November Market Recap
The monthly winning streak for stocks continued in November… barely.
The S&P 500 increased in each of the final five trading days to eek out a seventh straight month of gains. The Dow Jones Industrial Average also finished positive by an eyelash. A slump in Technology stocks led the NASDAQ to a negative month for the first time since March.
Eight of the 11 sectors in the S&P 500 were positive, but the wide disparity between best and worst performers was notable. Health Care (+9.1%) and Communication Services (+6.3%) delivered strong returns. Technology (-4.4%) and Consumer Discretionary (-2.4%) not so much.
Benchmark Returns: November 2025 | YTD 2025
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Dow Jones
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S&P 500
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NASDAQ
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+0.32% | +12.16%
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+0.13% | +16.45%
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-1.51% | +21.00%
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Concern has been simmering for months that some stocks have likely ballooned too much, too fast based on A.I. optimism. In a few cases, that concern boiled over in November. Nvidia, which holds the largest weighting (7.2%) in the S&P 500, fell more than 12% last month. It’s notable that Nvidia stock fell despite an exceptionally positive earnings report. This suggests the market’s appetite for risk may be shrinking.
A few other “Mag 7” companies also struggled. Microsoft and Amazon lost roughly 5% each. Some of the volatility can be attributed to company-specific earnings. Alphabet and Apple, for example, were positive outliers. But generally speaking, Technology stocks took a step backward last month. From a broader perspective, this may be a healthy pause in the process. Long-term investors will benefit from a market environment that acknowledges some caution when it is warranted.
The major benchmarks were headed toward considerably worse numbers until a pre-Thanksgiving rally. As of November 20, the S&P 500 was down 4.4% for the month. From that point on, investors focused on optimism that another 0.25% rate cut could be coming at the Federal Reserve’s December 10 meeting. Consensus expectations suggest an 85% probability of that occurring. Rate cuts are often positive for equities in the short-term, but investors should remember that such policy decisions typically reflect some economic (or inflationary) weakness as well.
Despite the vulnerabilities in certain Tech stocks last month, corporate earnings again surpassed expectations. Blended third-quarter earnings for S&P 500 companies grew 13.4% compared to a year earlier. It’s the fourth consecutive quarter of double-digit earnings growth and far better than the 7.9% growth that was forecast on September 30.
The longest US government shutdown in history (43 days) ended on November 12 even though Democrats did not achieve their publicly-stated goal of extending federal subsidies to curb the rising cost of health insurance. The deal extends funding through January 30. At its current pace of spending, the federal government will continue to add about $1.8 trillion a year to its $38 trillion debt.
Due to the shutdown, some regular economic reports (like inflation and jobs) were not released as scheduled in November. The lack of transparency added an extra dose of uncertainty, especially in the first half of the month. The Bureau of Labor Statistics eventually announced that no October jobs report was coming, and that the November jobs report would be delayed until December 16 (11 days later than usual).
The data that was released reflected an economy showing signs of fatigue. Factory activity slowed to a 4-month low. US retail sales grew slightly (0.2%), but less than expected. Consumer confidence fell sharply to a 7-month low.
Bond yields continued to decrease, as you would expect following recent Fed cuts and more dovish policy expected in the months to come. The yield on 10-year US Treasuries ended the month at 4.02% (down from 4.10% a month earlier). Investors who have not checked the yield on their money market funds lately may be surprised to learn how much those have fallen.
Small-cap stocks, as measured by the Russell 2000 index, gained 0.9% in November, slightly better than the large-cap benchmarks. Non-US Developed equities looked similar, rising 0.7%. Emerging Markets equites fell 1.8%.
Ben Marks
Chief Investment Officer
Brett Angel
Senior Wealth Advisor
Investment Advice offered through Marks Group Wealth Management, a Registered Investment Advisor.
Marks Group Wealth Management performs in-house analysis on companies. Statistical information on mentioned companies is obtained from company reports, news releases and SEC filings. The information set forth herein has been derived from sources believed to be reliable, but is not guaranteed as to accuracy and does not purport to be a complete analysis of the securities, companies or industries involved. Opinions expressed herein are subject to change without notice. Additional information is available upon request.
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Stock investing involves market risk including loss of principal. Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise. International and emerging market investing involves special risks such as currency fluctuation and political instability. These risks are often heightened for investments in emerging markets. No strategy assures success or protects against loss. Because of their narrow focus, sector investing will be subject to greater volatility than investing more broadly across many sectors and companies.
Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
The Standard & Poor’s 500 Index is a capitalization weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
The NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on The NASDAQ Stock Market. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the Index.
The Dow Jones Industrial Average is comprised of 30 stocks that are major factors in their industries and widely held by individuals and institutional investors.
Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price to-book ratios and higher forecasted growth values.
Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 2000 Index is an unmanaged index generally representative of the 2,000 smallest companies in the Russell Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index.
MSCI EAFE Index consists of the following developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.
VIX-The Chicago Board Options Exchange’s CBOE Volatility Index, a popular measure of the stock market’s expectation of volatility based on S&P 500 index options. It is calculated and disseminated on a real-time basis by the CBOE, and is often referred to as the fear index or fear gauge.
