Weekly insights on the markets, economy, and financial planning
Weekly Market Recap | Nov. 21, 2025
November 21, 2025
Mike Minter
AI-Selloff, December Fed Rate Cut, Delayed September Jobs Report, & Nvidia Earnings
Weekly Market Recap
Markets endured a volatile week as AI valuation concerns and Fed policy uncertainty pressured equities. Stocks traded lower for four straight sessions, led by weakness in technology and AI-related companies. Bitcoin continued its slide from October’s peak, and market volatility spiked. The market staged a late-week rebound sparked by stronger-than-expected labor market data and Nvidia’s strong Q3 earnings, but the bounce was short-lived. Defensive segments outperformed for the week, including the Low Volatility factor and Consumer Staples, Utilities, and Health Care. In the credit market, Treasury yields ended the week modestly lower, with bonds flat. The week highlighted how sensitive markets remain to shifts in Fed expectations and headlines about AI.
▶️ Market Recap Video Below:
Key Takeaways
AI Stocks Pull Back After Strong Run
AI stocks and the broader market have faced a sharp but contained selloff in November, unwinding part of a six-month rally. Semiconductors and mega-cap tech stocks led the pullback, driven by fears of an AI bubble, stretched valuations, crowded positioning, and questions about how quickly AI spending will translate into earnings growth. Why it matters: While investors see AI as a transformative technology, the gap between the large upfront investment and uncertain future revenue is fueling market volatility and pressuring valuations.
Risk Appetite Weakens Across the Broader Market
The selloff is part of a broader pullback in risk appetite across financial markets. High-yield corporate credit spreads have widened, signaling rising concern over economic growth and default risk. Equity market volatility, as measured by the VIX index, has surged, reflecting increased uncertainty. Crypto markets have echoed the broader risk-off shift, with Bitcoin plunging over -25% from October’s highs and erasing its year-to-date gains. Why it matters: The selloff in AI stocks rippled through financial markets, shaking investor confidence and dampening risk appetite.
Expectations for a December Rate Cut Continue to Fall
Another factor behind the selloff: growing uncertainty around a December rate cut. The pressure has been building since the Fed’s mid-October meeting, when Chair Powell said a December cut wasn’t a foregone conclusion. The minutes from that meeting were released this week, with some officials favoring a preemptive rate cut to manage downside risks and others urging patience until there is more clarity around inflation. Market pricing now reflects that uncertainty, with odds of a December cut falling below 40%. Why it matters: Shifting expectations around Fed policy are adding pressure to markets and contributing to recent volatility.
Bitcoin & the Broader Crypto System Selloff
The long-delayed September jobs report showed stronger hiring than expected but also included a small uptick in unemployment and downward revisions to prior months’ job growth. The data paints a mixed picture of a still-growing labor market with gradual cooling. Looking ahead, the Labor Department has canceled the October report and delayed the November report to December 16th, after the Fed’s December 10th meeting. Why it matters: The Fed will likely have to make its next interest rate decision without the latest jobs data, adding more uncertainty for markets and investors.
Nvidia Reports Strong Quarterly Earnings
Nvidia reported booming demand for its AI chips, with revenue and forecasts beating expectations. The results confirmed that AI spending remains strong, reigniting enthusiasm around the AI investment theme. However, the optimism didn’t last, and broader concerns pulled stocks lower again. Why it matters: Nvidia’s results show real growth in AI, but they weren’t enough to offset broader worries about valuations and overspending.
Concerns or questions about how your investment portfolio will hold up in the current market environment? Contact Financial Synergies today.
We are a boutique, financial advisory and total wealth management firm with over 35 years helping clients navigate turbulent markets. To learn more about our approach to investment management please reach out to us. One of our seasoned advisors would be happy to help you build a custom financial plan to help ensure you accomplish your financial goals and objectives. Schedule a conversation with us today.
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own financial advisors as to legal, business, tax, and other related matters concerning any investment.
The commentary in this “post” (including any related blogs, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Financial Synergies Wealth Advisors, Inc. employees providing such comments, and should not be regarded as the views of Financial Synergies Wealth Advisors, Inc. or its respective affiliates or as a description of advisory services provided by Financial Synergies Wealth Advisors, Inc. or performance returns of any Financial Synergies Wealth Advisors, Inc. client.
Any opinions expressed herein do not constitute or imply endorsement, sponsorship, or recommendation by Financial Synergies Wealth Advisors, Inc. or its employees. The views reflected in the commentary are subject to change at any time without notice.
Nothing on this website constitutes investment or financial planning advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. It also should not be construed as an offer soliciting the purchase or sale of any security mentioned. Nor should it be construed as an offer to provide investment advisory services by Financial Synergies Wealth Advisors, Inc.
Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Financial Synergies Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
Any charts provided here or on any related Financial Synergies Wealth Advisors, Inc. personnel content outlets are for informational purposes only, and should also not be relied upon when making any investment decision. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. Any projections, estimates, forecasts, targets, prospects and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Information in charts have been obtained from third-party sources and data, and may include those from portfolio securities of funds managed by Financial Synergies Wealth Advisors, Inc. While taken from sources believed to be reliable, Financial Synergies Wealth Advisors, Inc. has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. All content speaks only as of the date indicated.
Financial Synergies Wealth Advisors, Inc. is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Financial Synergies Wealth Advisors, Inc. and its representatives are properly licensed or exempt from licensure. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
Weekly Market Recap | Nov. 21, 2025
AI-Selloff, December Fed Rate Cut, Delayed September Jobs Report, & Nvidia Earnings
Weekly Market Recap
Markets endured a volatile week as AI valuation concerns and Fed policy uncertainty pressured equities.
Stocks traded lower for four straight sessions, led by weakness in technology and AI-related companies. Bitcoin continued its slide from October’s peak, and market volatility spiked. The market staged a late-week rebound sparked by stronger-than-expected labor market data and Nvidia’s strong Q3 earnings, but the bounce was short-lived. Defensive segments outperformed for the week, including the Low Volatility factor and Consumer Staples, Utilities, and Health Care. In the credit market, Treasury yields ended the week modestly lower, with bonds flat. The week highlighted how sensitive markets remain to shifts in Fed expectations and headlines about AI.
▶️ Market Recap Video Below:
Key Takeaways
AI Stocks Pull Back After Strong Run
AI stocks and the broader market have faced a sharp but contained selloff in November, unwinding part of a six-month rally. Semiconductors and mega-cap tech stocks led the pullback, driven by fears of an AI bubble, stretched valuations, crowded positioning, and questions about how quickly AI spending will translate into earnings growth. Why it matters: While investors see AI as a transformative technology, the gap between the large upfront investment and uncertain future revenue is fueling market volatility and pressuring valuations.
Risk Appetite Weakens Across the Broader Market
The selloff is part of a broader pullback in risk appetite across financial markets. High-yield corporate credit spreads have widened, signaling rising concern over economic growth and default risk. Equity market volatility, as measured by the VIX index, has surged, reflecting increased uncertainty. Crypto markets have echoed the broader risk-off shift, with Bitcoin plunging over -25% from October’s highs and erasing its year-to-date gains. Why it matters: The selloff in AI stocks rippled through financial markets, shaking investor confidence and dampening risk appetite.
Expectations for a December Rate Cut Continue to Fall
Another factor behind the selloff: growing uncertainty around a December rate cut. The pressure has been building since the Fed’s mid-October meeting, when Chair Powell said a December cut wasn’t a foregone conclusion. The minutes from that meeting were released this week, with some officials favoring a preemptive rate cut to manage downside risks and others urging patience until there is more clarity around inflation. Market pricing now reflects that uncertainty, with odds of a December cut falling below 40%. Why it matters: Shifting expectations around Fed policy are adding pressure to markets and contributing to recent volatility.
Bitcoin & the Broader Crypto System Selloff
The long-delayed September jobs report showed stronger hiring than expected but also included a small uptick in unemployment and downward revisions to prior months’ job growth. The data paints a mixed picture of a still-growing labor market with gradual cooling. Looking ahead, the Labor Department has canceled the October report and delayed the November report to December 16th, after the Fed’s December 10th meeting. Why it matters: The Fed will likely have to make its next interest rate decision without the latest jobs data, adding more uncertainty for markets and investors.
Nvidia Reports Strong Quarterly Earnings
Nvidia reported booming demand for its AI chips, with revenue and forecasts beating expectations. The results confirmed that AI spending remains strong, reigniting enthusiasm around the AI investment theme. However, the optimism didn’t last, and broader concerns pulled stocks lower again. Why it matters: Nvidia’s results show real growth in AI, but they weren’t enough to offset broader worries about valuations and overspending.
Concerns or questions about how your investment portfolio will hold up in the current market environment? Contact Financial Synergies today.
We are a boutique, financial advisory and total wealth management firm with over 35 years helping clients navigate turbulent markets. To learn more about our approach to investment management please reach out to us. One of our seasoned advisors would be happy to help you build a custom financial plan to help ensure you accomplish your financial goals and objectives. Schedule a conversation with us today.
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Blog Disclosures
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own financial advisors as to legal, business, tax, and other related matters concerning any investment.
The commentary in this “post” (including any related blogs, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Financial Synergies Wealth Advisors, Inc. employees providing such comments, and should not be regarded as the views of Financial Synergies Wealth Advisors, Inc. or its respective affiliates or as a description of advisory services provided by Financial Synergies Wealth Advisors, Inc. or performance returns of any Financial Synergies Wealth Advisors, Inc. client.
Any opinions expressed herein do not constitute or imply endorsement, sponsorship, or recommendation by Financial Synergies Wealth Advisors, Inc. or its employees. The views reflected in the commentary are subject to change at any time without notice.
Nothing on this website constitutes investment or financial planning advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. It also should not be construed as an offer soliciting the purchase or sale of any security mentioned. Nor should it be construed as an offer to provide investment advisory services by Financial Synergies Wealth Advisors, Inc.
Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Financial Synergies Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
Any charts provided here or on any related Financial Synergies Wealth Advisors, Inc. personnel content outlets are for informational purposes only, and should also not be relied upon when making any investment decision. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional. Any projections, estimates, forecasts, targets, prospects and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Information in charts have been obtained from third-party sources and data, and may include those from portfolio securities of funds managed by Financial Synergies Wealth Advisors, Inc. While taken from sources believed to be reliable, Financial Synergies Wealth Advisors, Inc. has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. All content speaks only as of the date indicated.
Financial Synergies Wealth Advisors, Inc. is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Financial Synergies Wealth Advisors, Inc. and its representatives are properly licensed or exempt from licensure. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.
See Full Disclosures Page Here
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