Ep94: In the Pause Before the Turn - November 20th, 2025

In tonight’s episode of The Gentle Ledger, we drift through a day when the markets paused between momentum and uncertainty. U.S. stocks pulled back, with the Nasdaq leading the decline as investors reassessed the pace of the AI-driven rally. We move gently through Walmart’s stronger-than-expected results, rising forecasts, and its continued surge in online sales—one of the few bright spots in an otherwise cautious session. Overseas, Asian and European markets mirrored this quiet hesitation, holding steady but without conviction. Gold remained firm, oil softened, and Treasury yields eased as investors settled into a more defensive posture. Bitcoin slipped once more, reflecting the broader retreat from risk. Settle in as we explore the stillness between these market movements and reflect on what may lie ahead.