Market Pulse: Week of 11/3/2025

Index	Last Week	1-Month (Trailing)	YTD
DJIA	+0.85%	+2.12%	+14.76%
S&P 500	+1.15%	+2.60%	+16.23%
Nasdaq	+1.65%	+3.45%	+22.34%
Russell 2000	−0.28%	+1.10%	+11.05%
MSCI EAFE	+0.40%	+1.75%	+10.12%
MSCI EM	+0.95%	+3.30%	+13.48%
Bloomberg U.S. Agg	−0.22%	−0.58%	−3.67%
Bloomberg U.S. Corp HY	+0.33%	+0.92%	+5.37%

Data as of: Friday, November 7, 2025, 4:00 p.m. ET

See important disclosures below.

11/3/2025 - 11/7/2025

U.S. Economy

• On November 4, the Bureau of Labor Statistics reported average hourly earnings rose 0.3 % in October while the unemployment rate held at 3.9 %.

• The Institute for Supply Management services PMI for October came in at 51.8, down from 53.2 in September, signaling modest expansion but softening demand.

Equity Market

• Domestic equities rallied mid‑week as the tech‑heavy Nasdaq outpaced peers (+1.65 %), while the small‑cap Russell 2000 dipped −0.28 %, weighed by energy and industrial underperformance.

• Sector rotation was evident: semiconductors and large‑cap tech led gains, while consumer discretionary and regional banks lagged amid earnings caution.

Bond Market

• The 10‑year U.S. Treasury yield slipped to 4.11 % by November 7, down ~8 bps from a week earlier, as investors leaned into rate‑cut expectations.

• The yield curve between 2‑ and 10‑years flattened further, and high‑yield credit spreads narrowed modestly, reflecting improved risk appetite and muted inflation surprises.

Around the Globe

• Global equities posted gains: combined developed and emerging markets rose ~0.8 % for the week, driven by China reopening optimism and European earnings beats.

• Commodities were mixed: Brent oil fell ~1.2 % on demand concerns, while gold rose ~2.0 % as safe‑haven flows increased amid geopolitical uncertainty.

The Week Ahead…

11/10/2025 - 11/14/2025

• Mon

  • Occidental, Tyson, Instacart, Starwood, Roivant

  • No major U.S. data

• Tue

  • Sea, Amdocs, CAE, AngloGold, Beyond Meat

  • NFIB Small Business Index

  • API crude inventories

• Wed

  • Alcon, GlobalFoundries, On, TransDigm, Cisco

  • MBA Mortgage Applications

  • DOE crude inventories

• Thu

  • Disney, JD.com, Applied Materials, Nu, Globant

  • CPI (Oct)

  • Weekly jobless claims

• Fri

  • PPI (Oct)

  • Retail sales (Oct)

  • Business inventories (Sep)
    

The week opens with earnings from Occidental, Tyson, Instacart, Starwood, and Roivant. It’s a light data day, setting the stage for sentiment to be driven by corporate results and any follow-through from last week’s policy headlines.

Tuesday brings the NFIB Small Business Index, a useful read on hiring plans and pricing power among Main Street firms, alongside API crude inventories that can shape near-term energy sentiment. Midweek, Alcon, GlobalFoundries, On, TransDigm, and Cisco report, while MBA mortgage applications and DOE crude inventories offer updates on housing demand and the energy backdrop.

Thursday is the focal point: Disney, JD.com, Applied Materials, Nu, and Globant headline earnings, coinciding with October CPI and weekly jobless claims. Inflation and labor trends will heavily influence rate cut expectations and equity leadership. Friday rounds out with October PPI and retail sales plus September business inventories, giving a final look at input costs, consumer momentum, and supply pipelines heading into the heart of November.

-Matt Shaw, CFA

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