LPL Research provides its Weekly Market Performance for the week of November 10, 2025.Global equities traded lower in the final full week of November trading as a fresh wave of volatility dragged on markets. Artificial intelligence (AI) related jitters remained top of mind for investors ahead of key quarterly results from chipmaker and index heavyweight NVIDIA (NVDA). The slide in U.S. tech names spilled overseas, weighing on risk appetite in Asia amid notable local developments, while European markets also closed lower. Bonds benefited from the risk-off tone as core bonds gained ground this week, while commodities faced downside pressure. Meanwhile, the U.S. dollar extended recent strength. 

Stock Index Performance

S&P 500 Index Sectors

Fixed Income and Commodities

Source: LPL Research, Bloomberg 11/21/25 @3:02 p.m. ET
Disclosures: Indexes are unmanaged and cannot be invested in directly.

U.S. and International Equities

U.S. Equities: Major averages closed a volatile week lower. Following the recent slide in momentum trades and AI-related names, sentiment remained fragile entering the week ahead of Wednesday evening’s highly anticipated report from AI-bellwether NVDA. Technical analysis signals added to existing jitters after the S&P 500 dropped below its 50-day moving average for the first time in 138 sessions on Monday, colliding with rate cut unease, and ongoing AI skepticism. Plus, downside pressure on big tech increased after Microsoft (MSFT) and Amazon (AMZN) received an analyst downgrade early in the week. Nonetheless, better-than-expected NVDA earnings remained the big event of the week.

NVDA CEO Jensen Huang soothed jitters by flagging strong demand for its AI chips, but risk appetite remained shaky. The S&P 500 reversed steep morning gains Thursday in its largest intraday swing since April as markets turned risk-off amid a rotation out of big tech and semiconductor names. Robust results and guidance from NVDA were not enough to prevent markets from slipping back into the recent momentum unwind. Simultaneously, investors digested ongoing consumer concerns stemming from recent reports from Walmart (WMT), Target (TGT), and Home Depot (HD). To end a jittery week, equities trimmed losses Friday as Federal Reserve (Fed) rate cut bets jumped after New York Fed Governor John Williams suggested that the central bank may have room to cut rates next month.

International Equities: European equities also traded lower over the last five days as relatively light headlines left the focus on AI concerns and dented risk appetite overseas. Among local developments, the U.K. remained in the spotlight ahead of the feared release of the 2026 budget next week, with reports suggesting finance minister Rachel Reeves is mulling a raid on bank profits via an increase in bank levies. On the macro front, producer inflation firmed slightly in Germany, while Eurozone flash Purchasing Managers’ Index (PMI) results for November were little changed with an uptick in the services gauge countering a drop on the manufacturing side. Corporate headlines focused on buyback announcements from French lender BNP Paribas and Siemens Energy.

Asia-Pacific equities traded lower over the last five days as strong post-NVDA gains on Thursday were unable to offset broader technology-led weekly losses. Taiwan and South Korea both dropped over 3.5%, while Hong Kong led the region with a 5% decline. In local developments, a flare-up in geopolitical tensions also weighed on risk sentiment. Beijing issued travel warnings to its citizens and suspended Japanese seafood imports in response to Japanese Prime Minister Takaichi’s remarks that military force in Taiwan would provide cause for Japan to back its allies in a response. In Japan, sliding tech names overshadowed fiscal jitters as Takaichi’s cabinet approved its largest stimulus package since the pandemic, with increased bond issuance a primary focus of markets. Stimulus also captured the spotlight in China, as reports of potential property stimulus failed to excite investors who are waiting on meaningful consumer stimulus to bust the housing slump. Japan and mainland China both declined this week.

Fixed Income, Currency, and Commodity Markets

Fixed Income:Core bonds, measured by the Bloomberg Aggregate Index, traded higher on the week. The Fed released its October meeting minutes Wednesday, and while most of the attention was on the potential lack of support for a December rate cut, what is likely more interesting to the bond market were notes from the discussion around the Fed’s plans for its balance sheet. Currently, the composition of the system open market account (SOMA) portfolio has been overweight long-duration bonds, but going forward, the Fed plans to allocate more to shorter maturity Treasury securities since the Treasury department has favored issuing debt in the 2-year to 7-year parts of the market. So, despite the ongoing reduction of its balance sheet (which is set to end December 1), the overweight allocation to longer maturity bonds has, arguably, kept longer-term bond yields lower than they would have been without Fed support.

Going forward, though, if they follow through with shortening the duration of their portfolio (which is a big IF), fewer dollars will be allocated to longer maturity Treasuries at a time when duration, globally, has been shunned — another reason to think the 10-year and out parts of the Treasury yield curve will remain volatile. With the Fed potentially allocating more of its $4.2 trillion Treasury holdings to shorter maturity Treasury securities, a reliable source of demand for longer-term Treasuries could be going away.

As it relates to expected Fed rate cuts, while the temperature for a December cut was lukewarm at best, the bond market reaction to Fed minutes was limited as it still believes the Fed will cut rates three more times by the end of 2026.

Commodities and Currencies: The broader commodities complex traded lower this week. West Texas Intermediate (WTI) crude oil prices traded slightly lower early in the week, before dropping in the latter half on easing geopolitical tensions. Crude prices extended losses after Ukrainian President Volodymyr Zelensky agreed to work on a U.S. forged peace plan, which would allow Russia to export more fuel should a deal be made. Gold prices traded little changed through Friday afternoon as a late week rise in rate cut bets was countered by weak demand across Asian markets over the last five days. The U.S. Dollar Index traded higher, supported by a boost in liquidity demand for the greenback amid this week’s drop in equities, as well as weakness in major peers including the euro, yen, and pound. 

Economic Weekly Roundup

Now that some of the government agencies have returned to office, investors received a bevy of metrics on the economy this week ranging from factory orders data to employment figures. The release of September payrolls data on Thursday was the highlight of the week, arriving stronger than expected and indicating nonfarm payrolls bounced back while the unemployment rate remained stable, with a slight uptick. Thursday’s data also revealed downward revisions to the prior two months’ payrolls results, including August results showing a 4,000 contraction. Month-over-month average hourly earnings cooled slightly, and continuing jobless claims reached their highest level since November 2021. 

Although market impacts were limited given the data is relatively stale, investors focused on the details which pointed to continued cooling in the labor market. After shrugging off the announcement that October employment data will not be released, rate cut bets ticked higher Thursday, before jumping back above 60% on Friday in response to Fed Governor Williams’ remarks that a rate cut at the Federal Open Market Committee (FOMC) policy decision on December 10 remains a possibility. 

Outside of establishment data, the final Consumer Sentiment report from the University of Michigan for November dropped to 51 from 53.6 in October, edging above the preliminary print. The final November print marked a 4.9% month-over-month drop, and near the lowest levels on record for the gauge, but inflation expectations remained contained, edging lower. 

The Week Ahead

The following economic data is slated for the week ahead, but U.S. government data releases may be impacted by the recent shutdown:  

• Monday: Chicago Fed National Activity Index (Oct), Dallas Fed Manufacturing Activity (Nov), Fed Annual Revision to Industrial Production
• Tuesday: Philadelphia Fed Non-manufacturing Activity (Nov), Retail Sales (Sep), Headline and Core PPI (Sep), FHFA House Price Index (Sep), House Price Purchase Index (3Q), S&P Case-Shiller National and 20-city Home Price Index (Sep), Business Inventories (Aug), Richmond Fed Manufacturing Index (Nov), Conference Board Consumer Confidence report (Nov), Pending Home Sales (Oct), Dallas Fed Services Activity (Nov)  
• Wednesday: MBA Mortgage Applications (Nov 21), Initial Jobless Claims (Nov 22), Continuing Claims (Nov 15), Durable Goods Orders (Sep preliminary), Capital Goods Orders and Shipments (Sep preliminary), MNI Chicago PMI (Nov), Personal Income and Personal Spending (Oct), Leading Index (Sep), Fed Beige Book  
• Thursday: Thanksgiving Day holiday, no economic releases scheduled
• Friday: No economic releases scheduled