Market Recap • Week 45 2025

Highlights from the week of November 3 - 9, 2025

US equities, crypto, and other recent high-flyers pull back while gold and silver stabilize.

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Equities

America

• 🇺🇸 S&P 500 pulled back from last week’s all-time high with a 1.63% drop this week. However, it closed the week on a high note after reversing a 1.3% decline on Friday to finish the day in the green.
• 🇺🇸 Nasdaq Composite plunged 3.04% for its worst week since April but closed 1.9% above Friday’s intraday lows. Zooming out, this looks like a tiny and very healthy pullback in what has been a massive 2025 rally.
• 🇺🇸 Dow Jones Industrial declined 1.21% after hitting a new record high last week.
• 🇺🇸 Russell 2000 dropped 1.88% and now sits right at its prior resistance level from 2021 and 2024.
• 🇨🇦 TSX fell 1.15% for its fifth straight week of consolidation near its all-time high. The index is still up more than 34% from the April lows and 21% year-to-date.
• 🇲🇽 IPC gained 0.97% after a volatile week and closed at a new all-time high.
• 🇧🇷 Bovespa surged 3.02% to a new all-time high and is now up 28% for the year.
• 🇦🇷 Merval took a breather and fell 4.59% after last week’s monster 44.57% surge.

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Europe

• 🇪🇺 STOXX 600 gave up 1.24% this week.
• 🇬🇧 FTSE 100 inched down by 0.36% and remains right below its record high from last week.
• 🇩🇪 DAX fell 1.62% and closed in the lower part of its 6-month sideways range.
• 🇪🇸 IBEX 35 declined 0.93% from last week’s all-time high. The index is still up almost 37% in 2025.
• 🇫🇷 CAC 40 dropped 2.1% and is once again backing off of the 8,250 level that has now served as resistance on three occasions over the past year and a half.
• 🇮🇹 IT40 inched 0.26% lower this week and sits right below its all-time highs.
• 🇩🇰 C25 declined just 0.22% after a volatile week.

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Asia

• 🇯🇵 Nikkei 225 took a 4.07% plunge after last week’s 6.31% surge to a new all-time high. On the lows on Wednesday, the Nikkei had fully erased all of last week’s drop.
• 🇨🇳 Hang Seng rose 1.29% after having been down earlier in the week. The Hang Seng has gained almost 31% year-to-date.
• 🇮🇳 Nifty 50 fell 0.89% this week and is now 3% off its 2024 peak.
• 🇰🇷 KOSPI plummeted 3.74% for the week and fell 6.3% from its Monday peak. The drop comes on the back of 7.5% and 19.9% gains in September and October though. And even after this week, the South Korean index is up 64.8% year-to-date.
• 🇹🇼 TSEC fell 2.06% this week after hitting a new all-time high last week. The index is still up 20% for the year.

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Currencies & Commodities

• 💰 The DXY traded above 100 and hit its highest level since May before reversing on Thursday and closing slightly down on the week.
• 🇪🇺 USD.EUR eked out a 0.13% gain and closed at its highest level since June.
• 🇩🇰 USD.DKK weakened by 0.21% and closed the week at 6.456 DKK.
• 🇬🇧 USD.GBP fell 0.43% for the week after briefly hitting a new 7-month high.
• 🇯🇵 USD.JPY declined 0.38% for the week but remains in a strong uptrend.
• 🇨🇳 USD.CNH closed virtually unchanged for its fourth straight week.
• 🥇 Gold ended the week marginally lower at exactly $4,000 per ounce.
• 🥈 Silver declined 0.68% in what was the least volatile week in a while.
• 🥉 Copper dropped 2.88% to $5.01 per ounce.
• 🏆 Bitcoin has plummeted 7.5% for the week as of Saturday morning (CET). It’s currently trading around $102,000 after dipping below $100,000 multiple times this week for the first time since June.
• The altcoin market is down around 7% for the week with Ethereum (ETH) and Solana (SOL) leading the way to the downside with 12% and 14% drops.

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Bond yields

• 🇺🇸 The US 2-year yield declined 0.56% for the week and closed at 3.56%.
• 🇺🇸 The US 10-year yield eked out a 0.29% gain and remains above 4%.
• 🇺🇸 The US 30-year yield rose 0.86% to 4.697%.
• 🇪🇺 The Euro 2-year yield rose 1.22% and briefly topped 2% intraweek.
• 🇪🇺 The Euro 10-year yield gained 1.75% this week.
• 🇨🇳 The China 10-year yield inched down by 0.34% to its lowest weekly close since August.
• 🇨🇳 The China 30-year yield lost 0.18% this week and closed at 2.166%.

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Other

• The VIX rose 9.4% to 19.08 this week after briefly spiking above 22 on Friday.