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US stocks are on track for the worst month since March. Weekly market recap, trading week 47/2025

Summary of the trading week using the most popular posts from the X platform

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Global Markets Investor
November 23, 2025

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🔥🔥 GLOBAL MARKETS INVESTOR PORTFOLIO — UP 56% SINCE JANUARY 2024 DURING THE MARCH-APRIL 2025 MARKET TURMOIL, MAJOR US INDEXES FELL NEARLY 20%, WHILE THE GMI PORTFOLIO GAINED OVER 5%, FIND OUT HOW BELOW:

Global Markets Investor

Sharing thoughts about the world's financial markets. If it helps you navigate this ever-changing market developments you may consider becoming a premium subscriber.

globalmarketsinvestor.beehiiv.com/c/investment-portfolio

In this series, you can find financial markets posts with the highest number of interactions from my X platform feed over the most recent week. I am aware that not everybody uses X regularly, so I thought it could provide some value to your analysis, and investment process. These posts are surrounded by extra charts, commentary and explanations of complicated topics.

US stocks dropped this week, dragged by Tech despite NVIDIA beating earnings amid concerns over an AI bubble and elevated valuations.

Friday saw some relief, however, driven by small caps. Nevertheless, the S&P 500 is on track for the worst month since March.

Bitcoin hugely underperformed, now on track for worst month since 2022 with gold and silver falling somewhat as well.

Meanwhile, Bloomberg News reported US officials are in early talks on potentially allowing NVIDIA to sell its H200 AI chips to China, with sentiment boosted further after Fed Bank of New York President John Williams hinted a rate cut remains on the table.

In case you missed it, other posts from this week are listed below.

⚠️The US job market is not picking up as the headlines suggest.

The labor market of the world’s largest economy continues to deteriorate beneath the surface.

globalmarketsinvestor.beehiiv.com/p/the-us-job-market-is-not-picking-up-as-the-headlines-suggest

🔥Indian investors are rushing into gold at a record pace

China's demand has also been solid

globalmarketsinvestor.beehiiv.com/p/indian-investors-are-rushing-into-gold-at-a-record-pace

⚠️US forward-looking indicators suggest a further decline in US jobs

It seems the US labor market is facing more pain ahead

globalmarketsinvestor.beehiiv.com/p/us-forward-looking-indicators-suggest-a-further-decline-in-us-jobs

đź”´The US public debt is skyrocketing

The US debt crisis is still getting worse, and nothing is going to stop this

globalmarketsinvestor.beehiiv.com/p/the-us-public-debt-is-skyrocketing

🚨Will Bitcoin's bear market translate into US tech stocks?

Bitcoin prices are down -25% from their October's peak.

globalmarketsinvestor.beehiiv.com/p/will-bitcoin-s-bear-market-translate-into-us-tech-stocks

⚠️CHART OF THE WEEK: China's Treasury holdings are still declining

China is diversifying out of the US Dollar

globalmarketsinvestor.beehiiv.com/p/chart-of-the-week-china-s-treasury-holdings-are-still-declining

1) Weekly performance. In the first post attached, you can see last week’s performance of the major US indexes, the VIX volatility index, 10-year Treasury yield, the US Dollar, gold, silver, WTI Crude oil and Bitcoin.

- S&P 500 -2.0%
- Nasdaq -2.8%
- Dow Jones -1.9%
- Russell 2000 (small caps) -0.9%
- US 10-year Treasury yield -9 bps
- VIX +18%, front month VIX futures +7%
- US Dollar index +0.9%
- Gold -0.9%
- Silver -2.1%
- WTI Crude Oil -3.5%

Gold and silver are making history

What's next for the most in-demand precious metals?

globalmarketsinvestor.beehiiv.com/p/gold-and-silver-are-making-history

⚠️CHART OF THE WEEK: Will the gold outperformance of the S&P 500 continue for years?

Food for thought regarding gold and the S&P 500 relative performance

globalmarketsinvestor.beehiiv.com/p/chart-of-the-week-will-the-gold-outperformance-of-the-s-p-500-continue-for-years

- Bitcoin -12%

Is Bitcoin going to $1,000,000?

What to expect from the world's largest cryptocurrency in the coming months and years

globalmarketsinvestor.beehiiv.com/p/is-bitcoin-going-to-1000000

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For the trading week ending November 28, key events are:

- US PPI Inflation for September on Tuesday

- US Retail Sales for September on Tuesday

- US Durable Goods Orders for September on Wednesday

- US Thanksgiving Day on Thursday - markets closed

- On Friday, November 28 markets will close early at 1:00 p.m.

Shorter week ahead, therefore we should expect thin liquidity and, counterintuitively, lower volatility.

2) Global equities 'sell signal' has been triggered for the 5th month straight

3) The US freight recession is getting worse.

4) Investors are selling Bitcoin funds at a RECORD pace.

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