Weekly Market Update for November 28, 2025
by Gavyn Jensen-Schneider, Research Associate
After moving lower last week, the market bounced back with major indices climbing throughout the week. The S&P 500 finished the week up 3.73%, while the Nasdaq grew +4.91%. The 10-Year Treasury yield, an interest rate indicator, closed at 4.02%, down -4 basis points (bps) from last week. The 6-Month US Treasury, a favorite of our US Treasury strategy, fell -1 bp to 3.76%.
The about-turn of market indices puts a stopper on the downward slide of the last two weeks. This re-invigoration began last Friday, with sluggish labor market data and dovish “fedspeak” strengthening the case for an interest rate cut at the Fed’s next meeting on Dec. 10th. The climb continued this week on the release of Gemini-3, the newest iteration of Google’s frontier AI model. Gemini-3 immediately leapt to the top of nearly every AI performance metric, demonstrating the ability to answer PhD-level questions on niche topics, answer visual puzzles, perform higher-quality agentic coding than the competition, and track longer conversation histories than competing models. The impressive technological progress shown by the newest Gemini iteration quelled some fears about an “AI bubble.”
The holiday week was a quiet one, owing in part to additional delays in government data releases. Personal Consumption Expenditure (PCE) inflation and Q3 GDP were both delayed, owing to the lingering effects of the government shutdown. September PCE will now be released on Friday, December 5th, while Q3 GDP will be an early Christmas gift to markets with its December 23rd publication. Though PCE and GDP saw delays, September’s Producer Price Index (PPI) inflation report did make its publication deadline this past Tuesday. Core PPI came in at 2.6%, below market expectations and 0.3% lower than in August. This data is now two months late, but decreasing PPI bodes well for additional interest rate cuts from the Fed and indicates a limited impact of tariffs on goods prices as we head into the holiday season.
As we enter December next week, scheduled economic and corporate reporting is sparce. Cybersecurity firm CrowdStrike (CRWD), which runs on an “off schedule” financial calendar, reports its third quarter earnings. The aforementioned PCE inflation report, as well as the University of Michigan consumer sentiment report, will both release next Friday.
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