Weekly Market Commentary November 17th to November 21st 2025

With the recent government reopening, economic data is now beginning to be released. The most recent data was the employment report for September, which was better than expected. Nonfarm payrolls increased by 119,000, up from the 4,000 jobs lost in August. The unemployment rate ticked higher to 4.4%, the highest since 2021, but this was mainly due to an increase in available workers actively seeking employment as opposed to losing jobs.

Another major headline for the week was the release of Nvidia’s earnings report. To the delight of many investors, the report was a strong one, which was an important step to quelling rising fears of an AI bubble as it cemented secular demand for artificial intelligence. Some fears still persist, however, along with uncertainty surrounding the Fed’s upcoming rate decision, which led to a rather volatile week in the stock market. We’ve had a strong run in the markets, particularly since the April lows, so profit taking – a healthy part of any market cycle – could simply be at play.

The equity markets declined for the week with the S&P 500 now 4% off its highs. For the week, the S&P 500 declined 1.9% to 6,603, the Nasdaq pulled back by 2.7% to 22,273, and the Dow Jones Industrials declined 1.9% to 46,245. U.S. Treasury yields were also lower on the week with the 2-Year falling 10bps to 3.51% and the 10-Year falling 8bps to 4.07%.

Economic data is still expected to be delayed as government employees do their best to make up for lost time. Retail Sales for September is expected to be released, but PCE inflation data for October could be pushed back.