Investment Review - November 2025
- The U.S. equity market had a strong month in October, with the S&P 500, Nasdaq Composite, and Dow Jones all reaching all-time highs. The equity market’s strong performance indicates optimism in spite of some underlying economic challenges.
- The biggest 10 companies in the S&P 500 now account for well over 40% of the entire benchmark. With the exception of J.P. Morgan and Berkshire Hathaway, all of these companies are technology giants, investing heavily in AI and touting it as “the future.”
- The bond market had a sharp response to the rate cut at the end of October, with the 10-year Treasury note selling off, pushing the yield to 4.06%. It was the largest single day rally since July.
Key Investment Statistics
Sources: FactSet, Board of Governors of the Federal Reserve System, U.S. Department of Commerce
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