Weekly Market Update (Nov 23, 2025)

Market Hedwig
11 minutes ago
2 min read

HIGHLIGHTS

S&P500 had a roller-coaster ride this week, mainly driven by the NVIDIA earnings announcement. Strong non-farm payroll and the hawkish Fed minutes weighed on market sentiment.

NVIDIA: Although the company reported above-consensus earnings and outlook, investors are concerning about the increasing account receivable as the sales are on credit. The sustainability of AI earnings remains questionable.

Private Credit: More concerns over private credit as markets start to worry that it is a bubble. The main issue is the market-to-market price, given its illiquid characteristics. Portfolio managers can mark different prices, while the underlying is the same. More realistic prices will be discovered after more ETF are launched as it will have to market-to-market, which could be a catalyst of bubble bust.

Data: The recent non-farm payroll data is robust, implying support for labour income in the economy. Fed remains divided over the December cut. Markets pricing a slightly higher likelihood of no cut.

MARKETS

Nasdaq	22,273.08	-2.74%
S&P 500	6,602.99	-1.95%
Dow	46,245.41	-1.91%
10-Year	4.06%	-9bps
Brent	62.56	-2.84%
DXY	100.20	+0.94%

*Data as of market close. 5-day change ending on Friday.

VIEW FROM THE STREET

Equity

UBS: We believe bull market remains intact. Other than tech, there are opportunities across other sectors such as utilities, banking and healthcare.

Goldman Sachs: Only 29% of large-cap equity mutual fund beat their benchmark this year so far. Most of them are cutting their cash balances to keep up with the benchmark.

Fixed Income

UBS: Although there is government debt concern, medium-duration quality bonds are expected to have positive returns in the coming year.

Morgan Stanley: Investment Grade (IG) credit default swaps were correlated with speculative, unprofitable tech stocks. However, the correlation has broken down recently due to high volatility. IG insurance costs show less correlation to risk sentiment and more to corporate fundamentals.

Economy

Morgan Stanley: Consumer spending accounts for 70% of GDP. The early bullish cycle narrative is pricing accelerating economic growth and continuing consumer strength.

Standard Chartered: On average, job growth is trending down. Economic data is suggesting economic resilience, such as manufacturing, construction spending and durable goods orders.

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DISCLOSURE

This newsletter is meant for informational purposes only and is not investment advice. Always consult a licensed investment professional before making important investment decisions. Advertising and sponsorship do not influence editorial content or decisions. Market Hedwig is not responsible for the promises made or the quality or reliability of the products or services offered in any advertisement.