For the week ending November 14, 2025.

The end of the long government shutdown brought little clarity to the markets last week, as investors were left without key economic data on inflation or jobs. With key reports delayed, there was very little official economic news to trade on. The biggest winners were healthcare stocks, which surged on good news from a major drugmaker, and international stocks. Investors generally favored larger, safer companies over smaller, riskier ones, and gold prices jumped as the U.S. dollar slipped.

U.S. Equity Markets

Investors clearly preferred defensive sectors last week. Healthcare (+3.89%) was the leader, driven almost entirely by news from the pharmaceutical industry. Shares of Eli Lilly hit an all-time high, nearly touching $1,000, after its experimental weight-loss drug, orforglipron, was granted a fast-track review by the FDA. This was part of a broader deal announced with the administration, which also benefits Novo Nordisk by expanding Medicare access for these popular drugs. Consumer Staples (+0.72%) also was a top performer.

On the flip side, sectors that depend on a strong economy, like Consumer Discretionary (-2.11%) and Industrials (-0.86%), had a rough week. With no official jobs data, investors focused on alternative reports showing a jump in layoff announcements and a drop in consumer sentiment to a three-year low, stoking fears about the upcoming holiday shopping season. The Technology sector (0.00%) ended the week completely flat, but that number hides a wild ride. AI-related stocks, in particular, were volatile, falling sharply mid-week on concerns about "stretched valuations" before rebounding to finish unchanged.

Bonds and Currencies

The U.S. bond market was fairly quiet, with the core bond index finishing down just slightly (-0.20%). This came as the U.S. Treasury held several large auctions for 3-year, 10-year, and 30-year debt. Demand for the longer-term bonds was solid, which helped keep a lid on interest rates. With no new inflation or jobs data, the market was left hanging on every word from the long list of Fed officials who spoke during the week. Elsewhere, the U.S. Dollar finished the week slightly lower (-0.18%).

International Stocks

Investors looked for opportunities outside the U.S. this week. European stocks (+1.33%) had a particularly strong run, hitting new highs early in the week on optimism over the U.S. shutdown ending and some strong local corporate earnings. However, these markets gave back some gains by Friday, getting pulled down by the same AI-stock volatility that hit the U.S. The UK's FTSE 100, specifically, lagged after a disappointing report on British economic growth. Markets in Latin America (+0.93%) also rose, helped by the weaker U.S. dollar, even as Brazil's market struggled with a weak retail sales report. The Pacific region (+0.40%) ended slightly up, but this masked a massive sell-off in Japan on Friday, where the Nikkei index plunged over 1,000 points, dragged down by the global tech and semiconductor rout.

Commodities

Commodities were a major story. Gold was a standout performer, rising 2.08% as investors bought the metal as a safe-haven asset amid the economic data uncertainty and the weakening U.S. dollar. The Energy sector (+2.77%) also posted big gains, but for very different reasons. The market completely ignored a bearish weekly inventory report—which showed a massive 6.4 million barrel build in crude oil—because of a bigger, more immediate threat: supply disruptions. On Friday, news of a Ukrainian drone strike on a major Russian oil port on the Black Sea sent prices jumping, as traders worried about a potential choke point for global energy supplies.