Weekly Market Bullets

for the week ending 11/28/2025

• US Equity Markets rallied sharply last week in holiday-shortened trading, as investors increasingly believe the Fed will cut rates at its meeting in December. The S&P 500 rose 3.7% for the week and is now up 16.5% for the year. The Nasdaq increased 4.9% for the week to bring its gains for the year to 21.0%, while the Russell 2000 (small cap stocks) surged 5.5% for the week and is now up 12.1% for the year.

• Global Equity Markets increased last week on stronger-than-expected economic growth out of Asia and rising hopes for rate cuts. Developed Markets rallied 3.4% for the week and are now up 25.0% for the year. Emerging Markets rose 2.5% for the week to bring its gains for the year to 27.1%.

• More remarks from Fed Governors suggest rate cuts in December. After some unease that the Fed would likely not cut rates at its meeting in December, more comments from Fed Governors indicate rate cuts may indeed occur. The yield on the US 10-Year Treasury closed last week at 4.01% vs. 4.06% the prior week and 4.15% two weeks ago. The Street now believes there is an 86% chance the Fed lowers rates in December, up from 71% last week and 44% earlier in November.

• Initial Sales data for the Black Friday weekend show robust consumer spending. Despite rising concerns about the labor markets, it appears that consumers are still willing to spend for the holidays. While estimates vary, total online sales for Black Friday suggest growth over 9% from last year, while overall sales increased over 7% from a year ago. In total, sales for the entire holiday season are projected to increase 3.6% from 2024.

Market Data

for the week ending 11/28/2025