The Market in Pictures, November 28

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 market selloffs to winners and losers, strong earnings to AI capex, and different ways to view the “K-shaped” economy. Hope you had a great Thanksgiving and a relaxing weekend ahead!

Brett: Big down days are a feature of equity investing, whether the environment is healthy or unhealthy

Brad: and another 5% correction has come and gone

Data as of 11.24.2025

Ten: Will be interesting to look at this list next Thanksgiving and see where surprises occurred

Source: Bespoke as of 11.26.2025

Jake: and while a handful of (mostly) tech stocks ran away from the many investors

Source: Bespoke as of 11.27.2025

Jake: there are a number of well-known names that have languished well away from their highs

Source: Bespoke as of 11.27.2025

Brad: It was another great quarter for large company earnings

Data as of 11.25.2025

Joseph: and forward expectations have recovered from the tariff tantrum

Data as of 11.25.2025

John: leading to an earnings backdrop that has been able to keep its momentum in gear with the run in stocks

Dave: Hyperscaler capital spending continues to be a key source of economic support

Source: Goldman Sachs as of 11.21.2025

Beckham: with the only obvious constraint being a limited amount of power to meet the CapEx spending

Data as of October 2025

JD: which is leading to an endless appetite for places to help meet the demand

Source: Apollo as of 11.18.2025

Mark: We hear a lot about the affordability challenges facing new homebuyers

Data as of October 2025

Brian: but it doesn’t seem to stem from any unusually difficult employment environment

Graphic via RSM as of 11.20.2025

Beckham: Seems at odds with headlines but the younger people in these surveys don’t seem to be a source of gloom

Source: Bespoke as of 11.26.2025

Jake: also not gloomy about US conditions? Foreign investors, who continue to shovel money into US stocks

Joseph: It’s the most wonderful time of the year…where Wall Street strategists look at current price levels and decide to add 6-12% for their next year forecast

Data as of 11.26.2025

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