Market Recap: November 21, 2025
Market Recap for week ending Nov 21, 2025
Weekly Performance:
- S&P 500: ~0.0%
- Nasdaq: -0.5%
- TSX: -1.4%
- WTI Oil: -2.0%
- Gold: +2.0%
Main Drivers:
- AI Sector Volatility: Concerns about an AI bubble and stretched valuations caused sharp swings in tech stocks.
- Fed Policy Uncertainty: Rate-cut expectations for December fell below 50%, pressuring growth sectors.
- Geopolitical Risks: Ukraine-Russia tensions and sanctions on Russian energy firms added complexity to oil markets.
- Corporate Earnings: Nvidia's strong results briefly boosted sentiment midweek.
- Commodity Dynamics: Oversupply in crude vs. tight refined product markets created mixed signals.
- Macro Data: Strong U.S. jobs report reignited fears of delayed rate cuts
David B Caseley, CIM
Portfolio Manager
Caseley Wealth Management
780-414-2574
david.caseley@raymondjames.ca
www.ridingbulls.ca
This newsletter has been prepared by Advisorstream and expresses the opinions of the author and not necessarily those of Raymond James Ltd. (RJL). Statistics, factual data and other information are from sources RJL believes to be reliable but their accuracy cannot be guaranteed. This newsletter is furnished on the basis and understanding that RJL is to be under no liability whatsoever in respect thereof. It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. RJL and its officers, directors, employees and their families may from time to time invest in the securities discussed in this newsletter. This newsletter provides links to other Internet sites for the convenience of users. Raymond James Ltd. is not responsible for the availability or content of these external sites, nor does Raymond James Ltd endorse, warrant or guarantee the products, services or information described or offered at these other Internet sites. Users cannot assume that the external sites will abide by the same Privacy Policy which Raymond James Ltd adheres. Commissions, trailing commissions, management fees and expenses all may be associated with mutual funds and the use of an asset allocation service. Please read the prospectus of the mutual funds in which investment may be made under the asset allocation service before investing. Mutual funds and other securities are not insured nor guaranteed, their values change frequently and past performance may not be repeated. Raymond James advisors are not tax advisors and we recommend that clients seek independent advice from a professional advisor on tax-related matters. This newsletter is intended for distribution only in those jurisdictions where RJL is registered as a dealer in securities. Any distribution or dissemination of this newsletter in any other jurisdiction is strictly prohibited. Securities-related products and services are offered through Raymond James Ltd., member-Canadian Investor Protection Fund. Insurance products and services are offered through Raymond James Financial Planning Ltd., which is not a member-Canadian Investor Protection Fund. Raymond James (USA) Ltd, member of FINRA/SIPC.
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