Weekly Market Recap
Week ended December 5
Market-moving news
Inching higher
The major U.S. stock indexes posted fractional weekly gains, pushing the S&P 500 and Dow within a percentage point of record highs set in late October and mid-November, respectively. The NASDAQ finished less than 2% below its historic peak.
Jobs slump
With U.S. jobs data delayed following the government shutdown, a private report reinforced economists’ belief that the labor market is weakening. Payroll processor ADP said private employers shed 32,000 jobs in November, in contrast with the 47,000 positions added the previous month. The government’s November jobs release is set for December 16, more than two weeks behind schedule.
Fed cut ahead?
Bond market trading continued to support expectations of an interest rate cut at the U.S. Federal Reserve meeting scheduled to end on Wednesday, December 10. At Friday’s market close, prices in rate futures markets implied an 87% probability that the Fed would cut by a quarter point, with just a 13% prospect of no change in the current rate, according to CME FedWatch.
Inflation moderation
The U.S. Federal Reserve’s preferred gauge for tracking inflation cooled slightly, potentially increasing the chances that the Fed will be open to cutting interest rates. Friday’s report on the Personal Consumption Expenditures Index found that core inflation rose at a 2.8% annual rate in September. While that’s above the Fed’s long-term 2.0% target, it’s below August’s 2.9% reading.
Yield rebound
Prices of medium- to long-term U.S. government bonds fell, sending yields sharply higher. The yield of the 10-year Treasury finished the week at 4.14%, up from 4.02% at the end of the previous week. The yield of the 30-year note was 4.79%, the highest in three months
Confidence uptick
U.S. consumer sentiment is modestly higher than it was last month, based on Friday’s preliminary monthly report from a University of Michigan survey. The index’s initial December reading was 53.3, up from November’s final figure of 51.0. That marked a modest rebound following a string of recent monthly declines amid weakening jobs growth.
Inside Q3 earnings
Companies in the S&P 500 posted an average earnings gain of 13.4% over the same quarter a year earlier, according to FactSet data from the recently concluded third-quarter earnings season. That result marked the fourth consecutive quarter of double-digit growth. Information technology posted a 29.0% earnings gain, the highest among all 11 sectors.
Sector stories
Despite a recent run of volatility for mega-cap technology stocks, tech-oriented sectors continued to lead the broader market entering the final weeks of 2025. As of Friday's close, communication services was the top performer across all 11 sectors with a 36% gain, while information technology was second with a 26% return.
The week ahead: December 8-12
| Monday | Tuesday | Wednesday | Thursday | Friday |
|
|
|
|
|
Capital Market Performance Report
Detailed weekly data on equities and fixed income—factors, fundamentals, styles/sizes, sectors/industries/stocks
Market Intelligence weekly
For financial professionals who want to stay up to date on the latest economic indicators and market news, get our latest analysis on Fed and central bank monetary policy moves, PMI data, corporate earnings, and more.
Investment returns
Equities
U.S. equity size and style total returns as of 12/5/25 (%)
1 week
| 0.3 | 0.4 | 0.5 | Large | |
| 0.3 | 0.3 | 0.2 | Medium | |
| 0.9 | 0.9 | 0.9 | Small | |
| Value | Core | Growth | ||
YTD
| 15.4 | 17.8 | 19.8 | Large | |
| 11.3 | 11.2 | 10.4 | Medium | |
| 13.4 | 14.5 | 15.5 | Small | |
| Value | Core | Growth | ||
Index/market total returns as of 12/5/25 (%)
| Close | 1 week | YTD | |
|---|---|---|---|
| Dow Jones Industrial Average | 47,955.0 | 0.6 | 14.6 |
| NASDAQ Composite Index | 23,578.1 | 0.9 | 22.8 |
| S&P 500 Index | 6,870.4 | 0.4 | 18.2 |
| MSCI EAFE Index | 2,831.5 | 0.8 | 29.0 |
| Cboe Volatility Index | 15.4 | -6.1 | -11.5 |
International/developed (%)
| 1 week | YTD | |
|---|---|---|
| EAFE | 0.8 | 29.0 |
| Europe | 0.8 | 32.2 |
| France | 0.2 | 27.5 |
| Germany | 1.5 | 33.3 |
| Italy | 0.3 | 50.9 |
| Japan | 0.3 | 24.8 |
| Spain | 2.1 | 75.0 |
| Switzerland | 0.5 | 29.5 |
| U.K. | 0.1 | 30.4 |
Emerging markets (%)
| 1 week | YTD | |
|---|---|---|
| EM | 1.4 | 32.3 |
| Brazil | -1.9 | 49.3 |
| China | 1.3 | 34.7 |
| India | -0.7 | 4.0 |
| Indonesia | 0.8 | -0.4 |
| Korea | 5.0 | 86.9 |
| Mexico | 0.5 | 52.5 |
| Russia | #N/A | #N/A |
| Taiwan | 1.9 | 34.6 |
S&P 500 sectors (%)
| 1 week | YTD | |
|---|---|---|
| S&P 500 Index | 0.4 | 18.2 |
| Communication services | 0.8 | 36.0 |
| Consumer discretionary | 0.9 | 6.1 |
| Consumer staples | -1.3 | 4.3 |
| Energy | 1.4 | 10.0 |
| Financials | 0.7 | 12.4 |
| Healthcare | -2.7 | 13.0 |
| Industrials | 0.6 | 18.6 |
| Information tech | 1.4 | 26.1 |
| Materials | -1.4 | 6.6 |
| Real estate | -1.5 | 3.4 |
| Utilities | -4.5 | 16.8 |
Fixed income, currencies, and commodities
U.S. fixed-income style total returns as of 12/5/25 (%)
1 week
| 0.0 | -0.3 | -1.7 | High | Credit quality |
| -0.1 | -0.3 | -0.8 | Medium | |
| 0.1 | 0.2 | -0.9 | Low | |
| Limited | Moderate | Extensive | ||
| Interest-rate sensitivity | ||||
YTD
| 4.2 | 6.1 | 5.6 | High | Credit quality |
| 4.8 | 7.0 | 7.5 | Medium | |
| 7.0 | 8.0 | 13.5 | Low | |
| Limited | Moderate | Extensive | ||
| Interest-rate sensitivity | ||||
U.S. Treasury bond yields as of 12/5/25 (%)
| END OF WEEK | PRIOR YEAR END | YTD CHANGE (BPS) | |
|---|---|---|---|
| 2 Yr | 3.56 | 4.23 | -67 |
| 10 Yr | 4.14 | 4.57 | -43 |
| 30 Yr | 4.79 | 4.79 | 0 |
| 2-10 spread | 57 | 34 | 23 |
| 10-30 spread | 65 | 22 | 43 |
U.S. bond sector total returns (%)
| 1 week | YTD | |
|---|---|---|
| Aggregate | -0.5 | 6.9 |
| Bank loans | 0.4 | 6.2 |
| Convertible | 0.3 | 19.2 |
| Corporate | -0.4 | 9.3 |
| High yield | 0.2 | 8.0 |
| MBS | -0.3 | 8.0 |
| Municipal | -0.1 | 4.0 |
| Preferreds | -0.4 | 3.7 |
| TIPS | -0.4 | 7.0 |
| Treasury | -0.6 | 6.0 |
Global bond total returns (%)
| 1 week | YTD | |
|---|---|---|
| EM Local | 0.5 | 22.7 |
| EMD USD | 0.1 | 13.6 |
| Global Agg | -0.2 | 7.6 |
| Global Agg Ex-U.S. | -0.1 | 8.0 |
| Multiverse | -0.2 | 7.9 |
Commodities (%)
| 1 week | YTD | |
|---|---|---|
| BBG Com Ind | 1.5 | 17.9 |
| Oil (WTI) | 2.7 | -4.2 |
| Gold | -0.2 | 58.4 |
Currencies (USD) (%)
| 1 week | YTD | |
|---|---|---|
| EM FX | #N/A | #N/A |
| AUD | 1.3 | 7.3 |
| CAD | 0.6 | 3.8 |
| CHF | -0.2 | 12.7 |
| EUR | 0.4 | 12.5 |
| GBP | 0.7 | 6.5 |
| JPY | 0.5 | 1.2 |
GDP
Jobs
Inflation
Ex-U.S.
Regions/countries
| GDP Growth (%) annualized | Inflation Rate (%) CPI | Unemployment Rate (%) | 10-Year Government Bond (%) | Sovereign Credit Rating | |
|---|---|---|---|---|---|
| Eurozone | 1.4 | 2.2 | 6.4 | _ | _ |
| China | 4.8 | 0.2 | 5.1 | 1.86 | A+ |
| Germany | 0.3 | 2.3 | 6.3 | 2.80 | AAA |
| Japan | 1.1 | 3.0 | 2.6 | 1.95 | A+ |
| U.K. | 1.3 | 3.6 | 5.0 | 4.48 | AA |
Fund industry overview
Total net flows: open-end funds and ETFs as of 10/31/25 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| U.S. Equity | -16.7 | 28.9 | 17,887.5 |
| Sector Equity | 14.8 | 7.9 | 1,673.8 |
| Allocation | -3.9 | -63.9 | 1,532.3 |
| International Equity | 11.1 | 21.4 | 5,191.1 |
| Alternative | 0.2 | 13.1 | 123.8 |
| Commodities | 5.9 | 42.1 | 318.5 |
| Taxable Bond | 64.0 | 495.7 | 6,428.2 |
| Municipal Bond | 9.7 | 53.5 | 994.5 |
| Total all long-term funds | 87.1 | 662.3 | 34,248.6 |
Leading Morningstar fund categories by monthly net flows as of 10/31/25 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| Intermediate Core Bond | 19.3 | 115.0 | 1,595.1 |
| Multisector Bond | 9.2 | 70.1 | 423.2 |
| Large Blend | 9.1 | 202.9 | 9,374.4 |
| Technology | 8.5 | 26.7 | 611.9 |
| Foreign Large Blend | 8.2 | 82.2 | 2,137.8 |
Lagging Morningstar fund categories by monthly net flows as of 10/31/25 ($B)
| MONTH | 12 Month | ASSETS | |
|---|---|---|---|
| Mid-Cap Value | -3.4 | -31.4 | 297.1 |
| Small Blend | -4.0 | -20.8 | 641.7 |
| High Yield Bond | -4.2 | 14.4 | 398.3 |
| Mid-Cap Growth | -4.5 | -32.1 | 382.8 |
| Large Growth | -5.8 | -47.1 | 3,684.3 |
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.
Get Weekly Market Recap delivered to your inbox every Monday morning
Financial professionals: Sign up to receive an email each Monday morning with top market news, data, and a calendar of the new week’s economic reports. Set your notifications preferences from the settings tab of your dashboard.
