The Weekly Update
Week of November 24th, 2025
By Christopher Much, CFP®, AIF®
Heightened volatility was on Wall Street’s mind last week, as investors continued to focus on valuations of artificial intelligence (AI) stocks.
The Standard & Poor’s 500 Index fell 1.95 percent, while the Nasdaq Composite Index declined 2.74 percent. The Dow Jones Industrial Average slid 1.91 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, slumped 3.25 percent.
AI Valuation Worries
Stocks slid over the first half of the week as anticipation continued to build for Q3 results from one of the largest AI megacap tech stocks, due out midweek.
While the decline was led by megacap tech stocks, which typically drag down both the Nasdaq and S&P 500, the Dow Industrials also fell. With the government still playing catch-up on a backlog of economic reports following the shutdown, investors kept a close eye on big consumer-related stocks for insights into the economy.
Then midweek, all three major averages rebounded, with the S&P snapping a four-day losing streak. Sentiment improved as investors turned more positive about another AI firm’s quarterly report due out after Wednesday’s closing bell.
That firm’s results helped boost stocks after the opening bell on Thursday, but prices retreated quickly as investor anxiety was fueled by the question of whether the Fed would adjust rates next month. The Fed’s October meeting minutes revealed divisions among the Committee’s voting members. Additionally, the Labor Department’s September jobs report painted a mixed employment picture, which might complicate the Fed’s decision.
Stocks rebounded on Friday after New York Fed President John Williams seemed to reassure investors that a rate adjustment at the Fed’s December meeting was still a possibility. The bounce was jagged, as the rebound had to battle through disappointing economic data on consumer sentiment and manufacturing activity.
More Jobs, But Higher Jobless Rate
The delayed September jobs report came out last week, and showed employers added 119,000 jobs—the strongest monthly gain since April and a rebound from August’s loss of 4,000 jobs (which was later revised to a 22,000 gain). The jobs report was among the first post-shutdown reports to be published by the Labor Department.
The unemployment rate in September rose to 4.4 percent, higher than the 4.3 percent economists expected. It was the highest number in four years.
This was the Labor Department’s last monthly employment report before the Federal Reserve’s next meeting on December 9-10.
This Week: Key Economic Data
Tuesday: Retail Sales (Sept). Case-Shiller Home Price Index (Sept). Business Inventories (Sept). Consumer Confidence. Pending Home Sales.
Wednesday: Weekly Jobless Claims. Durable Goods Orders (Sept).
Thursday: THANKSGIVING HOLIDAY—MARKETS CLOSED
Friday: Chicago Business Barometer.
Source: Investor’s Business Daily – Econoday economic calendar; November 21, 2025
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Monday: Agilent Technologies (A)
Tuesday: Analog Devices, Inc. (ADI), Dell Technologies Inc. (DELL), Autodesk, Inc. (ADSK), Workday, Inc. (WDAY)
Wednesday: Deere & Company (DE)
Source: Zacks, November 21, 2025
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
