Market Update: November 11, 2025
Markets were mixed last week as investors digested a wave of earnings, central bank updates, and ongoing political developments.
Equities:
U.S. stocks edged higher, with the S&P 500 up 0.7%, supported by strong results from mega-cap tech and resilient consumer spending. However, sentiment cooled later in the week as investors reassessed lofty AI-related valuations. Tech and communications led declines, while energy, health care, and financials posted modest gains. Overseas, results were uneven—Europe slipped amid policy uncertainty, while the U.K. rose on strong corporate earnings. Emerging markets were mixed, with Brazil’s rally offsetting weakness in Asia.
Fixed Income:
Bond markets were steady, with U.S. Treasury yields ticking up after Fed Chair Powell suggested another rate cut in December was “not a foregone conclusion.” The Fed lowered rates by 25bps to 3.75–4.00% and announced that balance sheet runoff will end in December. Central banks in Europe and Japan held steady, signaling a cautious stance.
Commodities:
Oil fell about 2% to just under $60/barrel amid rising supply concerns, while gold retreated as optimism around U.S.–China relations lifted the dollar. The USD gained against major currencies, supported by a more balanced Fed tone.
Economy:
Despite the government shutdown delaying some data, indicators show steady labor markets and resilient services activity. While consumer confidence dipped slightly, spending remains healthy—underscoring continued economic strength heading into year-end.
The information above has been obtained from sources considered reliable, but no representation is made as to its completeness, accuracy or timeliness. All information and opinions expressed are subject to change without notice. Information provided in this report is not intended to be, and should not be construed as, investment, legal or tax advice; and does not constitute an offer, or a solicitation of any offer, to buy or sell any security, investment or other product.