Market Summary November 2025
Healthcare Surges, Key Economic Data Canceled as Rate Cuts Remain In Play
Equity Performance
Value Shines Amidst Volatility, Healthcare Surges While Technology Pulls Back
Markets were relatively flat in November despite heightened volatility as the S&P 500 posted a gain of 0.3%. Emerging markets took the biggest hit, ending the month down 2.4%, followed by the Nasdaq, which declined 1.5%.
Sector performance was largely positive in November, led by the Healthcare sector, which advanced 9.3%. Technology lagged, down 4.8%, as Nvidia’s Q3 earnings dominated headlines. Despite a strong report, markets dropped off due to renewed concerns about an AI-driven market bubble. Communication, Real Estate, and Financials were all positive for the month.
Economic Data Overview
Softening Labor Market Key to Fed Rate Cut, Housing Market Shows Signs of Recovery.
Employment
September’s employment data has finally been released following the conclusion of the longest government shutdown in US history. The unemployment rate ticked up to 4.4%, and 119,000 jobs were added to the U.S. economy according to the nonfarm payrolls report. This came in well above the Dow Jones estimate of 50,000, a surprising beat for the first time in five months.
Consumers and Inflation
The Bureau of Labor Statistics has canceled the release of October’s inflation data, a big decision just before the Federal Reserve’s December rate meeting. In September, the US inflation rate rose to 3.01% and the US Consumer Price Index sits at 0.3% MoM.
The FedWatch tool now indicates an over 85% chance for a third consecutive cut when the FOMC meets next on December 10th. Despite lacking the full scope of key economic indicators, investors are increasingly pricing in another 25 basis point cut to close out 2025.
Production and Sales
The US ISM Manufacturing PMI decreased to 48.2 in November, its second consecutive monthly decrease. The Services PMI increased 2.4 points to 52.4 in October. The YoY US Producer Price Index and US Retail and Food Services Sales have both remained unreleased since September due to the federal shutdown.
Housing
Existing Home Sales increased by 1.2% MoM in October, and the Median Sales Price of Existing Homes remains at $415,200. Mortgage rates increased slightly throughout November, with the 15-year Mortgage Rate at 5.51% and the 30-year at 6.23% to end the month.
While US New Single-Family Home Sales remain unreported, the NAHB Housing Market Index can be used to measure homebuilder confidence, providing an early indication of construction sentiment and future building activity.
Commodities
The price of gold increased this month by 6.2% following what was a volatile October. SPDR Gold Shares ETF (GLD) sits at $387.88 per share. Oil prices decreased, with Brent crude down 0.9% for the month to $64.83 per barrel. WTI was hit a bit harder, down by 4.3% to $59.11.
Cryptocurrencies
Major cryptocurrencies posted a very rough November, with both major players down nearly 20%. Bitcoin fell 17.5% (~$19,000 per coin) to below $100,000 for the first time since May. This month wiped out all of 2025’s gains, shockingly leaving the asset down over 2% YTD.
Ethereum struggled even more, down 22.2% in November, following a 9.8% decline in October. This move leaves ETH down 11% in 2025, despite a record-breaking summer period.
Fixed Income Performance: Insights into Bond ETFs and Treasury Yields
US Treasury Yield Curve
1 Month Treasury Rate: 4.05%
3 Month Treasury Rate: 3.88%
6 Month Treasury Rate: 3.74%
1 Year Treasury Rate: 3.61%
2 Year Treasury Rate: 3.47%
3 Year Treasury Rate: 3.49%
5 Year Treasury Rate: 3.59%
10 Year Treasury Rate: 4.02%
20 Year Treasury Rate: 4.62%
30 Year Treasury Rate: 4.67%
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