Market Update: November 24, 2025

Global risk assets saw heightened volatility last week, driven by tech sector turbulence and shifting expectations surrounding Federal Reserve policy. Major indices ended broadly lower: the Nasdaq Composite sank 2.7%, the S&P 500  dropped 2%, and the Russell 2000 rallied late to trim its weekly loss to 0.8%. A sharp sell-off in tech, even as Nvidia 's upbeat forecast failed to inspire further gains, weighed heavily on sentiment. Meanwhile, consumer discretionary underperformed on mixed retailer earnings, and cryptocurrencies slumped, with Bitcoin  dropping 11%. Oil prices declined over 3% amid geopolitical developments and sluggish growth signals, while gold was little changed.

Treasury yields fell as uncertainty lingered about the U.S. economic outlook and the upcoming December Fed meeting. New labor data showed continuing claims rising—suggestive of a slower hiring pace—while a delayed jobs report means the next rate decision will be made without a full labor market picture. Fed commentary revealed deepening divisions, fueling volatile market reactions in rate cut odds. On Friday, odds of a December cut rebounded to 70% following dovish signals from a key Fed president.

Globally, Japan ramped up economic stimulus, pressuring its currency and bonds, while the UK saw inflation ease, boosting rate cut prospects. The U.S. dollar softened as ongoing data pointed to headwinds for domestic growth, and European and Japanese equities outperformed U.S. benchmarks thanks to stronger earnings and stimulus. In credit markets, Treasury and European sovereign yields edged higher, with persistent inflation and government fiscal maneuvers guiding moves. Despite near-term jitters, seasonal tailwinds and resilient corporate earnings keep the year-end outlook cautiously constructive, especially for sectors showing recent leadership.

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.