November 17, 2025
S&P futures +0.3% after a mixed week in which the S&P 500 finished roughly flat. Recent losers included retail favorites, most-shorted names, quantum computing, nuclear, and crypto, while GLP-1s, biotech, and energy outperformed. Asia was mixed overnight (Korea +2%; Japan, Hong Kong, China lower). Europe −0.4%. Treasuries firmer (~2 bp lower across the curve), DXY +0.1%, gold −0.1%, bitcoin +1%, and WTI −0.2%.
Markets are attempting to extend Friday’s stabilization after the sharp momentum unwind of recent weeks. The drawdown now resembles past unwind episodes, lowering concern around further systematic deleveraging. Sentiment is also benefiting from optimism heading into NVDA earnings, supported by hyperscalers’ massive capex outlays. Seasonality remains a tailwind despite soft November performance. The White House’s affordability push—including tariff reductions on a range of food and agricultural imports—continues to attract attention. Retail earnings later this week may help address concerns around consumer softening, though a heavy slate of Fedspeak could keep pressure on December rate-cut expectations, which have faded in recent sessions.
Today’s calendar includes the Empire State Manufacturing Survey (Nov) and the delayed August construction spending release. Fed speakers include Williams, Jefferson, Kashkari, and Waller. Key events ahead: FOMC minutes (Wed), the delayed September employment report (Thu), and November flash PMIs (Fri). Statistical agencies are expected to update reporting calendars as the government catches up on backlogged data.
Corporate news:
- AAPL reportedly accelerating CEO succession planning, with Tim Cook potentially stepping down as soon as next year.
- GOOGL gained on news Berkshire Hathaway built a ~$4B stake; positive chatter also around the rollout of Gemini 3.0.
- DIS content returned to YouTube following resolution of the carriage dispute.
- Boeing exploring a potential separation into two entities (Reuters).
- WPP has attracted private-equity and Havas takeover interest (London Times).
- CWAN jumped on reports it is in talks to go private.
- MODG reportedly in discussions to sell Topgolf to Leonard Green for ~$1B.
U.S. equities were mixed on Friday as markets stabilized following Thursday’s sharp momentum unwind. The Dow −0.65%, S&P 500 −0.05%, Nasdaq +0.13%, and Russell 2000 +0.22%. The S&P managed a slight weekly gain, though the Nasdaq and Russell extended last week’s declines. The unwind in crowded trades remained the dominant theme, especially across AI plays, retail favorites, high-beta, and most-shorted baskets. Treasuries weakened modestly (yields +2–4 bp), the dollar strengthened (+0.2%), gold fell 2.4%, Bitcoin dropped 3.8%, while WTI crude rallied 2.4%.
Fundamentally, little has changed: the recent risk-off tone reflects positioning stress, stretched valuations, AI skepticism, and a hawkish tilt in Fedspeak, rather than deterioration in underlying economic data. Healthcare rotation continued to act as a shock absorber for risk sentiment. Markets now look ahead to an eventful week featuring NVDA earnings, the start of retail earnings (WMT), another full slate of Fedspeak, and the expected 20-Nov release of September NFP—the first data point following the government reopening.
Internationally, Asian markets remained under pressure, while Europe traded lower, with continued focus on soft China activity data and rising UK yields after the government dropped its tax-hike proposal.
Sector Highlights
Sector dispersion was broad. Energy (+1.37%) led the market, supported by higher crude prices. Technology (+0.74%) outperformed despite ongoing pressure in certain AI-linked names. Real Estate, Utilities, and Industrials saw modest gains, reflecting defensive rotation. On the downside, Materials (−1.18%), Financials (−0.97%), and Communication Services (−0.80%) lagged, while Healthcare (−0.63%) eased after a strong week. Consumer sectors traded mixed, with Consumer Discretionary (−0.61%) softer and Staples roughly flat.
Information Technology
- NVDA rebounded sharply despite sector-wide AI weakness.
- AAPL reported 20%+ y/y growth in China iPhone 17 sales during the first month of launch.
- AMAT delivered a fiscal Q4 beat, with strength in DRAM, though guidance disappointed as shipment acceleration is not expected until 2H26.
- BABA fell after reports the White House circulated an intelligence memo alleging support for Chinese military operations.
- CDTX to be acquired by MRK in a $9.2B cash deal.
- STUB declined sharply following indications Q3 strength reflected pull-forward demand and weaker visibility into Q4.
Communication Services
- WBD gained on reports PSKY, CMCSA, and NFLX are preparing bids for various corporate assets.
- TRIP rose after an upgrade to neutral at Mizuho, citing stabilization in traffic and cost reductions.
Consumer Discretionary
- UAA announced a strategic restructuring and the end of its Curry Brand partnership.
- BZH beat on closings and expense control though noted a competitive, incentive-driven housing market ahead.
- MODG rose on reports the company is exploring a sale to private equity.
- AVDL rallied after receiving a superior $23/share offer from Lundbeck.
Consumer Staples
- WMT announced a leadership transition, with CEO Doug McMillon to be succeeded by Walmart U.S. CEO John Furner.
Industrials
- GM noted the auto market remains highly competitive and incentive-driven.
- FIGR posted a strong revenue/EPS beat and filed a draft registration statement for a tokenized stock offering.
Health Care
- SRRK rose despite light Q3 results after updating timelines on remediation efforts and expected 2026 BLA resubmission.
- AVXL plunged following a negative trend vote from Europe’s CHMP for its Alzheimer’s drug candidate.
Financials
- FIGR posted robust revenue and net income growth, supporting sentiment in fintech.
- Hawkish Fed commentary from Schmid, Kashkari, and Bostic pushed December rate-cut odds to 50/50. In contrast, Governor Miran reiterated support for a December cut.
Materials
- TMC fell on softer results and ongoing permitting concerns.
- Precious metals lagged alongside a broad decline in gold and silver.
Eco Data Releases | Monday November 17th, 2025
S&P 500 Constituent Earnings Announcements | Monday November 17th, 2025
No constituents report today
Data sourced from FactSet Research Systems Inc.
