November 2025 Monthly Market Review

An excerpt from our November 2025 Monthly Market Review:

U.S. equities eked out a small gain in November despite mounting anxiety over the high valuation of a heavily concentrated U.S. equity market. The market’s anxieties were little comforted by the announcement of blockbuster revenue growth by NVIDIA and widespread expectations that the FOMC will reduce rates by a further 25 basis points in its December meeting. Advanced economy non-U.S. equities generated slightly larger gains than their U.S. counterparts. Emerging equity markets lost ground, however, largely reflecting a slide in Chinese equities. U.S. Treasury yields across the maturity spectrum fell in November sending prices higher. U.S. investment grade and high yield bond markets also rose, despite already compressed credit spreads. The U.S. dollar index fell slightly in November and is down about 8.3% so far this year. Gold prices rose sharply in November, adding to previous strong gains. Bitcoin, however, crashed, losing about 18%. Oil prices also lost ground, falling a less spectacular 4% in November to bring their decline so far this year to 18.4%.