Weekly Market Recap
Week ended November 7
Market-moving news
Tech trouble
The big technology stocks that led major U.S. stock indexes higher the previous week reversed course, dragging the market lower amid fresh investor skepticism about AI prospects. The NASDAQ bore the brunt of the sell-off and ended the week down 3.0%; the S&P 500 and the Dow fell 1.6% and 1.2%, respectively.
Missing data
As a government shutdown extended into its sixth week, the absence of Friday’s monthly jobs release again left investors in the dark about the state of the labor market. Nevertheless, a private release shed light on recent weakness, with the consulting firm Challenger, Gray & Christmas reporting that job cuts in October totaled 153,000—nearly three times the figure recorded in September.
Earnings beats
Despite the week’s negative stock results, earnings growth has remained a positive catalyst for the market overall. Of the 91% of S&P 500 companies that had released third-quarter results as of Friday, 82% exceeded analysts’ earnings forecasts, according to FactSet. That earnings beat rate is the highest in 4 years; over 10 years, the average beat rate has been 75%.
Bitcoin sell-off
The price of the most widely traded cryptocurrency fell below the $100,000 level on Tuesday for the first time in more than six months. Bitcoin’s price edged upward later in the week, but its Friday afternoon level of around $103,500 was still down sharply from the record high of around $125,000 reached about four weeks earlier.
Sentiment weakens
A monthly indicator that tracks U.S. consumer sentiment fell to the lowest level in more than three years, with many survey participants citing concerns about the government shutdown and its impact on the economy. Friday’s preliminary November reading from the University of Michigan’s Consumer Sentiment Index was 50.3, down from October’s final figure of 53.6. As recently as July, the index had been at 61.7.
Tariffs in dispute
The U.S. Supreme Court on Wednesday heard arguments in a challenge over the legal authority that the Trump administration used in implementing tariffs earlier this year. The high court didn’t indicate when it might issue a ruling in the case, adding another layer of uncertainty for the economy and financial markets
Volatility rises
A gauge that tracks investors’ expectations of short-term U.S. stock market volatility briefly surged to a three-week high at midday Friday before pulling back and finishing about 10% higher for the week. Despite the rise, the Cboe Volatility Index remained far below levels reached in April, when uncertainty about tariffs sent the index soaring.
Another small setback
A U.S. small-cap stock benchmark lagged its large-cap peers for the second week in a row, widening small caps’ year-to-date margin of underperformance. The Russell 2000 Index finished down around 1.9% for the week; over the two-week period, it fell a cumulative 3.3%.
The week ahead: November 10-14*
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Investment returns
Equities
U.S. equity size and style total returns as of 11/7/25 (%)
1 week
| 0.0 | -1.6 | -2.9 | Large | |
| 0.1 | -0.3 | -1.8 | Medium | |
| -0.7 | -1.9 | -2.9 | Small | |
| Value | Core | Growth | ||
YTD
| 12.1 | 15.2 | 17.9 | Large | |
| 8.5 | 9.1 | 10.5 | Medium | |
| 8.5 | 10.3 | 11.9 | Small | |
| Value | Core | Growth | ||
Index/market total returns as of 11/7/25 (%)
| Close | 1 week | YTD | |
|---|---|---|---|
| Dow Jones Industrial Average | 46,987.1 | -1.2 | 12.0 |
| NASDAQ Composite Index | 23,004.5 | -3.0 | 19.8 |
| S&P 500 Index | 6,728.8 | -1.6 | 15.6 |
| MSCI EAFE Index | 2,775.0 | -0.8 | 26.2 |
| Cboe Volatility Index | 19.1 | 9.8 | 9.8 |
International/developed (%)
| 1 week | YTD | |
|---|---|---|
| EAFE | -0.8 | 26.2 |
| Europe | -0.9 | 28.1 |
| France | -1.8 | 24.1 |
| Germany | -1.3 | 29.1 |
| Italy | -0.1 | 46.9 |
| Japan | -0.7 | 24.4 |
| Spain | 0.3 | 65.7 |
| Switzerland | 0.0 | 23.5 |
| U.K. | 0.1 | 28.5 |
Emerging markets (%)
| 1 week | YTD | |
|---|---|---|
| EM | -1.4 | 31.7 |
| Brazil | 3.3 | 46.0 |
| China | 0.3 | 36.9 |
| India | -0.5 | 3.4 |
| Indonesia | 2.4 | 0.0 |
| Korea | -6.1 | 81.6 |
| Mexico | 1.5 | 49.8 |
| Russia | #N/A | #N/A |
| Taiwan | -3.4 | 34.3 |
S&P 500 sectors (%)
| 1 week | YTD | |
|---|---|---|
| S&P 500 Index | -1.6 | 15.6 |
| Communication services | -1.7 | 24.6 |
| Consumer discretionary | -1.5 | 6.1 |
| Consumer staples | 0.8 | 2.3 |
| Energy | 1.6 | 7.5 |
| Financials | 0.8 | 10.5 |
| Healthcare | 1.3 | 7.7 |
| Industrials | -1.1 | 17.6 |
| Information tech | -4.2 | 24.4 |
| Materials | 0.4 | 4.2 |
| Real estate | 1.1 | 4.3 |
| Utilities | 0.7 | 21.0 |
Fixed income, currencies, and commodities
U.S. fixed-income style total returns as of 11/7/25 (%)
1 week
| 0.1 | 0.2 | -0.3 | High | Credit quality |
| 0.1 | 0.1 | -0.7 | Medium | |
| -0.1 | -0.3 | -0.9 | Low | |
| Limited | Moderate | Extensive | ||
| Interest-rate sensitivity | ||||
YTD
| 3.9 | 5.9 | 6.6 | High | Credit quality |
| 4.5 | 6.8 | 7.2 | Medium | |
| 6.4 | 6.9 | 13.7 | Low | |
| Limited | Moderate | Extensive | ||
| Interest-rate sensitivity | ||||
U.S. Treasury bond yields as of 11/7/25 (%)
| END OF WEEK | PRIOR YEAR END | YTD CHANGE (BPS) | |
|---|---|---|---|
| 2 Yr | 3.56 | 4.23 | -67 |
| 10 Yr | 4.09 | 4.57 | -48 |
| 30 Yr | 4.70 | 4.79 | -9 |
| 2-10 spread | 53 | 34 | 19 |
| 10-30 spread | 61 | 22 | 39 |
U.S. bond sector total returns (%)
| 1 week | YTD | |
|---|---|---|
| Aggregate | 0.0 | 6.8 |
| Bank loans | 0.1 | 5.4 |
| Convertible | -1.5 | 19.6 |
| Corporate | -0.1 | 8.7 |
| High yield | -0.3 | 6.9 |
| MBS | 0.2 | 7.9 |
| Municipal | 0.1 | 4.0 |
| Preferreds | 0.1 | 5.3 |
| TIPS | -0.1 | 7.1 |
| Treasury | 0.1 | 6.1 |
Global bond total returns (%)
| 1 week | YTD | |
|---|---|---|
| EM Local | 0.4 | 20.1 |
| EMD USD | -0.4 | 12.6 |
| Global Agg | -0.1 | 7.6 |
| Global Agg Ex-U.S. | -0.1 | 8.0 |
| Multiverse | -0.1 | 7.8 |
Commodities (%)
| 1 week | YTD | |
|---|---|---|
| BBG Com Ind | 0.1 | 12.6 |
| Oil (WTI) | -1.5 | -5.2 |
| Gold | 0.4 | 50.5 |
Currencies (USD) (%)
| 1 week | YTD | |
|---|---|---|
| EM FX | #N/A | #N/A |
| AUD | -1.1 | 4.5 |
| CAD | -0.4 | 2.2 |
| CHF | -0.2 | 12.6 |
| EUR | 0.3 | 11.8 |
| GBP | 0.1 | 5.0 |
| JPY | 0.6 | 2.6 |
GDP
Jobs
Inflation
Ex-U.S.
Regions/countries
| GDP Growth (%) annualized | Inflation Rate (%) CPI | Unemployment Rate (%) | 10-Year Government Bond (%) | Sovereign Credit Rating | |
|---|---|---|---|---|---|
| Eurozone | 1.3 | 2.1 | 6.3 | _ | _ |
| China | 4.8 | -0.3 | 5.2 | 1.76 | A+ |
| Germany | 0.3 | 2.3 | 6.3 | 2.67 | AAA |
| Japan | 1.2 | 2.9 | 2.6 | 1.68 | A+ |
| U.K. | 1.4 | 3.8 | 4.8 | 4.47 | AA |
Fund industry overview
Total net flows: open-end funds and ETFs as of 9/30/25 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| U.S. Equity | -9.3 | 41.6 | 17,601.4 |
| Sector Equity | 10.5 | -4.5 | 1,625.2 |
| Allocation | -4.2 | -65.9 | 1,533.0 |
| International Equity | 5.2 | 16.4 | 5,097.4 |
| Alternative | 6.6 | 70.7 | 308.3 |
| Commodities | 10.7 | 40.1 | 299.2 |
| Taxable Bond | 64.8 | 494.4 | 6,337.6 |
| Municipal Bond | 7.9 | 51.8 | 976.2 |
| Total all long-term funds | 87.1 | 662.3 | 34,248.6 |
Leading Morningstar fund categories by monthly net flows as of 9/30/25 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| Intermediate Core Bond | 16.1 | 113.6 | 1,581.2 |
| Commodities Focused | 10.6 | 37.3 | 252.2 |
| Foreign Large Blend | 10.5 | 81.1 | 2,103.2 |
| Multisector Bond | 9.3 | 67.9 | 415.8 |
| Large Blend | 7.9 | 211.2 | 9,170.1 |
Lagging Morningstar fund categories by monthly net flows as of 9/30/25 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| Large Growth | -8.0 | -53.9 | 3,573.1 |
| Trading--Leveraged Equity | -7.6 | -11.2 | 130.9 |
| Foreign Large Growth | -6.8 | -43.7 | 507.5 |
| Mid-Cap Value | -3.2 | -28.2 | 304.9 |
| Moderate Allocation | -3.2 | -36.8 | 828.6 |
Important disclosures
Important disclosures
Unless otherwise noted, all data is from FactSet.
The data provided is for informational purposes only and is not an endorsement of any security, mutual fund, sector, or index. This does not illustrate the performance of any John Hancock fund. The information contained here is not guaranteed as to accuracy or completeness. All economic and performance information is historical and does not guarantee future results.
The Dow Jones Industrial Average is a price-weighted index comprising 30 widely traded blue chip U.S. common stocks. The NASDAQ Composite Index is a market-value-weighted index of all common stocks listed on the NASDAQ stock exchange. The S&P 500 Index tracks the performance of 500 of the largest publicly traded companies in the United States. The MSCI Europe, Australasia, and Far East (EAFE) Index tracks the performance of publicly traded large- and mid-cap stocks of companies in those regions. The Cboe Volatility Index (VIX) shows the market’s expectation of 30-day volatility and is constructed using the implied volatilities of a wide range of S&P 500 Index options. Weekly and year-to-date figures for the VIX show percentage changes, not investment returns. It is not possible to invest directly in an index.
The Treasury yield curve is derived from available U.S. Treasury securities trading in the market and is provided directly by the U.S. Federal Reserve. The spread measures the difference in yield between two government securities. A normal (positive) yield curve occurs when longer-term rates are higher than shorter-term rates. The opposite holds true for an inverted yield curve. Year-to-date changes in U.S. Treasury bond yields are shown in basis points (BPS). One hundred basis points equals one percent.
Oil prices are represented by West Texas Intermediate (WTI) crude oil.
The G20 countries comprise a mix of the world’s largest advanced and emerging economies, representing about two-thirds of the world’s population, 85% of global gross domestic product, and over 75% of global trade.
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