Market Recap: 12.04.25
Markets were mixed, with the S&P 500 slipping 0.03% to 6,846.97, the Dow rose 0.10% to 47,766.30, and the Nasdaq gained 0.38% to 23,454.06.
By: CIO Office
Summary
Markets were mixed, with the S&P 500 slipping 0.03% to 6,846.97, the Dow rose 0.10% to 47,766.30, and the Nasdaq gained 0.38% to 23,454.06. Treasury yields moved up to 4.11% as all eyes turn to next week’s Fed meeting, with a rate cut looking likely. Semiconductors, Energy, and Technology outperformed, while Utilities and Health Care lagged. Salesforce (CRM) and Meta (META) had strong showings, Snowflake (SNOW) fell, and Delta (DAL) reported a $200 million hit from the government shutdown. Gold and silver were flat, and Bitcoin jumped 6.6%.
10-Year Treasury Yield
- Current Rate: 4.11% (as of December 4, 2025)
- Week-to-date Movement: +10bps (from 4.01% on November 28, 2025)
Major U.S. Equity Indices Performance
- S&P 500: 6,849.09 → 6,846.97 (-0.03% WTD)
- DJIA: 47,716.42 → 47,766.30 (+0.10% WTD)
- Nasdaq Composite: 23,365.69 → 23,454.06 (+0.38% WTD)
Notable Market Events
- Macroeconomic Data: November private payrolls fell by 32,000 compared to the Wall Street estimate of a gain of 10,000. Larger businesses, entailing companies with 50 or more employees, reported a net gain of 90,000 workers. However, small businesses weighed in on the headline number as establishments with fewer than 50 employees saw a decline of 120,000. From the Challenger, Gray, and Christmas survey, job cuts from U.S. employers topped 1.1 million this year, which is the most since the 2020 pandemic. Tariffs were cited as a driver of more than 2,000 cuts in November and nearly 8,000 YTD.
- Economic Policy: Given the conflicting job and manufacturing data releases, all eyes pointed to the Federal Reserve again as their December 10th meeting draws closer. Despite the positive job data, most of the street is convinced of a cut. By Thursday’s close, a 91.4% chance of a 25bps cut is being priced in. National Economic Council Director Kevin Hassett also postulated a 25bps is likely.
- Business: Salesforce shares rose 3.7% after the company reported solid third-quarter earnings, driven by growth in annual recurring revenue from its agentic AI products. The company also raised its guidance for the fourth quarter and the fiscal year. Snowflake shares fell more than 11% despite a third-quarter earnings beat, as slowing product revenue growth overshadowed the results. Meta shares advanced over 4% on Thursday morning after CEO Mark Zuckerberg considered significant cuts to the company’s metaverse segment. Delta Air Lines announced this week that the government shutdown cost the company $200 million in earnings, although it forecasts strong travel demand heading into 2026.
- Markets: Treasury yields rose slightly as markets generally hovered near all-time-highs. Small caps and healthcare slightly outperformed as investors assume a rate cut next week. Gold and silver were relatively flat on the week, and Bitcoin gained 6.6% after whipsawing for most of November.
Stock Sector Performance
All performance numbers and market events are sourced from Bloomberg as of market close 12/04/2025.
Disclosures
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