Week Ending 11/21/2025

MARKET RECAP

  • US stocks -1.84%, bonds +0.44%, bitcoin down about 10%.
  • Earnings estimates for the next three years are up five weeks in a row. See the chart below.
  • There were 119,000 jobs added in September, versus a 50,000 estimate, but the July and August employment numbers were cut. The unemployment rate increased to 4.4%, the highest rate in four years.
  • Nvdia reported blockbuster earnings, but that couldn’t curb fears that the AI trade is way overdone and the massive capital spending plans are going to come back to haunt companies.

EARNINGS ESTIMATES OVER TIME

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Week Ending 10/31/2025

MARKET RECAP

  • US stocks +0.51%, international -0.43%, bonds -0.59%.

Below are highlights for the week courtesy of Perplexity’s Comet:

Financial markets from October 27 to October 31, 2025, saw a strong finish to the month, with major tech earnings, a Federal Reserve rate cut, and significant stock index gains taking center stage. Below are the key highlights for that week.wsj+2

US Stock Market Performance

  • The S&P 500 rose by about 2% for the month, closing above 6,900 for the first time.bilello+1

  • The Nasdaq surged 4.1% in October, with Amazon’s stellar earnings giving it an additional boost—Amazon stock jumped 9.6% on strong cloud growth and infrastructure expansion.cnbc+1

  • The Dow Jones Industrial Average posted a small 0.1% gain on Friday, capping a sixth consecutive month of gains, a streak unseen since 2018.wsj+1

  • Apple posted record sales with optimism for the December quarter, although its shares ended 0.4% lower after volatile trading.wsj

  • Meanwhile, Meta Platforms and Microsoft shares fell due to concerns over increased expenditures on artificial intelligence initiatives.wsj

  • Positive momentum was driven by continued robust performance from “Mag7” mega-cap tech stocks (Tesla, Google, Nvidia, etc.), despite job cut headlines from Amazon and Target.investrade

Interest Rates and Central Banks

  • The U.S. Federal Reserve cut interest rates by 0.25% to a 3.75%–4% range, its second straight cut this cycle, but signaled uncertainty about further reductions, causing expectations for another cut this year to fall.weforum

  • Rate-cut optimism further fueled market gains and drove yields on Treasuries lower.cnbc+1

International Markets

  • Japan’s Nikkei 225 soared to an all-time high, marking its largest monthly gain since 1990.wsj

  • Most other major international markets lagged, partly due to lingering concerns about China’s property market and slow global growth.weforum

Commodities and Crypto

  • Chevron and ExxonMobil posted lower profits but pledged to expand production; energy stocks were mixed on their respective results.finance.yahoo+1

  • Bitcoin broke its seven-year streak of October gains, ending the month with a loss—the first time since 2018.reuters

Notable Corporate/Economic Developments

  • Market breadth was strong, with advancers outnumbering decliners and volatility (VIX) dropping substantially as investors piled back into tech and momentum plays.investrade

  • Bank of America reshuffled leadership in its global markets unit, and Berkshire Hathaway prepared for a leadership transition with Warren Buffett delegating future annual letters.reuters

The final week of October 2025 was marked by optimism in US equities—especially large-cap tech—on strong earnings, easing monetary policy, and subsiding volatility, though not all sectors or global regions participated equally in the rally.cnbc+2

  1. https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-10-31-2025
  2. https://www.cnbc.com/2025/10/30/stock-market-today-live-updates.html
  3. https://www.weforum.org/stories/2025/10/us-fed-cut-rate-outlook-temper-and-other-finance-news-to-know/
  4. https://bilello.blog/2025/the-week-in-charts-10-29-25
  5. https://www.investrade.com/market-review-october-27-2025/
  6. https://finance.yahoo.com/news/live/stock-market-today-dow-sp-500-nasdaq-climb-to-cap-winning-month-as-strong-earnings-easing-rates-fuel-amazon-tech-stocks-200208645.html
  7. https://www.reuters.com/business/finance/
  8. https://www.bloomberg.com/news/articles/2025-10-30/stock-market-today-dow-s-p-live-updates
  9. https://www.marketwatch.com/livecoverage/stock-market-today-dow-sp500-nasdaq-cautious-fed-trump-china-deal-meta-fall-alphabet-up-apple-amazon
  10. https://www.nasdaq.com/articles/stock-market-news-oct-28-2025
  11. https://www.investopedia.com/dow-jones-today-10232025-11835434
  12. https://madisoninvestments.com/resources/monthly_market_update_october_2025
  13. https://www.youtube.com/watch?v=h3bU2bKpfCQ

 

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