Market Pulse: Week of 11/10/2025

Index	Last Week	1-Month (Trailing)	YTD
DJIA	+0.30%	+2.14%	+10.80%
S&P 500	+0.10%	+1.78%	+14.50%
Nasdaq	−0.50%	+2.05%	+18.60%
Russell 2000	−1.80%	−3.99%	+7.10%
MSCI EAFE	+1.12%	+2.10%	+26.12%
MSCI EM	+0.82%	+3.83%	+31.51%
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 14, 2025, 4:00 p.m. ET

See important disclosures below.

11/10/2025 - 11/14/2025

U.S. Economy

• Government shutdown ended after 43 days, but funding only secured through late January.

• Fed speakers showed mixed tones, keeping December rate-cut expectations split.

Equity Market

• Major indices were mixed as momentum unwind pressures AI, small-caps, and retail-favorite stocks.

• Pharma, MedTech, energy, software, and select consumer groups outperformed while banks and homebuilders lagged.

Bond Market

• Treasury yields rose 5–6 bps as auctions showed uneven demand across maturities.

• The dollar was mixed while gold extended gains for an eleventh time in thirteen weeks.

Around the Globe

• OPEC shifted its 2026 view from supply deficit to balanced, supporting modest crude gains.

• Bitcoin fell over 9 percent, ending below $100K for the first time since early May.

The Week Ahead…

11/17/2025 - 11/21/2025

• Mon

  • Aramark earnings

  • Empire State Manufacturing Index

• Tue

  • Home Depot, Medtronic, Baidu, HP, Dolby

  • Export prices, import prices

  • Industrial production, capacity utilization, NAHB

• Wed

  • Lowe's, Target, TJX, Nvidia

  • MBA mortgage purchase applications

  • Building permits and housing starts

• Thu

  • Walmart, Intuit, Ross, Gap, Veeva

  • Jobs Report (Sep)

  • Philadelphia Fed manufacturing index

  • Existing home sales, leading indicators

• Fri

  • BJ's Wholesale Club earnings

  • PMI manufacturing, PMI services

  • Michigan consumer sentiment final
    

This week’s calendar offers a useful check-up on both the consumer and the broader economy. It starts relatively light on Monday with Aramark reporting and the Empire State Manufacturing Index, which should give an early read on regional factory activity and business sentiment.

The focus then shifts squarely to the U.S. consumer and big-box retail. Home Depot and Medtronic headline Tuesday alongside Baidu and HP, with a full slate of data on prices, industrial production, and housing sentiment helping investors gauge how higher rates are filtering through the real economy. Midweek brings results from Lowe’s, Target, TJX, and Nvidia, paired with mortgage activity, building permits, and housing starts, offering a clearer picture of both discretionary spending and the housing backdrop.

Later in the week, Walmart, Intuit, Ross, Gap, and Veeva provide additional insight into consumer behavior and business spending trends. Friday’s PMI readings and Michigan consumer sentiment wrap the week with a broader snapshot of growth momentum and confidence.

-Matt Shaw, CFA

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