Market Musings 11/3/2025
Quick thoughts on the markets and major portfolio news. Not on Ursa yet? Download Ursa from the App Store!
Markets rally in October, but caution growing… What’s next for November?
Markets rally again in October, but with caution growing: what will it take to keep the momentum going? Holiday spending, #AI hype and a never-ending shutdown will keep things interesting.
The S&P 500 finished the month up +2.3% as #AI hype overshadowed a government shutdown and escalating #Tariffs.
The shutdown kept the economic data updates sparse, but we did get better-than-expected #Inflation data which made Fed #RateCuts easier.
Meanwhile, #AI was all over the news fueling momentum to keep investors hyped and the big hyperscaler moneybags just kept spending.
The White House sent markets into a little spin with reignited #Tariffs trade tensions with China… but again it was basically a lot of nothing.
As we turn to November, we’re watching three key catalysts:
First, consumers. The holiday season is here and #ConsumerConfidence spending will be front and center. We’ll see how resilient shoppers are with the #Inflation, #Tariffs and #CorporateBeltTightening layoffs impacting.
Second, #AI. The spending boom continues to lift markets. However, the question still remains how sustainable is the hype? Infrastructure growth is very strong, but names have already run up so much already. Is it priced in or is there still more unaccounted for?
And finally, the government shutdown. We’re heading into month two. So far, markets haven’t cared much, but if it continues to drag on, we could start to see more economic cracks.
Bottom line, a lot went right in October sending markets to new highs. For November though, there’s plenty of upcoming catalysts to fuel the rally or kill it.
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The statements, opinions and analyses presented here are provided as general information. This article is the opinion of the author. Anything within this article should NOT be considered an investment recommendation or advice. See Ursa’s full disclosures here.
Original Photo by Pixabay.