Monthly Observations - November 2025
Monthly Observations
December 1, 2025
The S&P fell for most of the month, but managed to make up all of its monthly losses in the last week, rising 0.1% for November and increasing its year-to-date return to 16.45%. The MSCI All Country World index fell slightly, down -0.1% during the month, reducing its year-to-date gains to 19.5%. The Bloomberg U.S. Aggregate Bond index gained 0.6% in November, which brings its year-to-date return to 7.5%.
The S&P almost broke its seven-month winning streak, but a rally at the end of the month kept it going. Markets were encouraged by a resolution to the government shutdown, but were also concerned about a lack of enthusiasm from Fed officials to continue cutting rates. Although a December cut is still likely, Federal Reserve president Powell reminded everyone that it wasn’t guaranteed.
Monthly Highlights
The US government shutdown finally ended
Economic data is again being released, now that the government has reopened The Mag 7 continue to dominate the news and markets
News in Review
The markets began rallying once it became clear that a deal to reopen the government was imminent. The Senate took steps to pass a bill that would eventually pass the House and be signed by the President, ending the longest government shutdown in history.
Stocks Sink as Fed Clouds Gather Before Data Storm
Markets sold off as Fed speakers expressed pessimism over future rate cuts and the backlog in economic data was starting to be worked off after the government reopened. Investors were also concerned that valuations were too high in general and among many technology companies specifically. Artificial Intelligence applications
– and the companies involved in AI – continue to rise in price, but there is growing concerns that a bubble may be forming.
Nvidia-Google AI Chip Rivalry Escalates on Report of Meta Talks
News broke that Meta (formerly called Facebook) was in talks to use Google’s Artificial Intelligence chips in future applications, which would be a departure from world-leading, AI-chip firm Nvidia. The latter company’s stock price fell sharply on the news, although they later stemmed losses. As more people worry about a bubble in AI firms, the volatility in those companies’ stocks has increased.
Robot Breaks World Record with 66-mile Walk
A robot developed by a Chinese firm broke the Guinness World record after completing a 66-mile walk over the course of 24 hours. During that time it was able to navigate asphalt, tiled pavement and bridges and was able to achieve this technological feat by swapping batteries in the middle of its journey without shutting down.
DISCLOSURES
Securities offered through LPL Financial, Member FINRA/SIPC. All investment advice is offered through Independent Advisor Alliance, LLC, a registered investment adviser. Independent Advisor Alliance, LLC is a separate entity from LPL Financial. The opinions expressed in this material do not necessarily reflect the views of LPL Financial.
This newsletter was written and produced by the Independent Advisor Alliance, LLC. Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. The views stated in this letter should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice.
Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.
S&P 500 INDEX: The Standard & Poor's 500 Index is an unmanaged, capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.
NASDAQ 100 INDEX: The Nasdaq 100 Index is an unmanaged, capitalization-weighted index of the largest 100 non-financial stocks traded on the Nasdaq market. Unlike the S&P 500 it does not represent all major industries and may be more volatile than more broadly constructed indices.
MSCI ACWI INDEX: The MSCI ACWI captures large- and mid-cap representation across 23 developed markets (DM) and 24 emerging markets (EM) countries. With 2,495 constituents, the index covers approximately 85% of the global investable equity opportunity set.
Bloomberg U.S. Aggregate Bond Index: The Bloomberg U.S. Aggregate Bond Index is a broad-based index of the U.S. investment-grade, fixed-rate bond market, including both government-related and corporate securities and mortgage- backed and asset-backed securities.
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