Your Monthly Market Newsletter, NOVEMBER 2025

The U.S. stock market had a historically strong month in October, with the S&P 500 gaining 2.3%, the Nasdaq jumping 4.7%, and the Dow advancing 2.5%. This solid performance is partially the result of high corporate earnings, specifically from tech giants, and the news of US-China trade tensions. It is important to note that there was a dip mid-month due to the trade war concerns; however, the market recovered by the end of the month.

A majority of S&P 500 companies beat Wall Street’s third quarter earnings expectations, helping to boost market sentiment. Despite the overall positive trend, the U.S. federal government shutdown has delayed some data releases, complicating forecasting and policy expectations for the Federal Reserve.

As the year winds down, now is an ideal time to work on tax planning. If you’re looking for advice or guidance in reviewing your current tax situation, please reach out. We can help cover important topics such as retirement contributions, harvesting tax losses, charitable giving, and more. Contact our office today to schedule some time. We’re here to help support your financial success!

Stocks

October brought more treats than tricks, with equity markets finishing broadly positive for the month, driven by strong corporate earnings, predominantly from large technology companies. The government shutdown announced on October 1, proved to be inconsequential for the broader market, which was not concerned about the shutdown reaching the second longest on record with no immediate signs of opening. As the fourth quarter continues, consumers will be finely attuned to holiday spending data to ensure that corporate profits remain high, as does investor sentiment. Markets will be on the watch for a “Santa Claus Rally” through year-end.

Sector Performance

Despite the strong month for equities, only five of the eleven sectors were positive as equity performance was limited to technology, health care, and utilities companies, which all demonstrated resilient earnings growth. Technology makes up a sizeable portion of the overall index, which allowed its outsized return to sway the index higher and offset losses elsewhere. Some interest-rate-sensitive areas of the stock market, like real estate, were hurt after investors began pricing in higher interest rates for the rest of the year and into next year. Overall, the U.S. equity market has turned around from a poor start to the year and now lies above historical averages. 

Bonds

Fixed income markets followed equity markets upwards in the month of October. The main driving force of the positive performance was a decline in interest rates set by the Federal Reserve (Fed). At the end of October, they cut interest rates 0.25%, down to a target range of 3.75% - 4.00%. When interest rates fall, bond prices tend to rise. A lower than expected inflation report also drove interest rates lower. If inflation moves downward, then the Fed will be more likely to cut interest rates. Fed Chairman Jerome Powell spoke about the importance of bringing inflation back down to the 2% level, and how more interest rate cuts for the end of the year are not guaranteed. 

Economic Update

The government shutdown has caused government-issued data, which is deemed non-essential, to come to a standstill. This has led investors to seek private data providers to extrapolate how the economy is moving. One piece of government data deemed essential was the Consumer Price Index, which is needed to determine Cost of Living Adjustments (COLA) to Social Security checks. This showed inflation coming in cooler than expected, a positive for markets, rising 3.0%, which does remain above the target rate of 2%. Private data, like ISM Manufacturing and ISM Services, showed the economy continuing to expand, but potentially at a slower rate than the previous quarter. Overall, consumer spending is estimated to remain high. Consumer sentiment remains strong headed into the final two months of the year and the economy is still on solid footing. 

How virtual reality is helping people see the life-saving power of vaccines

A U.S. company funded by a grant from the Gates Foundation is using virtual reality to show how vaccines save lives. Brian Skalak is the director of engagement at REM5 STUDIOS, a Minnesota-based production company that’s redefining how global health stories are told. In partnership with the Gates Foundation and the Polio Eradication Initiative (GPEI), his team has developed a series of immersive virtual reality (VR) experiences that bring viewers a detailed view of the realities of vaccine delivery.

Their latest project, Apporter La Vie – meaning Delivering Life – takes audiences deep into the Democratic Republic of Congo, following frontline worker Kasongo as he transports vaccines through sweltering heat, torrential rain, and hundreds of miles of inland waterways. It’s a journey few outsiders get to see, and this latest advancement in VR allows viewers to gain a closer look into the important fight to eradicate polio and expand immunization to all children.

Skalak states, “What we’re trying to do is close the distance. We bring people there so they can really see what’s happening and why it matters. If you only have 10 minutes to show someone what the frontline looks like, VR can create that emotional connection instantly.”

To read more about this incredible story, view the full article here. 

THOUGHT FOR THE MONTH

^{Index Definitions}

^{Dow Jones Industrial Average:The Dow Jones Industrial Average® (The Dow®), is a price-weighted measure of 30 U.S. blue-chip companies. The index covers all industries except transportation and utilities.}

^{Dow Jones U.S. Real Estate Total Return Index:The index is designed to track the performance of real estate investment trusts (REIT) and other companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies.}

^{NASDAQ Composite:The NASDAQ Composite is a market-cap weighted index of all issues listed on the Nasdaq stock exchange. It is heavily weighted towards the technology sector.} 

^{S&P 500 Bond Index:The S&P 500® Bond Index is designed to be a corporate-bond counterpart to the S&P 500, which is widely regarded as the best single gauge of large-cap U.S. equities. Market value-weighted, the index seeks to measure the performance of U.S. corporate debt issued by constituents in the iconic S&P 500.}

^{S&P 500 Consumer Discretionary:The S&P 500® Consumer Discretionary comprises those companies included in the S&P 500 that are classified as members of the GICS® consumer discretionary sector.}

^{S&P 500 Consumer Staples:The S&P 500® Consumer Staples comprises those companies included in the S&P 500 that are classified as members of the GICS® consumer staples sector.}

^{S&P 500 Energy:The S&P 500® Energy comprises those companies included in the S&P 500 that are classified as members of the GICS® energy sector.}

^{S&P 500 Financials:The S&P 500® Financials comprises those companies included in the S&P 500 that are classified as members of the GICS® financials sector.}

^{S&P 500 Index:The S&P 500® index is a market-cap weighted index of the largest 500 companies headquartered in the United States. The index covers approximately 80% of available market capitalization.}

^{S&P 500 Utilities:The S&P 500® Utilities comprises those companies included in the S&P 500 that are classified as members of the GICS® utilities sector.}

^{S&P U.S. Aggregate Bond Index:The S&P U.S. Aggregate Bond Index is designed to measure the performance of publicly issued U.S. dollar denominated investment-grade debt. The index is part of the S&P AggregateTM Bond Index family and includes U.S. treasuries, quasi-governments, corporates, taxable municipal bonds, foreign agency, supranational, federal agency, and non-U.S. debentures, covered bonds, and residential mortgage pass-throughs.}

^{S&P U.S. Treasury Bond Index:The S&P U.S. Treasury Bond Index is a broad, comprehensive, market-value weighted index that seeks to measure the performance of the U.S. Treasury Bond market.}

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^{A portion of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.}

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