Wall Street extends five-day winning streak as Nasdaq outperforms; monthly scorecard shows tech divergence
U.S. equities finished higher for a fifth straight session on Friday, with the Nasdaq leading gains as traders closed the month balancing AI profit-taking against defensive strength and select cyclicals.
Market snapshot
- Dow Jones Industrial Average: +289.30 points (+0.61%) to 47,716.42
- S&P 500: +36.48 points (+0.54%) to 6,849.09
- Nasdaq Composite: +151.00 points (+0.65%) to 23,365.69
Key points
- Nasdaq led daily gains but closed the month down 1.51%, its first monthly decline since March.
- S&P 500 eked out a 0.13% rise for the month; Dow added 0.32%.
- Megacap tech split: Alphabet rallied 13.87% this month while Nvidia fell 12.6% and AMD dropped 15.11%.
- Defensives and select cyclicals outperformed: Biogen (+23.14%), Merck (+21.09%), Marriott (+15.84%), and FedEx (+10.42%).
- High-beta names lagged: Super Micro Computer (-35.76%), Celsius (-33.35%), Roblox (-29.00%), Oracle (-26.66%), DoorDash (-25.44%), Arm (-21.17%).
Stocks: rotation under the surface
Friday’s advance extended a steady week for risk assets, but the monthly tape shows a more nuanced backdrop. The AI trade lost some altitude in November, with Nvidia (-12.6%) and AMD (-15.11%) retreating after a powerful year-to-date run. Microsoft (-5.0%) and Amazon (-4.05%) also finished lower for the month, while Alphabet (+13.87%) broke higher, aided by relative resilience in digital advertising and cloud momentum. Meta rebounded 9.04% this week and ended the month essentially flat (-0.06%).
Outside megacaps, dispersion was stark. High-beta and richly valued names came under pressure—Super Micro Computer (-35.76%), Celsius (-33.35%), Roblox (-29.00%), Oracle (-26.66%), DoorDash (-25.44%), and Arm (-21.17%)—reflecting a cooler tone toward momentum pockets. Meanwhile, defensives and quality cyclicals saw inflows: Biogen (+23.14%), Merck (+21.09%), Marriott (+15.84%), Western Digital (+15.53%), Southwest (+13.60%), First Solar (+12.91%), and FedEx (+10.42%).
Why it matters for FX and rates
A five-day equity rally into month-end tends to support risk appetite, a backdrop that can weigh on traditional safe havens while favoring pro-cyclical FX crosses. For rates, steady equity gains amid mixed tech performance suggest investors are balancing growth expectations with valuation discipline. If risk sentiment holds, traders may see tighter cross-asset ranges and lower realized volatility—conditions that typically compress FX vol and nudge carry strategies back into focus.
However, the split between AI leaders and defensives highlights ongoing positioning adjustments. Any shift in growth data or policy expectations can quickly reprice rate-sensitive tech and ripple across the dollar and Treasury curve. Traders will watch incoming U.S. inflation and labor signals in the coming weeks for confirmation of the prevailing soft-landing narrative.
By the numbers: monthly performance
- Nasdaq Composite: -1.51% (first monthly drop since March)
- S&P 500: +0.13%
- Dow Jones Industrial Average: +0.32%
Notable movers this month
- Winners: Biogen (+23.14%), Merck & Co (+21.09%), Alphabet A (+16.61%), Marriott International (+15.84%), Western Digital (+15.53%), Southwest Airlines (+13.60%), First Solar (+12.91%), FedEx (+10.42%).
- Losers: Raytheon (-36.14%), Super Micro Computer (-35.76%), Celsius (-33.35%), Roblox (-29.00%), Trump Media & Technology Group (-27.66%), Oracle (-26.66%), DoorDash (-25.44%), Arm (-21.17%).
Trading outlook
With equities grinding higher but mega-cap tech mixed, cross-asset cues remain pivotal. A continuation of defensive leadership could cap upside beta in indexes and favor a steadier dollar, while a renewed AI impulse might re-ignite growth leadership and pressure safe-haven FX. Month-end and quarter-end flows have the potential to amplify short-term moves in both equities and currencies, so liquidity windows will matter for execution.
This article was prepared by BPayNews.
FAQ
How did U.S. stocks perform today?
The Dow rose 0.61%, the S&P 500 gained 0.54%, and the Nasdaq advanced 0.65%, marking a fifth consecutive up day.
What stood out in monthly performance?
The Nasdaq posted its first monthly decline since March (-1.51%), while the S&P 500 (+0.13%) and Dow (+0.32%) edged higher.
Which sectors or themes led and lagged?
Defensives and select cyclicals led—healthcare, travel, and logistics outperformed—while high-beta tech and momentum names lagged. Within megacaps, Alphabet rallied while Nvidia, AMD, Microsoft, and Amazon fell for the month.
Why does this matter for currencies?
Stronger equities can support risk appetite and weigh on safe-haven currencies, while mixed tech signals keep rate expectations in focus. FX traders often key off equity momentum and incoming macro data for direction.
What should traders watch next?
Upcoming U.S. inflation and labor indicators, corporate guidance, and any policy signals that could shift rate expectations—each can influence equity leadership, Treasury yields, and the U.S. dollar’s path.
Last updated on November 28th, 2025 at 07:06 pm
