Market Recap: 11.03.25
Equities posted another positive week after stronger-than-expected corporate earnings from Mag 7 members Apple, Amazon, and Google fueled A.I. optimism into Quarter 4. Indexes all notched all-time highs, with the Nasdaq rising over 2% on the week.
By: CIO Office
Summary
Equities posted another positive week after stronger-than-expected corporate earnings from Mag 7 members Apple, Amazon, and Google fueled A.I. optimism into Quarter 4. Indexes all notched all-time highs, with the Nasdaq rising over 2% on the week. Performance was led by Semis, Tech, and Consumer Discretionary. Traders continue to price in an additional rate cut by year-end, though Fed Chairman Jerome Powell expressed his view of not concluding expectations heading into the December meeting. Investors continue to focus on corporate guidance as a key metric to analyze consumer health and strong Capex spending through broader tech.
10-Year Treasury Yield
- Current Rate: 4.09% (as of October 31, 2025)
- Week-over-Week Movement: +9bps (from 4.00% on October 24, 2025)
Major U.S. Equity Indices Performance
- S&P 500: 6,791.69 → 6,831.54 (+0.59% WoW)
- DJIA: 47,207.12 → 47,555.63 (+0.74% WoW)
- Nasdaq Composite: 23,204.87 → 23,755.688 (+2.37% WoW)
Notable Market Events
- Macroeconomic Data: The Conference Board released their Consumer Confidence survey on Tuesday, with consumers expressing optimism about the labor market outlook for October. However, the headline number ticked lower to 94.6 in October from a revised 95.6 in the prior month. The survey’s labor-market differential metrics, which measures the gap between consumers who states jobs as “plentiful” and jobs that are “hard to get” rose to 9.4 in October from 8.7 in the prior month. Michael Feroli from JPMorgan mentioned that the Conference Board’s labor-market differential was one of the metrics used to judge the next move in the unemployment rate.
- Economic Policy: The Federal Reserve lowered its Fed Funds Rate by an expected 25 bps, setting the new target range between 3.75% to 4%. Fed Chairman Jerome Powell quoted that further reductions in rates we’re not a “foregone conclusion”, which sent Treasury yields higher to close off the week. The Fed also announced that the quantitative tightening cycle will end on December 1st. Goldman Sach’s Tony Pasquariello sees another cut by year end, though noting if the Fed pauses due to an improved labor market, it shouldn’t be viewed as a net negative for risky assets.
- Business: Chipotle cut it’s full-year same-store sales forecast for the third straight quarter citing a challenging macro environment on consumers. Google stock surged after the company notched its first $100 Billion quarter from strong cloud demand and increased Capex. Amazon stock hit a new all-time high after a beat across the board lifted by its cloud computing unit AWS, however noting it will lay off 14,000 employees to speed up company processes. Eli Lilly & Nvidia partnered to build an A.I. factory and supercomputer for drug discovery. PayPal signs a deal with OpenAI to become the first payments wallet in ChatGPT.
- Markets: Gold continued to pull back, retreating 2.7% as positive comments between U.S.- China relations put pressure on precious metals, though Silver slightly rebounded up 0.08% on the week. The dollar rose modestly higher by 0.83%, while Treasuries jumped after the FOMC meeting.
Stock Sector Performance
All performance numbers and market events are sourced from Bloomberg as of market close 10/31/2025.
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