WEEK IN PERSPECTIVE: Week ending November 7, 2025

📊 Weekly Market Recap: Rotation, Resilience, and Repricing

This week saw a notable shift in market dynamics, marked by profit-taking in AI and growth stocks, broader participation beneath the surface, and a pivot toward defensive and value-oriented sectors. Mega-cap weakness dragged down cap-weighted indices, while equal-weight and value benchmarks held up far better (MGK -3.1%, Russell 3000 Growth -2.9% vs. Russell 3000 Value -0.1%). Semiconductors were turbulent, but energy and defensive plays closed the week strong. Despite pressure from growth names, the S&P 500 once again held firm at its 50-day moving average.

🧭 Macro & Policy Developments

• Manufacturing remained soft: ISM Manufacturing came in at 48.7, marking its eighth straight sub-50 reading, though S&P Global’s PMI ticked up to 52.5.

• Services picked up steam: ISM Services rose to 52.4, with the prices-paid index hitting a three-year high—potentially complicating hopes for a December rate cut.

• Labor data was mixed: ADP reported a modest +42k gain, offset by a downward revision to prior data; Challenger job cuts hit their highest October level since 2003. 📊 Weekly Market Recap: Rotation, Resilience, and Repricing

  This week saw a notable shift in market dynamics, marked by profit-taking in AI and growth stocks, broader participation beneath the surface, and a pivot toward defensive and value-oriented sectors. Mega-cap weakness dragged down cap-weighted indices, while equal-weight and value benchmarks held up far better (MGK -3.1%, Russell 3000 Growth -2.9% vs. Russell 3000 Value -0.1%). Semiconductors were turbulent, but energy and defensive plays closed the week strong. Despite pressure from growth names, the S&P 500 once again held firm at its 50-day moving average.

  
  

  🧭 Macro & Policy Developments

  • Manufacturing remained soft: ISM Manufacturing came in at 48.7, marking its eighth straight sub-50 reading, though S&P Global’s PMI ticked up to 52.5.

  • Services picked up steam: ISM Services rose to 52.4, with the prices-paid index hitting a three-year high—potentially complicating hopes for a December rate cut.

  • Labor data was mixed: ADP reported a modest +42k gain, offset by a downward revision to prior data; Challenger job cuts hit their highest October level since 2003. week breadth improving but mega-cap leadership remaining thin.

  • Equal-weight outperformed: The unwind of narrow leadership continued, favoring broader exposure.

  
  

  📌 Notable Stock Stories

  • Amazon (AMZN) surged on a $38B, 7-year AWS deal with OpenAI, reinforcing cloud/AI momentum.

  • NVIDIA (NVDA) dropped 7.1% amid AI rotation and rival chip chatter, despite early-week strength.

  • Palantir (PLTR) fell post-earnings on valuation concerns, triggering broader AI/growth profit-taking.

  • AMD (AMD) stabilized semis with a beat-and-raise, though the group remained volatile.

  • Micron (MU) & Seagate (STX) gained on reports of SK Hynix planning a 50% hike in HBM pricing. Tesla (TSLA) was choppy; weakness weighed on discretionary, and a late rebound couldn’t reclaim leadership after shareholders approved a massive CEO pay package.

  • Alphabet (GOOG/GOOGL) defied tech softness on news its Ironwood AI chip will soon be widely available.

  • Kimberly-Clark (KMB) & Kenvue (KVUE) saw divergent reactions to a $48.7B deal—KMB slid on price/leverage, KVUE jumped on a cleaner exit path.

  • Weight-loss pharma got a boost from “most-favored nation” pricing headlines involving LLY and NVO.

  • e.l.f. (ELF), Duolingo (DUOL), DoorDash (DASH), Paycom (PAYC) highlighted how steep post-earnings drops are enforcing valuation discipline beyond the mega-cap space.

🧮 Weekly Index Performance

Index	Weekly Change	YTD Change
S&P Midcap 400	-0.1%	+3.9%
DJIA	-1.2%	+10.4%
S&P 500	-1.6%	+14.4%
Russell 2000	-1.9%	+9.1%
Nasdaq	-3.0%	+19.1%

🧵 Final Takeaway

This was a week of recalibration. AI and growth leadership faced headwinds, defensives rotated in, and while breadth improved, it remained fragile. Crucially, major indices held key technical support, suggesting resilience amid shifting sentiment.

Next week’s market outlook (week of November 18, 2025) is cautiously bullish, with tech and consumer sectors expected to lead gains amid easing inflation, rate cuts, and strong earnings momentum.

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