Weekly Market Bullets

for the week ending 11/21/2025

• US Equity Markets experienced profit-taking last week as investors questioned the valuations of AI stocks amid increasing jitters about the outlook for interest rates. The S&P 500 dropped 2.0% for the week and is now up 12.3% for the year. The Nasdaq tumbled 2.7% for the week on continued technology selling to bring its gains for the year to 15.3%, while the Russell 2000 (small cap stocks) was down 0.8% for the week and is now up 6.3% for the year.

• Global Equity Markets dropped notably as well last week, following the US lead with pressure on technology stocks. Developed Markets were down 3.1% for the week and are now up 20.8% for the year. Emerging Markets fell 3.7% for the week to bring its gains for the year to 24.0%.

• Some Fed Governors spoke out on the need for more rate cuts last week, pushing rates lower and highlighting the ongoing debate within the Fed about monetary policy. The yield on the US 10-Year Treasury fell to 4.06% from 4.15% the prior week. The Street is now placing a 71% probability that the Fed cuts rates at its December meeting, up from 44% the prior week.

• It is now cheaper to buy a new home than an existing one. According to Apollo Group and the National Association of Realtors, for the first time in over 50 years, the average price of a new home is below the average price of an existing home. This is due to builders providing incentives to purchase a new home while also constructing smaller homes. At the same time, upward pricing pressure on existing homes is due to relatively low inventory, as existing homeowners do not want to move given interest rate levels.

Market Data

for the week ending 11/21/2025