jin Ho. "Lenovo's $21 billion AI-server pipeline and remarks that demand is outpacing supply support Dell's AI-demand momentum and point to robust orders."

AI's insatiable computing demand is reshaping the hardware industry and driving up server demand.

Dell will report first quarter earnings Thursday, May 28.

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Ross Stores surges as Q1 results beat expectations, full-year guidance raised

Ross shares are rising after the company delivered strong Q1 results, with sales topping Wall Street’s projections.

The stock soared 6.3% just after the open.

Key numbers:

Earnings per share of $2.02 vs. $1.47 year over year (estimate: $1.72).
Sales of $6.01 billion, up 21% year over year (estimate: $5.61 billion).
Comparable sales growth of 17% (estimate: 8.58%).

CEO Jim Conroy attributed the results to better traffic in stores. “Customer traffic was the primary driver of the strong sales trend as compelling merchandise assortments, higher customer acquisition and engagement from our ongoing marketing initiatives, and an improved in‑store experience are resonating with shoppers.”

The company also noted that transaction volume grew across all key demographics, including “income levels, ethnicities, and age groups, including younger customers.” Sales were also likely buoyed by standard seasonal tailwinds, including consumer spending from tax refunds.

Backed by the strong quarter, the company lifted its full-year targets. Ross now projects same-store sales growth of 6% to 7%, up from the prior forecast of 3% to 4%, topping Wall Street’s estimate of 4.64%. It boosted its annual EPS guidance to a range of $7.50 to $7.74, versus the prior outlook of $7.02 to $7.36.

Ross Stores has been one of the retail sector’s standout performers this year, rising around 20% year to date as of Thursday’s close.

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