U.S. Markets
Stocks were mixed in November as a late-month rally almost clawed back losses from earlier in the month.
The Standard & Poor’s 500 Index rose 0.13%, while the Nasdaq Composite declined 1.51%. The Dow Jones Industrial Average edged up 0.32%.1
Focus on AI
Stocks hit a rough patch early in the month as investors grew skittish over the valuation of tech companies that are investing in AI.2
Labor market news exacerbated the selling pressure. While ADP’s latest report showed stronger-than-expected hiring by private employers in October, the positive market sentiment was countered by a well-known outplacement firm’s report of a steep increase in corporate layoffs the same month.3,4
Economy Watch
Stocks slid again after news that consumer sentiment hit its lowest level in three years.
The survey data appeared to confirm investors’ fears about the fragile labor market.5
After the federal government’s shutdown ended, investors’ focus shifted to the Fed as they kept an eye on big consumer-related stocks for insights into the economy.6
Fed Drama
The Fed’s October meeting minutes revealed divisions among the Committee’s voting members about whether to adjust rates in December.
But New York Fed President John Williams seemed to reassure investors that a rate adjustment at the Fed’s December meeting was still a possibility.7
The bounce was sharp as stocks battled through mixed economic data. The markets ended the month on a five-day winning streak, however, which curbed losses for all three major averages.8
What Investors May Be Talking About in December
The Federal Open Market Committee (FOMC) holds its last rate-setting meeting of the year on December 9 and 10. That meeting is expected to be very closely watched—and talked about—by investors.
Some Fed officials in November threw cold water on the possibility of a rate change.
In fact, the minutes from the Fed’s October meeting—released November 19—showed the Committee’s voting members remained divided over making another rate adjustment at the December meeting.10
But New York’s Fed President Williams calmed markets on November 21 by suggesting all options were still on the table.11
In September, the Fed shifted its policy to an easing stance and cut interest rates by a quarter of a percentage point.
It also “penciled in” additional rate moves this year. But Chair Powell underscored that the decision to adjust rates at the December meeting was not a foregone conclusion.
World Markets
The MSCI EAFE Index trended slightly higher, rising 0.46%.12
Spain (+2.11%) was the clear leader among the majors. Italy (+0.42%), the United Kingdom (+0.03%), and France (+0.02%) logged modest returns. Germany (-0.51%) was under pressure.13
Markets outside of Europe were mixed.
Brazil (+6.37%) was among the best-performing markets, while Egypt (+6.50%), Mexico (+1.32%), and India (+2.11%) also had a solid month.13
Pacific Rim markets had a rougher go of it. Australia (-3.02%), Korea (-4.40%), and Japan (-4.12%) all finished lower.13
The Fed
Although the Federal Reserve did not hold a meeting in November, minutes from its October meeting were released on November 19.
The minutes showed the Committee’s voting members remained divided over making another rate adjustment at the December meeting. Investors took notice of the divisions, which led to some anxiety on Wall Street.26
Additionally, Fed officials gave speeches every week in November.
With many key October reports (including inflation) and some September reports still being worked on from the shutdown-related backlog, Fed presidents and governors seemed to be trying to over-communicate in the absence of federal data. One notable example was a November 21 speech from New York’s Fed President John Williams in which he seemed to reassure investors that an adjustment at the Fed’s December meeting was still on the table.27
The Federal Reserve’s final meeting of the year is December 9-10, when the Fed will publish a Summary of Economic Projections.
Our blog posts are intended for information purposes only and should not be interpreted as financial advice.
You should always engage the services of a fully qualified financial planner before entering any financial contract.
To discuss engaging the services of Fortitude Financial Planning please email us at info@fortitudefp.ie.
Fortitude Financial Planning Ltd will not be held responsible for any actions taken as a result of reading these blog posts.
1. WSJ.com, November 28, 2025
2. CNBC.com, November 4, 2025
3. ChallengerGray.com, November 6, 2025
4. CNBC.com, November 7, 2025
5. CNBC.com, November 7, 2025
6. CNBC.com, November 18, 2025
7. CNBC.com, November 21, 2025
8. CNBC.com, November 28, 2025
9. SeekingAlpha.com, December 1, 2025
10. CNBC.com, November 21, 2025
11. CNBC.com, November 21, 2025
12. Investing.com, November 28, 2025
13. MSCI.com, November 28, 2025
14. Atlanta Federal Reserve, November 26, 2025
15. WSJ.com, September 25, 2025
16. WSJ.com, November 5, 2025
17. WSJ.com, November 20, 2025
18. ChicagoFed.org, November 13, 2025
19. WSJ.com, November 25, 2025
20. Institute for Supply Management, December 1, 2025
21. Census.gov, November 18, 2025
22. National Association of Home Builders (NAHB), November 18, 2025
23. National Association of Home Builders (NAHB), November 20, 2025
24. BLS.gov, October 24, 2025
25. KPMG.com, November 26, 2025
26. WSJ.com, November 20, 2025
27. CNBC.com, November 21, 2025
28. Straits Research, 2024
29. Grand View Research, 2024
30. IT-Recycle UK, November 12, 2024
31. GWP Group, November 28, 2024
32. Pitney Bowes BOXpoll Survey, February 26, 2024
33. Straits Research Survey, 2023
34. ALPLA Survey via Business Wire, December 12, 2024
35. LendingTree, June 28, 2023
36. Straits Research, 2024
37. MNopedia, April 15, 2025
Production