Rosemeyer Management Group

November 2025 Market Snapshot

November in Review

Stock markets took a breather in November after a string of strong months. Developed markets made slight gains, with U.S. equities advancing 0.26%. The longest government shutdown in U.S. history ended early in the month, but the uncertainty as to the economic impacts of the shutdown caused market volatility mid-November. While tech company earnings continued to beat estimates, defensive stocks outperformed in November to reverse recent trends as investors tempered expectations for AI growth. This led tech-heavy emerging markets like Taiwan to underperform. Bonds experienced modest gains as treasury yields fell on news of weakening labor markets and waning consumer confidence.

Index	1 Month	YTD
Dow Jones Industrial Average	0.48%	13.88%
Standard & Poor’s 500 Average	0.25%	17.81%
Russell 2000 (Small Cap Index)	0.96%	13.47%
Total U.S. Stock Market	0.26%	17.21%
MSCI ACWI ex USA (Intl. Index)	-0.03%	28.53%
Barclay’s U.S. Agg. Bond Index	0.62%	7.46%

Source: Morningstar

Looking Forward

The market will wait and watch as economic reports for prior months are released. Much of this information is gathered by government agencies that were unable to collect data during the 43-day government shutdown. With consumer confidence at recent lows, investors are analyzing sparse data to identify any signs of a weakening economy. This is especially pronounced in the AI-driven tech sector as investors are becoming increasingly skittish of overvaluations. However, earnings growth in both the tech sector and the broader market has continued to outperform estimates and provide support to current stock prices. 81% of companies in the S&P 500 beat consensus earnings projections in Q3 with average YoY earnings growth of 13%, which is largely in line with the 17% stock market returns over the same time. Tech companies continued to pace the market with the Magnificent 7 stocks posting 22% YoY earnings growth.

Investors will also be watching the Federal Reserve’s Open Market Committee meeting on December 9th and 10th. Markets appear to be pricing in another 25-basis-point rate cut from the central bank as they seek to stimulate a weakening labor market. These rate cuts could buoy highly-leveraged tech companies even more, but we will have to wait and see as 2025 comes to a close.

On a Personal Note

Payton & Rachel Simon welcomed their second child on the morning of October 31 st – another baby boy! Pius Joseph Simon weighed 7 lbs, 10 oz and was 20 inches long. He joins his big brother, Jude, who (as you can tell) is very excited to have a little brother to play with. Both mother and baby are doing well. We wish the family many blessings as we enter this Christmas season!

Rosemeyer Management Group

Licensed in CO, FL, IA, IL, MA, MN, MO, NV, NY, WA, WI, WV & TX
i JPMorgan.com, December 1, 2025

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