Weekly Market Commentary November 10th to November 14th 2025

The big news of the week was the re-opening of the Federal Government. The Republicans in the House were able to convince enough Democrats to put their request to extend Affordable Care Act subsidies on hold and pass the funding extension so that Federal workers can get back to work. The longest government shutdown in U.S. history came to an end when President Trump signed the continuing resolution bill late Wednesday evening. From an economic standpoint, there will be backlog to work through, but this should jumpstart the release of important labor and inflation data that we’ve been missing for the past 43 days.

This week, we were supposed to get critical consumer and producer prices and Retail Sales for October. They may eventually come out, but since the last data we received was for August, the order and speed at this point is unclear. The Fed will be relying on this data, along with last week’s employment update, going into their year-end discussions on rate decisions.

The equity markets got a slight bump when the work-stoppage ended, but it wasn’t enough to ward off growing fears of a tech bubble. The S&P 500 closed 1.4% lower to finish the week at 6,734; the Dow Jones Industrials dropped 0.5% to 47,147; and the Nasdaq fell 2.7% to 22,901. In the fixed income markets, U.S. Treasury yields were up slightly across the curve with the 2-Year closing at 3.62%; the 10-Year at 4.15%; and the 30-Year at 4.75%.

With the government re-opened, we could start to get the unreleased data any day now. It will likely come piece by piece as the different agencies work through their backlogs. Scheduled for next week are Housing Starts, Building Permits, Existing Home Sales, S&P Services and Manufacturing PMIs, and multiple speeches by Fed members.