US Equity Indexes Rally Evaporates Amid Spike in Volatility, Slump in Treasury Yields

01:25 PM EST, 11/20/2025 (MT Newswires) -- US equity indexes fell amid a surge in volatility after midday Thursday, giving up all gains following a blockbuster earnings report from Nvidia (NVDA) overnight.

The Nasdaq Composite fell 0.7% to 22,407.5, with the S&P 500 down 0.4% to 6,613.3 and the Dow Jones Industrial Average 0.3% lower at 45,996.6.

Nasdaq's trading volume was more than 5.41 billion early on in the afternoon, compared with a daily average of about 9.69 billion. The corresponding figures for the S&P 500 were over 1.81 billion versus 5.4 billion, and for the Dow, about 413.3 million and 507.4 million, respectively.

The CBOE Volatility Index jumped 14% to 26.92, its highest since late April.

Most Treasury yields fell, with the 10-year down 2.3 basis points to 4.11% and the two-year lower by 3.8 basis points to 3.56%.

Technology and industrials led the decliners, while the consumer staples sector was the top gainer. All sectors were up earlier in the session, with technology, communication services, and consumer discretionary leading.

Datadog (DDOG) and Micron Technology (MU) were among the worst performers on the S&P 500 and the Nasdaq, down 6.7% and 7.2%, respectively.

Nvidia (NVDA) has "significant" additional growth and stock upside potential, given that the company delivered solid Q3 results and reinforced its 50% artificial intelligence total addressable market compound annual growth rate outlook, Truist Securities said in a note. Nvidia (NVDA) shares fell 1.7% after midday, giving up gains of more than 3% earlier in the session.

September nonfarm payrolls rose by 119,000, above the 51,000 jobs increase expected in a survey compiled by Bloomberg, while August payrolls saw a downward revision to a 4,000 decrease, and July payrolls were revised down to a 72,000 increase, for a net downward revision of 33,000 jobs, according to a Bureau of Labor Statistics report Thursday.

The unemployment rate rose to 4.4% in September from 4.3% in August, versus a forecast of 4.3%. Hourly earnings edged up 0.2%, versus the 0.3% gain expected and a 0.4% increase in August.

The BLS reportedly said on Wednesday that October's nonfarm payrolls will be released along with the November report on Dec. 16. The new date is six days after the Federal Reserve concludes its final policy meeting of the year.

US initial jobless claims fell to 220,000 in the week ended Nov. 15 from 228,000 in the previous week, compared with expectations for a decrease to 227,000 in a survey of analysts compiled by Bloomberg.

The Philadelphia Federal Reserve's monthly manufacturing index rose to minus 1.7 in November after falling to minus 12.8 in October, compared with expectations for an increase to 1.0 in a survey compiled by Bloomberg.

Further in company news, Walmart (WMT) raised its full-year outlook on Thursday, while the retail giant's fiscal third-quarter results topped Wall Street's estimates. Its shares jumped 5.8%, among the top gainers on the S&P 500 and the Dow.

In energy markets, West Texas Intermediate crude oil futures fell 0.8% to $58.97 a barrel.

Silver futures dropped 1% to $50.98, and gold futures were down by 0.4% to $4,066.50.

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