November 26, 2025

Last week, global equity markets experienced a bout of volatility, with major US indices generally finishing lower as investors digested mixed economic data and ongoing concerns about tech valuations, despite a strong earnings report from NVIDIA. This holiday-shortened week will feature a barrage of US economic data on Wednesday, including the Personal Consumption Expenditure (PCE) report—a key inflation gauge—and Durable Goods Orders, which could fuel further market swings.

 

 

Index Data & Market Performance 

 

Data as of Market Close 11.24.25 

source: gemini.google.com*

In Focus

Topics of the Week:

  • Strong Corporate Earnings: Companies have shown remarkable resilience, with a significant majority (82%) reporting profits that exceeded expectations. This strong performance has led to impressive overall profit growth of over 13% for the S&P 500, roughly double prior expectations.

  • Resilient Business Performance: Despite challenges, including tariffs, which are like taxes on imported goods, many companies have successfully managed their costs, expanded margins, and even raised future profit outlooks. This suggests businesses are adapting well and finding ways to maintain profitability.

  • Expanding Profitability: Companies are becoming more efficient. We've seen profit margins – a measure of how much profit a company makes from its sales – reach new highs.

  • Robust Economic Growth: The U.S. economy demonstrated unexpected strength in the third quarter, with the total value of goods and services produced (gross domestic product or GDP) potentially growing at an annualized pace of around 3%. This provides a strong foundation for the stock market.

What We Are Watching:

  • Lukewarm Investor Response to Good News: Despite strong earnings reports, investors have not rewarded companies as much as usual. This suggests that a lot of optimism might already be "priced into" stock values, meaning current prices already reflect high expectations.

  • Consumer Spending Slowdown: Recent reports from retailers indicate that some consumers have become more cautious with their spending in certain areas. This is likely due to persistent inflation (rising prices), which reduces the purchasing power of household budgets. 

 

 

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*The data for the total returns of the S&P 500, Dow Jones 30, and NASDAQ Composite are compiled and published by several financial news outlets, index providers, and government/academic sources.

Based on typical financial data providers and the search results, here are the likely sources for this data:

  • S&P Dow Jones Indices (S&P Global): This is the official index calculator for the S&P 500 and the Dow Jones Industrial Average (DJIA). They publish index data, including total returns, in daily, weekly, and monthly reports/commentary.
  • Nasdaq Global Indexes: They are the official index calculator for the NASDAQ Composite. They also publish fact sheets and performance reports with total return data.
  • Financial News Agencies and Publications: News outlets like The Associated Press (AP) and financial publications like Investopedia regularly report on the daily, weekly, and year-to-date (YTD) returns of these major U.S. indexes.
  • Federal Reserve Economic Data (FRED) / St. Louis Fed: FRED, maintained by the Federal Reserve Bank of St. Louis, is a public resource that often includes daily closing levels for indices like the S&P 500, which can be used to calculate returns.
  • Financial Data Platforms (e.g., Bloomberg, YCharts, MSCI): Professional and commercial financial data providers often republish or calculate returns based on the official index data for their clients.