Market Pulse

Index	Last Week	1-Month (Trailing)	YTD
DJIA	+3.18%	+1.12%	+8.65%
S&P 500	+3.73%	+0.64%	+12.25%
Nasdaq	+4.91%	+1.30%	+15.09%
Russell 2000	+5.52%	−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 28, 2025, 4:00 p.m. ET

See important disclosures below.

11/24/2025 - 11/28/2025

U.S. Economy

• December rate‐cut odds surged above 80% on dovish Fed commentary.

• Claims data improved, signaling labor market resilience.

Equity Market

• Major indices rallied sharply for a fifth session.

• Retail and AI stocks led notable earnings-driven moves.

Bond Market

• Fed easing expectations drove yields and rate-cut pricing.

• 10-year Treasury yield ended week at about 4.02%; 2-year Treasury yield finished at 3.47%. 

Around the Globe

• China bought significant U.S. soybean cargoes after Trump-Xi talks.

• U.S.–China relations improved with planned leadership meetings.

The Week Ahead…

12/01/2025 - 12/05/2025

• Mon

  • Earnings: MongoDB, Veeva Systems

  • PMI Manufacturing (Final), ISM Manufacturing

  • Powell speaks

• Tue

  • Earnings: Signet, United Natural Foods; AEO, BOX, CrowdStrike, GitLab, Marvell, Okta, Pure Storage

  • CPI (Europe), GDP (Asia)

  • Bowman testifies

• Wed

  • Earnings: Dollar Tree, Macy’s; Salesforce, Five Below, PVH, Snowflake

  • ADP Employment Report

  • ISM Services

• Thu

  • Earnings: Brown-Forman, Dollar General, Hormel, Kroger, SAIC; ChargePoint, Cooper, DocuSign, HPE, SentinelOne, Ulta

  • Jobless Claims

  • Trade Balance

• Fri

  • Earnings: Victoria’s Secret

  • Core PCE, Consumer Sentiment

  • BMY drug decision expected
    

This week brings a busy slate of corporate earnings, conferences, and macro catalysts as markets transition out of Q3 reporting and into the holiday season. Large-cap names including MongoDB, Salesforce, Snowflake, Okta, and Ulta will report, keeping investor attention on retail, tech, and broader consumer spending trends. It’s also a dense conference lineup across tech, industrials, healthcare, and consumer, which should drive ongoing sector-level commentary.

The macro calendar leans heavily toward the back half of the week. Powell speaks Monday before the Fed blackout begins, and Bowman testifies Tuesday, providing the final tone from policymakers ahead of the December FOMC decision. The most meaningful economic releases arrive Wednesday through Friday with the ADP Employment Report, ISM Services, jobless claims, Trade Balance, Core PCE, consumer spending, and Michigan Sentiment.

-Matt Shaw, CFA

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