U.S. stocks had a volatile November as markets adjusted to the end of the longest government shutdown in U.S. history. Stocks initially declined, and technology and AI related stocks were a drag as valuation concerns persisted, while small caps outperformed and supported diversified portfolios. The government re-opened mid-month, labor market data showed signs of softening as the unemployment rate ticked up, and expectations shifted toward a December rate cut from the Federal Reserve (Fed), which helped boost stocks into month-end.
International equities were relatively flat for the month. Developed markets ticked up led by stable earnings trends in Europe and rising exports in Japan. International bonds were flat over the month.
U.S. bonds gained in November as Treasury yields declined, with investors increasingly anticipating further rate cuts from the Fed. Longer-term bonds led over the month.
Looking ahead, markets are focused on the Fed’s December meeting, where policymakers are widely expected to cut rates and provide updated guidance for 2026. Investors will also be watching post-shutdown economic data in the weeks ahead, as these releases will shape expectations for the economy heading into the new year.
Source: Morningstar, Inc.
Disclosure: There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this market commentary serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Investment Advisers, LLC. This information was gathered from reliable sources, but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated. Raffa actively leverages Artificial Intelligence and Large Language Models within our operations. The use of such technologies, focusing on the safeguard of non-public personal information, protecting of trade secrets, verification of information accuracy, and other pertinent compliance considerations, is outlined in Raffa’s Compliance Manual and acknowledged by Raffa staff. All viewpoints and final content created was reviewed and approved by the Raffa team to verify accuracy, perspective, and compliance with our marketing guidelines.
November 2025 Market Commentary & Outlook
Market Commentary
U.S. stocks had a volatile November as markets adjusted to the end of the longest government shutdown in U.S. history. Stocks initially declined, and technology and AI related stocks were a drag as valuation concerns persisted, while small caps outperformed and supported diversified portfolios. The government re-opened mid-month, labor market data showed signs of softening as the unemployment rate ticked up, and expectations shifted toward a December rate cut from the Federal Reserve (Fed), which helped boost stocks into month-end.
International equities were relatively flat for the month. Developed markets ticked up led by stable earnings trends in Europe and rising exports in Japan. International bonds were flat over the month.
U.S. bonds gained in November as Treasury yields declined, with investors increasingly anticipating further rate cuts from the Fed. Longer-term bonds led over the month.
Looking ahead, markets are focused on the Fed’s December meeting, where policymakers are widely expected to cut rates and provide updated guidance for 2026. Investors will also be watching post-shutdown economic data in the weeks ahead, as these releases will shape expectations for the economy heading into the new year.
Source: Morningstar, Inc.
Disclosure: There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained in this market commentary serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Investment Advisers, LLC. This information was gathered from reliable sources, but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated. Raffa actively leverages Artificial Intelligence and Large Language Models within our operations. The use of such technologies, focusing on the safeguard of non-public personal information, protecting of trade secrets, verification of information accuracy, and other pertinent compliance considerations, is outlined in Raffa’s Compliance Manual and acknowledged by Raffa staff. All viewpoints and final content created was reviewed and approved by the Raffa team to verify accuracy, perspective, and compliance with our marketing guidelines.