Market Recap - Friday, November 14, 2025
Choppy End to a Volatile Week as Markets Seek Direction
Markets were mixed on Friday, with investors still digesting Thursday’s big selloff. The Dow slipped 0.65%, the S&P 500 edged down 0.05%, while the Nasdaq ticked up 0.13%, and the Russell 2000 rose 0.22%. The S&P ended the week slightly positive, but small caps and tech continued their recent declines. Trading was choppy, but we saw some stabilization after this week’s sharp momentum unwind, especially in AI and high-growth names.
Sectors like energy, biotech, software, defense, and construction outperformed, while chemicals, media, home improvement, med-tech, and China tech lagged. Quantum computing stocks were a rare bright spot, but big tech was mostly lower — aside from Nvidia, which bounced back. Treasury yields ticked up 2–4 basis points, and the dollar strengthened modestly. Gold slid 2.4%, Bitcoin futures fell 3.8%, but oil rose 2.4% as geopolitical tensions in Russia offset oversupply worries.
Notable News & Earnings
Nvidia (NVDA) rose after gaining favor as a rare tech winner in a downbeat week.
Cidara Therapeutics (CDTX) surged 105% after Merck announced a $9.2B acquisition.
Avadel (AVDL) jumped 22.5% on a buyout offer from Lundbeck seen as superior to a previous bid.
Figure Tech (FIGR) gained 16% after beating earnings and filing for a tokenized stock IPO.
Warner Bros. Discovery (WBD) rose 4% amid reports Netflix, Comcast, and others may bid for its streaming business.
On the downside:
StubHub (STUB) fell 21% after earnings raised concerns about sustainability and guidance.
Alibaba (BABA) dropped 3.7% on reports it’s under U.S. scrutiny for allegedly aiding China’s military.
Anavex (AVXL) plunged 36% after a negative regulatory vote in Europe on its Alzheimer’s drug.
Fed Watch & Economic Outlook
Fed officials leaned hawkish again this week, keeping rate cut expectations in December at a coin toss. Some policymakers argue inflation risks remain elevated, while others see room to ease given labor market weakness. The data vacuum from the government shutdown continues to cloud the outlook — the October jobs report is now expected November 20.
Meanwhile, consumer caution is rising. Recent surveys and earnings calls suggest shoppers, especially in higher income brackets, are pulling back. But there’s still some resilience: American Express, On Running, and Dillard’s reported healthy consumer trends.
Oil markets stayed volatile with Russian exports disrupted by Ukrainian drone attacks, while OPEC and IEA flagged signs of oversupply next year. The shutdown officially ended this week, but another funding fight looms in January.
Earnings Season Wrap-Up
With 90% of S&P 500 companies now reported, Q3 earnings have beaten expectations. EPS growth is tracking around +13.1%, and revenue growth at +8.3% is the strongest in years. However, markets haven’t rewarded beats like they used to — possibly due to a high bar, macro jitters, and rising concerns around AI spending and consumer strength.
Still, guidance and earnings revisions have been positive, especially for Q4 and 2026. Strategists from BofA, Morgan Stanley, and UBS say the market may just need to digest near-term headwinds before growth broadens again.
Here’s Our Take
Markets are caught between improving earnings and lingering macro headwinds. Momentum stocks — especially in AI and tech — have come under pressure, but not due to deteriorating fundamentals. Instead, it’s more about positioning, valuations, and rate uncertainty. This week’s volatility felt more like a reset than a reversal.
The rally in energy and healthcare suggests investors are rotating rather than running for the exits. While rate-cut timing remains unclear, the bigger picture hasn’t changed: economic data is still solid (though softening), and the earnings backdrop remains constructive. We’re watching Nvidia’s earnings and retail results next week for clues on whether leadership can broaden or volatility will persist.
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