For the week ending November 28, 2025.

This holiday-shortened week delivered exactly what the bulls ordered: a powerful broad rally that saw the averages grind steadily higher every single day, with small caps and growth stocks once again taking leadership as ten-year yields dropped below 4.20% and the inflation numbers came in ice-cold. Investors looked right past the ugly consumer confidence print and the soft September retail sales numbers and focused instead on what really matters: producer prices are basically flat, the labor market refuses to crack, pending home sales just exploded higher, and the Atlanta Fed model is still tracking almost 4% real growth for the current quarter. That combination kept the animal spirits alive and sent money pouring into the riskier pockets of the market.

U.S. Equities
Small-company stocks had an absolute field day. Small value jumped 4.85%, small core rose 4.56%, and small growth added 4.30%. Mid-caps kept pace nicely, with mid value up 3.69%, mid core 3.98%, and mid growth 4.25%. Among large caps, growth once again outperformed with a 4.32% gain, while the core benchmark advanced 3.70% and large value brought up the rear at 3.05%. Lower yields and a collapsing dollar gave the rate-sensitive and higher-beta names the perfect tailwind, while the monster pending-home-sales beat signaled that housing activity is finally starting to turn.

Sector Performance
Consumer discretionary was the clear winner, surging 4.86% as investors bet the surprise jump in pending home sales will translate into big-ticket spending ahead. Technology ran right alongside at 4.77%, loving every basis point the bond market gave back. Materials climbed 3.53%, telecommunications 3.51%, and financials 3.21% – all benefiting from the growth-friendly environment. Industrials added a respectable 2.71%, utilities 2.81%. The defensive areas lagged as usual in a risk-on tape: energy only managed 1.15% after crude inventories surprised with a big build, consumer staples rose 1.89%, healthcare 1.97%, and REITs 1.92%.

Fixed Income
Treasury yields continued to slide all week and the auctions were extremely well bid – 2-year at 3.489%, 5-year at 3.562%, 7-year at 3.781% – all lower than the previous sales. Core bonds returned 0.38%, high-yield 0.92%, and international bonds 1.08%. Safe-haven flows eased and credit spreads tightened a touch as the soft-landing scenario stayed firmly in place.

International Markets
Developed markets overseas posted solid but unspectacular gains, with Europe up 3.05% and Pacific stocks 2.53%. Emerging-market Latin America was the standout at 4.50%, catching a nice bid from the weaker dollar and still-decent global growth readings.

Commodities and Currencies
The dollar index fell 0.63%, giving commodities a nice lift. Gold jumped 3.64%, broad commodities rose 2.20%. Crude itself gave back a little ground after the EIA reported an unexpected 2.8-million-barrel inventory build and rigs continued to drop – Baker Hughes oil rig count fell another 12 to 407.

Cryptocurrencies posted a sharp rebound, with Bitcoin jumping roughly 8% to close near $91,200.