Market Recap: 11.07.25

Summary

Equities slumped on the week after concerning macroeconomic data, along with lackluster earnings sent indexes lower. The S&P fell over 1.6% with the Nasdaq Composite falling nearly 3%. Lofty valuations weighed on shares despite stronger-than-expected earnings. Semiconductors, Technology, and Materials were the driver to the downside, as Health Care, Energy, and Financials outperformed. Traders continue to monitor limited data heading into the December meeting as recent soft labor market data from the Challenger Gray report backed the prospects of a rate cut in December.

10-Year Treasury Yield

• Current Rate: 4.08% (as of November 6, 2025)
• Week-over-Week Movement: -1bps (from 4.09% on October 31, 2025)

Major U.S. Equity Indices Performance

• S&P 500:  6,831.54 → 6,720.32 (-1.62% WTD)
• DJIA: 47,555.63 → 46,912.30 (-1.35% WTD)
• Nasdaq Composite: 23,755.68 → 23,053.99 (-2.95% WTD)

Notable Market Events

• Macroeconomic Data: US employers announced 153,074 job cuts for the month of October led by Technology and Warehousing sector. This marks an 183% surge from September and up 175% YoY. Andy Challenger, the Chief Revenue Officer of Challenger, Gray, & Christmas stated that the data was the most for any October since 2003. It also marks the worst year for layoffs since 2009. Year-to-date, companies have announced 1.1 million cuts this year, which is a 65% increase YoY and the highest level since Covid 2020. Private Payrolls showed 42,000 jobs added in October following a 29,000 decline in September. Businesses employing at least 250 employees added 76,000 jobs while smaller businesses lost 34,000 jobs.
• Economic Policy: Federal Reserve Governor Stephen Miran said in a recent Yahoo finance interview that it would be appropriate for the FOMC to lower the Fed Funds Rate at it’s December meeting despite a lack of macroeconomic data due to the government shutdown. Fed Vice Chair for Supervision Michelle Bowman mentioned a softening labor market is a greater issue than tackling slightly above target inflation. Fed Governor Lisa Cook noted the risks of lowering rates too early or too late. The path to monetary policy is not predetermined and the Fed will continue to base their next policy move on incoming data when available. Chicago Fed President Austan Goolsbee reiterated his concern towards inflation and that preemptive cuts are not the best course of action. Traders are pricing in another rate cut at the December meeting.
• Business: Eli Lilly and Novo Nordisk secured a deal with the Trump Administration to lower GLP-1 prices in exchange for a three-year tariff reprieve and wider access for Medicare patients. AMD posted a beat-and-raise earnings report citing strong demand for PC and server CPU demand. Norwegian Cruise Lines shares plunged after a downbeat 4^th Quarter outlook following a 3^rd Quarter revenue miss. CarMax shares fell sharply after flagging weak quarterly results and CEO Bill Nash stepping down on December 1^st. Snap shares soared on a $400 Million Perplexity deal to embed A.I.-Powered search for users. Qualcomm reported better-than-expected results though the company’s outlook for its automotive chip sales weighed on shares.
• Markets: Precious metals fell on the week after traders weighed comments from Federal Reserve officials, as well as deteriorating labor market data that support the prospects of lowering interest rates. Gold pulled back 1.1% while Silver prices fell 1.6%. The dollar was steady, up 0.01% though it fell roughly 50 bps on Thursday. Treasuries fell sharply on Thursday following the release of weaker macroeconomic data.

Stock Sector Performance

All performance numbers and market events are sourced from Bloomberg as of market close 11/06/2025.

Disclosures

OpenArc Corporate Advisory, LLC, (“OpenArc”) is a registered investment adviser with the Securities and Exchange Commission. This material is presented for informational purposes only and should not be construed as an attempt to sell or solicit any products or services of OpenArc nor should it be construed as legal, accounting, tax or other professional advice. Past performance of model performance shown is no guarantee of future results. The model portfolio performance does not reflect actual trading or any advisory, management, or transaction fees, all of which could result in substantially lower results. This does not reflect the impact that material economic and market factors may have had on decision making. You cannot invest directly in an index. ​​

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