Your Weekly Update for Monday, November 17, 2025.
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Have a great week!
Mike Elerath
CERTIFIED FINANCIAL PLANNERTM
CERTIFIED IN LONG-TERM CARE
Mike.Elerath@beaconrwa.com
Bill Roller
NMLS #107972
CHARTERED FINANCIAL ANALYST
CERTIFIED FINANCIAL PLANNERTM
CHARTERED MARKET TECHNICIAN
bill.roller@beaconrwa.com
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Summary
Markets were FLATLY MIXED last week. The Dow Jones Industrial Average was UP 0.35% to 47,147.48 while the S&P500 ended UP 0.08% TO 6,734.11. The Nasdaq Composite FELL 0.45% to 22,900.59. The annual yield on the 30-year Treasury ROSE 4.7 basis point(s) to 4.747%.
Economic data remained sparce last week, but as the federal government shutdown ended, coming weeks should see a more normal report flow.
Equities were mixed, with foreign stocks seeing gains, offset by declines in U.S. large cap growth and small cap. Bonds fell back as yields rose across the U.S. Treasury curve. Commodities gained, again led by precious metals, while oil was little-changed.
Economic Notes
While the federal government has reopened, at least for a few months, it may take a while for paused economic reports to resurface, and there is the potential for some months to remain uncalculated. Missing data from last week includes the Consumer Price Index, the Producer Price Index, retail sales, and jobless claims. The BLS noted that the September employment situation report will be out this coming Thurs., albeit now-stale data. However, the October report could remain missing indefinitely due to data not being collected during the government closure period.
While formal jobless claims results havenāt been released by the U.S. Department of Labor, private firm compilations of state-by-state initial claimĀ submissions continue to show results in the 200-250k range, which indicates few signs of labor distress.
Market Notes
| Period ending 11/14/2025 | 1 Week % | YTD % |
| DJIA | 0.41 | 12.42 |
| S&P 500 | 0.12 | 15.77 |
| NASDAQ | -0.43 | 19.24 |
| Russell 2000 | -1.79 | 8.32 |
| MSCI-EAFE | 1.66 | 27.73 |
| MSCI-EM | 0.31 | 31.41 |
| Bloomberg U.S. Aggregate | -0.24 | 6.57 |
| U.S. Treasury Yields | 3 Mo. | 2 Yr. | 5 Yr. | 10 Yr. | 30 Yr. |
| 12/31/2024 | 4.37 | 4.25 | 4.38 | 4.58 | 4.78 |
| 11/7/2025 | 3.92 | 3.55 | 3.67 | 4.11 | 4.70 |
| 11/14/2025 | 3.95 | 3.62 | 3.74 | 4.14 | 4.74 |
U.S. stocks were mixed on the week, with large cap indexes up slightly, while the Nasdaq and small cap groups fell back. Early Monday, stocks saw gains as hopes rose over the weekend for a short-term resolution to the government shutdown, which would offer a brief holiday respite. The bill was signed by late Wed., which funds the government through Jan. 30, and included controversial funding for SNAP food assistance programs. However, the longer-term issue of health care subsidies, which is the sticking point between the two parties, has yet to be addressed. Health insurance premiums are expected to soar again in 2026, continuing a pace that ramped up during the pandemic. By Thursday, the lack of available data and depth and length of the government shutdown weighed on investors, fearing additional weakness in the quarter. This was in addition to some diminished excitement for the buoyant 2025 theme of artificial intelligence, as valuations have continued to run on the higher side of consensus expectations for near-term revenues, albeit with still imperfect visibility on AI benefits flowing through to the economy, and impact on labor markets. Overall, weāve seen a negative reversal for stocks referred to as āmomentum,ā āhigh beta,ā and ālow quality,ā which had rallied so sharply since Aprilās āLiberation Day.ā By contrast, stocks with higher-quality fundamentals have tended to lag in relative terms, which is the opposite of their stronger results over longer-term time periods.
By sector, health care and energy led with returns of several percent, followed by consumer staples and materials. Laggards were led by consumer discretionary (Tesla and Amazon) as well as utilities, industrials, and communications. Real estate also fell back as interest rates ticked higher.
Foreign stocks were the leaders for the week, with Europe and Japan up a percent or more, followed by lesser gains for emerging markets. Some industrial and labor releases in Europe and the U.K. came in a bit weaker than expected, which appeared to raise hopes for further central bank rate cuts. There also appeared to be positive sentiment around the U.S. government reopeningāperhaps even more so than in the U.S. itself. Emerging market gains were centered in Brazil, India, and South Africa, the latter of which fared especially well as S&P upgraded their sovereign credit rating a bit from BB- to BB, noting a stronger growth and fiscal path.
Bonds fell back by a fraction of a percent in the U.S., along with higher yields along the U.S. Treasury curve; the one positive performer was floating rate bank loans. The rise in rates appeared to be aligned with falling expectations of a December FOMC rate cut, where odds have fallen from a near-certainty a few weeks ago to now around 50/50. Foreign bonds were mixed, with a slightly weaker U.S. dollar helping local emerging market debt outperform other groups.
Commodities saw gains in all groups, led by precious metals up by several percent, followed by energy. Crude oil rose just a fraction of a percent to $60/barrel. Natural gas, one of the most volatile commodity contracts, saw prices spike by nearly 10%, due to a early cold snap across the U.S. and expectations for a cooler winter associated with La NiƱa, as well as strong exports that have lowered domestic supply levels.
Mortgage Rates
āRates for the 30-year and the 15-year fixed-rate mortgage essentially remained flat this week, but we did see purchase activity increase, which is encouraging,ā said Sam Khater, Freddie Macās Chief Economist.
TheĀ 30-year FRMĀ averaged 6.24% as of November 13, 2025, up from last week when it averaged 6.22%. A year ago at this time, the 30-year FRM averaged 6.78%.
TheĀ 15-year FRMĀ averaged 5.49%, down slightly from last week when it averaged 5.50%. A year ago at this time, the 15-year FRM averaged 5.99%.
Selected Cryptocurrencies
| Symbol | Name | Price | 24h % | 7d % | Market Cap | Volume(24h) |
| BTC | Bitcoin | $94,872.07 | -0.83% | -10.63% | $1,892,585,177,181 | $76,290,288,817 |
| ETH | Ethereum | $3,159.82 | -0.10% | -12.25% | $381,379,384,968 | $33,303,864,417 |
| XRP | XRP | $2.25 | 0.99% | -11.92% | $135,720,075,461 | $4,351,332,172 |
| BNB | BNB | $925.33 | -0.78% | -7.43% | $127,452,387,955 | $2,898,981,363 |
| SOL | Solana | $140.95 | 0.50% | -16.62% | $78,134,072,207 | $5,257,818,542 |
| TRX | TRON | $0.29 | -1.05% | -0.50% | $27,752,497,881 | $860,317,996 |
| DOGE | Dogecoin | $0.16 | -0.11% | -11.70% | $24,476,793,222 | $2,009,235,854 |
| ADA | Cardano | $0.49 | -1.33% | -17.70% | $17,599,324,483 | $1,117,870,343 |
| HYPE | Hyperliquid | $38.39 | -2.01% | -8.83% | $12,926,440,194 | $328,809,495 |
| ZEC | Zcash | $677.99 | -5.57% | 6.59% | $11,061,925,279 | $3,282,443,072 |
| BCH | Bitcoin Cash | $499.10 | 1.44% | -4.30% | $9,959,383,200 | $285,639,704 |
| LINK | Chainlink | $13.97 | -0.70% | -15.37% | $9,740,404,681 | $750,262,001 |
| LEO | UNUS SED LEO | $9.19 | 0.41% | -0.33% | $8,478,014,952 | $739,996 |
| XLM | Stellar | $0.26 | 0.23% | -16.26% | $8,283,878,611 | $189,884,531 |
| USDe | Ethena USDe | $1.00 | -0.01% | -0.06% | $7,892,478,433 | $170,653,699 |
| XMR | Monero | $411.88 | -4.19% | 2.42% | $7,597,881,232 | $214,203,957 |
| LTC | Litecoin | $95.30 | -5.72% | -10.94% | $7,293,430,966 | $753,168,411 |
| AVAX | Avalanche | $15.45 | -0.22% | -15.16% | $6,626,217,205 | $518,338,859 |
Information current as of 5:10 AM PST, Monday, November 17, 2025. Source: https://coinmarketcap.com
Check us out at https://beaconrwa.com. We recently updated our affiliated website atĀ https://reverse-mortgages.us. If you know someone age 62 or over who is feeling stressed financially and considering a reverse mortgage please send them to this site.Ā An excellent piece with general information about reverse mortgages is available here:Ā https://reverse-mortgages.us/wp-content/uploads/2025/11/ReverseMortgageGuideBRWA.pdf
Sources: Ryan Long, CFA, FocusPoint Solutions, American Association for Individual Investors (AAII), Associated Press, Barclays Capital, Bloomberg, Citigroup, Deutsche Bank, FactSet, Financial Times, Goldman Sachs, JPMorgan Asset Management,
MarketfieldAsset Management, Morgan Stanley, MSCI, Morningstar, Northern Trust, Oppenheimer Funds, PIMCO, Standard & Poorās, StockCharts.com, The Conference Board, Thomson Reuters, T. Rowe Price, U.S. Bureau of Economic Analysis, U.S. Federal Reserve, Wall Street Journal, The Washington Post. Index performance is shown as total return, which includes dividends, with the exception of MSCI-EM, which is quoted as price return/excluding dividends. Performance for the MSCI-EAFE and MSCI-EM indexes is quoted in U.S. Dollar investor terms.
The information above has been obtained from sources considered reliable, but no representation is made as to its completeness, accuracy or timeliness. All information and opinions expressed are subject to change without notice. Information provided in this report is not intended to be, and should not be construed as, investment, legal or tax advice; and does not constitute an offer, or a solicitation of any offer, to buy or sell any security, investment or other product. FocusPoint Solutions, Inc. is a registered investment advisor.
Notes key: (+) positive/encouraging development, (0) neutral/inconclusive/no net effect, (-) negative/discouraging development.