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12/16/2025

DIVO Commentary November 2025

November capped a remarkable seven-month winning streak for the S&P 500 with a narrow gain, as the longest government shutdown in U.S. history finally ended on the November 12th after 43 days, lifting a cloud of uncertainty that had dominated the first half of the month. Equities absorbed sharp mid-month swings, triggered by tariff anxiety and technology-sector profit-taking, before staging a late rally, led by Health Care and AI. As attention turns to December, markets will be watching for clarity on the Fed’s next move, with policymakers signaling flexibility rather than urgency. Easing inflation trends and continued earnings momentum could provide a constructive backdrop for risk assets into year-end. While uncertainties remain, the combination of cooling price pressures and resilient corporate fundamentals offers a foundation for cautious optimism heading into year-end.
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