The Big Tech stock rollercoaster
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 21 November 2025
⏱️ 12 minutes
🧾️ Download transcript
Summary
Tech stocks have been on a rollercoaster since Nvidia reported earnings, the US added 119,000 jobs in September but unemployment reached its highest level in four years, and the US has formally handed Ukraine a sweeping peace plan drawn up with Moscow. Plus, we’ll go over all the drama that’s ensued in the run-up to the G20 conference in South Africa.
Mentioned in this podcast:
US tech stocks slide as jolt of volatility hits Wall Street
The American exceptionalism trade is wobbling
US adds 119,000 jobs in September but unemployment hits four-year peak
US hands Ukraine new peace plan drawn up with Russia
Trump’s total boycott of G20 casts shadow over its future
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Today’s FT News Briefing was hosted and edited by Marc Filippino, and produced by Mischa Frankl-Duval, Victoria Craig and Sonja Hutson. Our show was mixed by Kelly Garry. Additional help from Gavin Kallmann, Michael Lello and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. The show’s theme music is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | Good morning from the Financial Times. Today is Friday, November 21st, and this is your FT News briefing. |
| 0:08.3 | The NASDAQ roller coaster ride is giving everybody motion sickness, and the U.S. is finally releasing economic data again, but it's a bit hard to parse. |
| 0:18.1 | Plus, a peace treaty from Russia and the U.S. isn't getting much traction in Ukraine. |
| 0:24.1 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:34.9 | It seemed like for a little bit that NVIDIA's strong earnings had bailed out the tech stock sell-off. |
| 0:41.2 | On Wednesday, the American chipmaker reported better than expected earnings, |
| 0:45.1 | and yesterday morning, the tech-heavy NASDAQ surged nearly 2.5%. |
| 0:49.8 | But it all went downhill from there. |
| 0:52.9 | The index end of the day, pretty much wiping out all its earlier gains, closing down more than 2%. |
| 0:58.4 | The S&P 500, which has been mostly propped up by tech stocks, fell a little bit more than 1.5%. |
| 1:04.8 | Here to make sense of all this is the FTs market's columnist, Katie Martin. |
| 1:08.7 | Hi, Katie. |
| 1:09.7 | Hey, hey, hey, dang. |
| 1:13.3 | I'm doing well. Like I mentioned, risky assets like stocks and crypto have been dipping lately since about October, |
| 1:18.7 | but before that, they were going gangbusters. Can you give us a little context on their performance |
| 1:24.1 | and what drove that rally? Yeah, so we obviously had a big shock to markets |
| 1:29.2 | and stocks fell really hard in April |
| 1:32.0 | after Donald Trump unveiled these global trade tariffs. |
| 1:36.7 | And then pretty much the moment that he said, |
| 1:39.7 | okay, I'm going to backtrack on some of the more extreme elements here, |
| 1:43.5 | it's just been one-way traffic, this huge recovery that's taken place. |
| 1:48.6 | And that's built on a few things. |
... |
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