For the week ending November 7, 2025.

Last week wrapped up with markets mostly in the red, as the longest government shutdown on record—now pushing past 40 days—kept weighing on everything from consumer spending to delayed data like the jobs report. Services sector held strong with PMI beats that signaled expansion, but manufacturing remained stuck in contraction territory, and consumer sentiment tanked to levels not seen in years amid shutdown fatigue.

US Equities

Large-cap growth led the bleeding with a 2.60% drop, dragging the overall large-core index down 1.63%; value held up far better at just -0.43%. Mid-caps traded water with value up 0.41% while growth dipped 0.12%. Small caps posted modest gains across the board—value +0.16%, growth +0.14%, core +0.13%. Money clearly rotated into cheaper, smaller names less exposed to the sentiment plunge and stickier services inflation that hit growth valuations hardest.

US Sectors

Energy jumped 1.60% to top the leaderboard, shrugging off surprise crude builds of over 5 million barrels. Healthcare added 1.31%, REITs 1.07%, financials 0.78%, utilities 0.66%, consumer staples 0.56%, and materials 0.18%, all leaning on the sturdy services PMI beat. On the flip side, technology cratered 4.16%, telecommunications sank 3.30%, consumer discretionary fell 1.70%, and industrials lost 1.12%. Weak factory readings and fading confidence crushed anything tied to discretionary spending or capital investment.

Fixed Income

Treasury bonds, high-yield, and international debt barely moved—core Treasuries -0.01%, high-yield -0.10%, international -0.02%. With the Fed balance sheet trimming another $14 billion and no fresh rate signals, yields stayed range-bound even as services prices spiked to 70 on the ISM gauge.

International Equities

Europe edged down 0.38% and Pacific markets slipped 0.16%, both weighed by the same global caution. Emerging Latin America bucked the trend with a 2.82% rally, powered by a softer dollar and commodity tailwinds—Brazil and Mexico rode strength in energy and materials.

Commodities and Currencies

The broad commodity market shed 0.56%, gold inched up 0.05%, and the US dollar weakened 0.18%. Oil stocks rose despite inventory builds because sector sentiment often leads spot prices, especially when growth forecasts stay at 4%.

Cryptocurrencies

Crypto had a wild ride, with Bitcoin dipping below 100 thousand early before clawing back above it by week's end, finishing down around 4 percent.