The Market in Pictures, November 21

Our team looks at a lot of research throughout the day. Here are a handful that we think are good summations of investor activity, from November weakness to AI impact, to the inflation/employment discussion and its impact on FOMC expectations. Have a great weekend!

 Jake: Many of this year’s popular trading stocks have been hit hard in November

Source: Bespoke as of 11.20.2025

 Brett: and the broad list of stocks was weak before the index leaders finally caved in a bit

Data as of 11.20.2025

John: historically, November selloffs have been less common than other months and have generally not followed through into additional weakness

Data as of 11.20.2025

Joseph: In a year of frenetic headlines, where do we go next?

Data as of 11.19.2025

 Ten: Nvidia has been the poster child for artificial intelligence (AI) investing, with good reason

Source: Bespoke as of 11.18.2025

 Brad: but the impact is filtering through to businesses of all types

Data as of 11.14.2025

John Luke: The other big story this week was the on/off/on confidence in a December rate cut

Source: CME FedWatch Tool

Joseph: as a host of Fed speakers gave differing views on outlooks for inflation and employment

Source: Citadel as of 11.15.2025

John Luke: and ironically, the clearest emerging consensus may be in candidates to replace Powell as Fed chairman

Data as of 11.19.2025

Dave: Despite perceived economic weakness, US consumer spending remains strong

Beckham: and global growth expectations have stabilized, after a shaky spring

Source: Apollo as of 11.20.2025

Brian: While not exactly a hot employment market, US hiring has at least stabilized above the flat line

Data as of 11.20.2025

Dave: This is probably the central datapoint in all of the rate debate. Will the trend in pay be higher, lower, or more of the same?

Source: Raymond James as of 11.20.2025

Brad: and what will be the impact of that outcome on future FOMC policy?

Source: Lombard Odier as of 11.20.2025

John Luke: The cost of everything will probably be a topic at many Thanksgiving gatherings

Source: Luke Gromen as of 11.18.2025

JD: and it should, as those price rises and subpar replacements quietly eat away at purchasing power

Source: Bridgewater as of September 2025

Disclosures

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