Monthly Download: November 2025

Markets held their ground in November, recovering from early volatility as optimism grew around future Fed rate cuts. Broader equity participation and stable credit conditions also supported the rebound. Large-cap tech faced some pressure, while gains in Health Care, small caps, and international markets helped balance performance. Treasury yields moved lower and credit spreads remained tight, reflecting a still-constructive economic backdrop.

Our Investment Team also covers the decline in cryptocurrency markets, the first full jobs report after the government shutdown, and Nvidia’s quarterly results as a gauge of global AI spending.