Market Pulse

Index	Last Week	1-Month (Trailing)	YTD
DJIA	−1.91%	+1.12%	+8.65%
S&P 500	−1.95%	+0.64%	+12.25%
Nasdaq	−2.74%	+1.30%	+15.09%
Russell 2000	−0.78%	−4.48%	+6.08%
MSCI EAFE	−0.35%	+1.72%	+24.91%
MSCI EM	−0.28%	+3.25%	+29.44%
Bloomberg U.S. Agg	+0.18%	−0.22%	−3.12%
Bloomberg U.S. Corp HY	−0.41%	+0.51%	+4.96%

Data as of: Friday, November 21, 2025, 4:00 p.m. ET

See important disclosures below.

11/17/2025 - 11/21/2025

U.S. Economy

• Fed messaging turned hawkish as delayed CPI and payrolls reports complicated December rate-cut expectations.

• Labor data softened with rising unemployment, weaker wages, and continuing claims at the highest level since 2021.

Equity Market

• Momentum unwind pressured AI, tech, and high-beta names, driving broad weekly losses.

• Friday dip-buying helped indexes rebound from deeply oversold conditions.

Bond Market

• Treasury yields fell as dovish rate-cut repricing supported a flatter curve.

• Credit spreads widened, adding pressure to risk sentiment.

Around the Globe

• Bitcoin dropped sharply, its worst week since February.

• WTI crude declined while the dollar strengthened, pressuring broader commodity markets.

The Week Ahead…

11/24/2025 - 11/28/2025

• Mon

  • Earnings: Agilent, Keysight

  • Dallas Fed Index (Nov)

  • 2Y Treasury auction

• Tue

  • Earnings: Best Buy, Autodesk, Dell, HP, NetApp, Zscaler

  • Consumer Confidence (Nov)

  • Pending Home Sales (Oct)

• Wed

  • Earnings: Deere

  • Richmond Fed Index (Nov)

  • Fed Beige Book

• Thu

  • No major events

  • No major earnings

• Fri

  • No major events

  • No major earnings
    

This week’s calendar is lighter, but several data releases and earnings reports could still influence sentiment heading into the Thanksgiving holiday. Monday brings the Dallas Fed Index, along with earnings from Agilent and Keysight, setting the tone for early-week manufacturing and technology updates. Treasury auctions will also be in focus as the market continues to watch rate expectations react to softer labor data and shifting Fed rhetoric.

Tuesday features November Consumer Confidence, October pending home sales, the Richmond Fed index, and a heavier earnings slate including Best Buy, Autodesk, Dell, HP, NetApp, and Zscaler. These reports will offer a clearer read on the consumer backdrop, PC and hardware trends, and the state of enterprise spending. Wednesday’s highlight is the Fed’s Beige Book, which should provide updated anecdotes on economic activity, inflation pressures, and hiring.

Markets will observe Thanksgiving hours late in the week, with U.S. equity markets closed Thursday and operating on a shortened schedule Friday, closing at 1:00pm ET.

-Matt Shaw, CFA

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