The Markets (as of market close November 14, 2025)
Last week was marked by the re-opening of the U.S. government after a prolonged shutdown. However, despite a significant boost to the stock market at the beginning of the week, the positive momentum waned as the week progressed as investors were concerned about high valuation of AI stocks and uncertainty over Federal Reserve policy. The NASDAQ and the Russell 2000 ended the week in the red, while the S&P 500, the Dow, and the Global Dow closed higher. The AI sector, which has been a major market mover for much of the year, experienced significant volatility as investors worried about long-term sustainability. Health care, energy, and materials were market sector gainers, while consumer discretionary and communication services underperformed. Ten-year Treasury yields rose, likely reflecting reduced expectations for another interest rate cut at the next Federal Reserve meeting in December. Crude oil prices moved very little from the prior week as ongoing concerns surrounding increasing U.S. inventories and overproduction weighed on prices.
Stock Market Indexes
| Market/Index | 2024 Close | Prior Week | As of 11/14 | Weekly Change | YTD Change |
|---|---|---|---|---|---|
| DJIA | 42,544.22 | 46,987.10 | 47,147.48 | 0.34% | 10.82% |
| NASDAQ | 19,310.79 | 23,004.54 | 22,900.59 | -0.45% | 18.59% |
| S&P 500 | 5,881.63 | 6,728.80 | 6,734.11 | 0.08% | 14.49% |
| Russell 2000 | 2,230.16 | 2,432.82 | 2,388.23 | -1.83% | 7.09% |
| Global Dow | 4,863.01 | 5,970.60 | 6,037.77 | 1.13% | 24.16% |
| fed. funds target rate | 4.25%-4.50% | 3.75%-4.00% | 3.75%-4.00% | 0 bps | -50 bps |
| 10-year Treasuries | 4.57% | 4.09% | 4.14% | 5 bps | -43 bps |
| US Dollar-DXY | 108.44 | 99.54 | 99.27 | -0.27% | -8.46% |
| Crude Oil-CL=F | $71.76 | $59.89 | $60.03 | 0.23% | -16.35% |
| Gold-GC=F | $2,638.50 | $4,010.40 | $4,084.40 | 1.85% | 54.80% |
Chart reflects price changes, not total return. Because it does not include dividends or splits, it should not be used to benchmark performance of specific investments.
Last Week’s Economic News
- The release of most economic data continued to be delayed due to the government shutdown. However, as information becomes available, it will be included herein.
- The national average retail price for regular gasoline was $3.056 per gallon on November 10, $0.037 per gallon above the prior week’s price and $0.004 per gallon higher than a year ago. Also, as of November 10, the East Coast price decreased $0.005 to $2.912 per gallon; the Midwest price rose $0.082 to $2.910 per gallon; the Gulf Coast price increased $0.088 to $2.599 per gallon; the Rocky Mountain price dropped $0.029 to $2.909 per gallon; and the West Coast price rose $0.031 to $4.159 per gallon.
Eye on the Week Ahead
The end of the government shutdown should result in the release of economic data and reports. We will continue to track the release of important economic reports as they become available.
Data sources: Economic: Based on data from U.S. Bureau of Labor Statistics (unemployment, inflation); U.S. Department of Commerce (GDP, corporate profits, retail sales, housing); S&P/Case-Shiller 20-City Composite Index (home prices); Institute for Supply Management (manufacturing/services). Performance: Based on data reported in WSJ Market Data Center (indexes); U.S. Treasury (Treasury yields); U.S. Energy Information Administration/Bloomberg.com Market Data (oil spot price, WTI, Cushing, OK); www.goldprice.org (spot gold/silver); Oanda/FX Street (currency exchange rates).
News items are based on reports from multiple commonly available international news sources (i.e., wire services) and are independently verified when necessary with secondary sources such as government agencies, corporate press releases, or trade organizations. All information is based on sources deemed reliable, but no warranty or guarantee is made as to its accuracy or completeness. Neither the information nor any opinion expressed herein constitutes a solicitation for the purchase or sale of any securities, and should not be relied on as financial advice. Forecasts are based on current conditions, subject to change, and may not come to pass. U.S. Treasury securities are guaranteed by the federal government as to the timely payment of principal and interest. The principal value of Treasury securities and other bonds fluctuates with market conditions. Bonds are subject to inflation, interest-rate, and credit risks. As interest rates rise, bond prices typically fall. A bond sold or redeemed prior to maturity may be subject to loss. Past performance is no guarantee of future results. All investing involves risk, including the potential loss of principal, and there can be no guarantee that any investing strategy will be successful.
The Dow Jones Industrial Average (DJIA) is a price-weighted index composed of 30 widely traded blue-chip U.S. common stocks. The S&P 500 is a market-cap weighted index composed of the common stocks of 500 largest, publicly traded companies in leading industries of the U.S. economy. The NASDAQ Composite Index is a market-value weighted index of all common stocks listed on the Nasdaq stock exchange. The Russell 2000 is a market-cap weighted index composed of 2,000 U.S. small-cap common stocks. The Global Dow is an equally weighted index of 150 widely traded blue-chip common stocks worldwide. The U.S. Dollar Index is a geometrically weighted index of the value of the U.S. dollar relative to six foreign currencies. Market indexes listed are unmanaged and are not available for direct investment.
