Markets End Mixed as Investors Weigh Tech Valuations and Interest-Rate Uncertainty
Week Ending November 14th, 2025
Markets were mixed last week as investors navigated concerns over megacap tech valuations, shifting expectations for interest rates, and uncertainty surrounding the end of the U.S. government shutdown. Value-oriented sectors outperformed, while technology stocks faced renewed pressure.
The S&P 500 edged up 0.08%, the Nasdaq slipped 0.45%, and the Dow Jones Industrial Average gained 0.34%. International markets were stronger, with the MSCI EAFE Index up 1.63%.
In Canada, the S&P/TSX Composite Index posted a modest gain of roughly 0.3%–0.5%, supported by steady energy and financials, though Canadian technology stocks mirrored global weakness.
Market Overview
Weekly Market Performance (November 11 – November 15, 2025)
- S&P 500: +0.08%
- Nasdaq Composite: –0.45%
- Dow Jones Industrial Average: +0.34%
- MSCI EAFE (International Developed Markets): +1.63%
- S&P/TSX Composite Index (Canada): +0.3% to +0.5%
U.S. Markets: Tech Volatility and Post-Shutdown Uncertainty
Markets began the week with strong momentum as hopes increased that the longest U.S. government shutdown in history was nearing an end. Early gains pushed the Nasdaq up more than 2% and the S&P 500 roughly 1.5%.
As the week progressed:
- Concerns over stretched megacap tech valuations resurfaced
- A major entertainment company missed earnings, adding pressure to growth names
- Investors questioned whether the Federal Reserve might shift its interest-rate path
- A backlog of government data created uncertainty around the true economic picture
Once the shutdown officially ended, markets stabilized. The S&P 500 and Nasdaq closed near flat for the week, while the Dow slipped slightly into Friday.
Canada & the TSX
The Canadian market held relatively steady despite global volatility. Sector performance was mixed:
Sector Snapshot
- Technology: Continued weakness, consistent with global tech selling
- Financials: Stable and supportive early in the week
- Energy: Held firm due to steady oil prices
- Materials: Benefited from higher gold and copper prices
The TSX benefited from the global rotation into value and dividend sectors, helping offset weakness in technology.
What’s Driving the Market
Delayed Data and the Shutdown Aftermath
With the U.S. government reopened, agencies are working through a backlog of delayed economic reports.
Using the 2013 shutdown as a guide:
- Roughly half the missing reports may be released ahead of the Federal Reserve’s December 9–10 meeting
- Remaining October data could extend into mid-January
The lack of official data increased market sensitivity to private-sector reports, contributing to the week’s volatility.
Tech Valuations Under the Microscope
High-growth tech stocks remained the center of attention. After months of strong performance, concerns grew that valuations may have outpaced fundamentals—especially for megacap names tied to artificial intelligence.
Shift Toward Value
Investors rotated toward value sectors such as financials, industrials, energy, and materials. This supported both the Dow and the TSX, even as tech weakness held back the S&P 500 and Nasdaq.
Why This Matters
Periods of inconsistent data and shifting sentiment highlight the value of maintaining a balanced, diversified approach.
Key takeaways:
- Tech remains powerful but vulnerable to rapid sentiment swings
- Diversification across resources, value sectors, and geographies provides stability
- Better clarity on jobs, inflation, and consumer health is expected as delayed data begins to flow
Balanced portfolios tend to hold up more steadily during uncertain weeks like this.
Economic Snapshot
Federal Reserve Commentary:
Fed officials emphasized that upcoming decisions remain “data dependent.”
With limited real-time data during the shutdown, policymakers signaled caution and will wait for a fuller economic picture before indicating any changes to interest rates.
This Week: Key Economic Data
Monday, November 17
- Fed speakers: Philip Jefferson, Neel Kashkari, Christopher Waller
Tuesday, November 18
- Import Prices (October)
- Industrial Production (October)
- Capacity Utilization (October)
- Homebuilder Confidence Index
- Fed Governor Michael Barr speaks
Wednesday, November 19
- Housing Starts (October)
- Building Permits (October)
- FOMC Minutes – October Meeting
Thursday, November 20
- Weekly Jobless Claims
- Existing Home Sales (October)
- Leading Economic Indicators (October)
- Fed speakers: Lisa Cook, Austan Goolsbee, Anna Paulson
Friday, November 21
- PMI — Services & Manufacturing
- Consumer Sentiment
- Fed speakers: Michael Barr, Philip Jefferson, Lorie Logan
This Week: Companies Reporting Earnings
Tuesday, November 18
- Home Depot (HD)
Wednesday, November 19
- NVIDIA (NVDA)
- TJX Companies (TJX)
- Palo Alto Networks (PANW)
- Lowe’s (LOW)
Thursday, November 20
- Walmart (WMT)
- Intuit (INTU)
- NetEase (NTES)
“Collecting more data often helps, but if you try to collect more data for everything, that can be a very expensive activity."
– Andrew Ng
Glittering points that downward thrust. Sparkling spears that cannot rust. What are they?
Last Week's Riddle: What is located in the middle of nowhere?
Answer: The letter "H."
Joanne's dog Taz just being his silly self.
Footnotes and Sources
1. WSJ.com, November 14, 2025
2. Investing.com, November 14, 2025
3. CNBC.com, November 10, 2025
4. CNBC.com, November 11, 2025
5. CNBC.com, November 12, 2025
6. WSJ.com, November 13, 2025
7. CNBC.com, November 14, 2025
8. MarketWatch.com, November 11, 2025
9. IRS.gov, May 29, 2025
10. CDC.gov, June 12, 2025
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