Stocks took a holiday from November's selling pressure the past week, bolstered largely by the prior week's resolution to the US government shutdown as well as a more optimistic outlook for the AI trade. Investors will look to some tech earnings as well as consumer sentiment and jobs data this week.
Stocks
US markets were closed Thursday for Thanksgiving, and Friday was a shortened post-holiday session. But the shortened trading week was enough to help provide some relief to markets that closed out November with moderate losses. There was some drama Friday morning when futures trading at the Chicago Mercantile Exchange was disrupted due to a "cooling issue" at a data center. Despite the roughly 3% gain for the S&P 500 during the week, the down November did snap a 6-month winning streak. Trading activity during the month didn't follow normal patterns. Technology stocks led the broad market lower, while the closely-related communication services sector far outperformed the broad market. Health care was the top performing sector in November, but other defensive sectors like utilities and consumer staples were in the red. And despite oil prices declining during the month, energy stocks managed to finish in the green.
Bonds
US Treasury yields were choppy once again during the past week. Some uncertainty remains regarding the Fed's impending December interest rate decision, although the CME FedWatch tool is currently pricing in a roughly 85% chance of a quarter percentage cut.
Oil
An understated driver of stock market gains this year has been the steady drop in oil prices. Since peaking in mid January above $80 per barrel, and including a brief spike in mid June, oil prices have remained relatively low for most of the year and are currently near post-pandemic lows. The marginal cost of discovering, producing, and transporting a barrel of crude oil has been falling in recent years, thanks largely to the addition of US shale sources and success driving efficiencies from them. However, that falling cost has created a headwind for the per-barrel price of oil. Lower per-barrel prices limit producers’ investment in short-cycle resources, bringing down supply and ultimately balancing the market, until there is once again a tailwind for the price per barrel.
Gold
Gold prices rallied for the fourth consecutive month, pushing further past $4,000 per ounce. Rate cut expectations have been among the most recent bullish factors driving gold higher, along with sustained central bank purchases, global debt concerns, and tariff- and sanction-induced volatility. Gold, which does not offer a yield like some other types of investments, is thought to be more attractive when rates fall (assuming the yields on those other yielding investments decline as well). November's tally for the precious metal was near 4%.
Crypto
Bitcoin bounced back in a big way the past week, helping alleviate some concerns among crypto investors that the bull market may be over. The largest cryptocurrency by market cap surged back above $90,000. Ethereum, the second largest cryptocurrency by market cap, climbed back above $3,000.
| Past week | Year-to-date | 5-year | |
|---|---|---|---|
| S&P 500 | 4.3% | 16.7% | 85.2% |
| Oil (WTI crude) | 0.9% | –19.9% | 26.6% |
| Gold (New York) | 4.4% | 58.7% | 129.8% |
| Bitcoin | 4.5% | –3.2% | 372.5% |
Source: Yahoo Finance, as of November 28, 2025.
KEY DATA FOR THE WEEK OF DECEMBER 1
In addition to some key tech earnings, jobs and consumer sentiment reports are due out this week.
| MongoDB (MDB) – Monday | ISM Manufacturing Index – Monday |
| CrowdStrike (CRWD) – Tuesday | Motor vehicle sales – Tuesday |
| Marvell Technology (MRVL) – Tuesday | ADP employment report – Thursday |
| Salesforce (CRM) – Tuesday | Jobless claims – Thursday |
| Snowflake (SNOW) – Wednesday | Consumer sentiment – Friday |
| Dollar Tree (DLTR) – Wednesday | Factory orders – Friday |
| See the full earnings calendar (login required). | See the full economic calendar. |
Source: Fidelity.com, as of November 28, 2025.