Market Recap • Week 47 2025

Highlights from the week of November 17 - 23, 2025

Big pullbacks across equity markets while crypto goes full bear mode and the dollar jumps to 6-month high.

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Equities

America

• 🇺🇸 S&P 500 dropped 1.95% this week and is now down around 4.5% from the all-time high reached a month ago. The index did close 1.2% off of Friday’s intraday lows though.
• 🇺🇸 Nasdaq Composite fell 2.74% for the week but also recovered some losses during Friday’s session. The Nasdaq has lost more than 7% from its peak but is still up more than 15% for the year.
• 🇺🇸 Dow Jones Industrial declined 1.91% after hitting a new all-time high as recently as last week.
• 🇺🇸 Russell 2000 staged a big recovery with a 2.8% jump on Friday to close the week with a modest 0.78% loss.
• 🇨🇦 TSX closed 0.55% lower on the week and continues to consolidate near all-time highs after its massive post-April rally.
• 🇲🇽 IPC declined 0.72% this week but is still very close to record highs.
• 🇧🇷 Bovespa dropped 1.88% after hitting a new all-time high last week. The index has surged more than 28% year-to-date.
• 🇦🇷 Merval plummeted 7.72% this week but is still up 33% since the post-election surge a month ago.

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Europe

• 🇪🇺 STOXX 600 dropped 2.21% after hitting a new intraweek record last week. With this decline, the index is up 10.7% for the year.
• 🇬🇧 FTSE 100 fell 1.64% and is now down almost 4% from last week’s peak.
• 🇩🇪 DAX plunged 3.29% to its lowest level since April.
• 🇪🇸 IBEX 35 dropped 3.18% after closing at a new all-time high just last week. Even after this week’s loss, the index has gained 36.44% year-to-date.
• 🇫🇷 CAC 40 fell 2.19% this week but sits right below all-time highs.
• 🇮🇹 IT40 gave up 2.37% in reversal from last week’s record high.
• 🇩🇰 C25 declined 1.32% this week and is still down around 4.5% for the year.

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Asia

• 🇯🇵 Nikkei 225 dropped 3.48% this week and is now down more than 7% from the all-time set just three weeks ago. So far, it seems like a healthy pullback after a massive 70% rally since April.
• 🇨🇳 Hang Seng plummeted 5.09% this week but is still up 25.72% for the year.
• 🇮🇳 Nifty 50 was one of the few bright spots this week, rising 0.61% to a new 52-week high and getting within 0.5% of its record peak from last year.
• 🇰🇷 KOSPI fell 3.95% in what seems like a healthy pause. The index is up more than 60% year-to-date.
• 🇹🇼 TSEC finally pulled back from its impressive run-up, dropping 3.51% this week. Even after this week, the index is up more than 50% from the April lows.

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Currencies & Commodities

• 💰 The DXY rose 0.93% this week and closed above 100 for the first time since May.
• 🇪🇺 USD.EUR strengthened by 0.94% to a 5-month high of 0.868 EUR.
• 🇩🇰 USD.DKK rose 0.96% to 6.484 DKK.
• 🇬🇧 USD.GBP gained 0.57% for the week and is now up more than 5% from the June lows.
• 🇯🇵 USD.JPY rallied another 1.17% this week and is again approaching a level that has many investors concerned. The yen has weakened almost 12% against the dollar since April and is now just 3% away from the level where the Bank of Japan decided to intervene in July of last year. The positioning is much less concerning this time around though.
• 🇨🇳 USD.CNH eked out a 0.08% gain this week.
• 🥇 Gold inched lower by 0.44% but remained about $4,000 per ounce.
• 🥈 Silver declined 1.05% this week and closed just below $50 per ounce.
• 🥉 Copper fell 0.79% but stayed above $5 per ounce.
• 🏆 Bitcoin extended its correction with a 10.5% decline this week as of Saturday morning (CET). The price dipped as low as $80,500 on Friday but is now trading around $84,000. At the lows this week, Bitcoin was down more than 35% from the record high set in October.
• The altcoin market is holding up slightly better than Bitcoin with a 9% decline for the week, despite Ethereum (ETH), Binance Coin (BNB), and Ripple (XRP) all being down +11%. Solana (SOL) is the best performer among the majors with an 8% decline.

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Bond yields

• 🇺🇸 The US 2-year yield dropped 2.85% for the week to 3.505%, near multi-year lows.
• 🇺🇸 The US 10-year yield fell 1.95% to 4.067% and its lowest level in a month.
• 🇺🇸 The US 30-year yield declined a modest 0.69% to 4.717%.
• 🇪🇺 The Euro 2-year yield fell 1.23% and closed barely above 2%.
• 🇪🇺 The Euro 10-year yield declined 1.07% to 2.694%.
• 🇨🇳 The China 10-year yield rose 0.77% to 1.821% this week.
• 🇨🇳 The China 30-year yield jumped 1.92% to 2.123%.

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Other

• The VIX spiked as high as 28 on Thursday before pulling back and settling on 23.43 on Friday, its highest weekly close since April.