Weekly Market Update – November 17, 2025

Price Return Last Week

S&P 500 +0.1%   S&P Mid Cap  (1.2%)    Russell 2000   (1.8%)   

MSCI EAFE   +1.7%     MSCI EM +0.3%   

10 Yr US Treasury Rate – rose from 4.10% to 4.15%

Source: Refinitiv Eikon

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Recent News

Government Shutdown Ends – After 43 days, President Trump signed a bill to reopen the government.  The spending bill will extend funding for the federal government through January 30 in addition to full-year funding for the Agriculture Department, military construction, and legislative branch.  There are no provisions to address the expiring Affordable Care Act subsidies that the Democrats had been pushing for, but Republicans have promised a vote on the issue in December.

Source: The Wall Street Journal

Q3 Earnings Recap – 92% of companies in the S&P 500 had reported Q3 earnings through Friday.  Thus far, the year-over-year blended earnings growth rate is 13.1%.  This would mark the fourth consecutive quarter of double-digit growth.  Blended net profit margins were also reported at 13.1%, the highest profit margin in over 15 years.  Of the companies that have reported, 82% reported earnings above estimates, which is higher than the 5-year average of 78%.  The number of times the word “tariff” was mentioned during an earnings call was 238, down from 357 in the previous quarter.

Source: FactSet

Food Tariffs Cut – President Trump ordered a reduction in tariffs on over 200 food products with the change going into effect at midnight last Thursday.  Items included are coffee, beef, bananas, and orange juice, amongst others.  The latest available data showed that food consumed at home had risen 2.7% year-over-year in September.  Ground beef and steaks, in particular, had seen large price increases with the cost of a steak up 17% versus a year ago.

Source: Thomson Reuters

Japan’s Economy Slows – Q3 GDP in Japan fell by an annualized rate of 1.8% as U.S. tariffs weighed on the country’s economy.  This is the first contraction for Japan’s economy in six quarters.  However, it was slightly better than economists had predicted, forecasting a contraction of 2.5%.  Trade subtracted approximately 0.8% off growth in the quarter.  Economists expect growth to return next quarter with an estimated annual increase of 0.6%.

Source: Thomson Reuters

Safer Streets – The number of homicides in Chicago through November 14 had declined by 35% compared to the previous year.  In addition, violent crime in Chicago declined by 22% in the first nine months of the year, leading the country in crime reduction. 

Source: Chicago Tribune, City of Chicago

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Upcoming Events

11/18 – Notable Earnings Reports: Home Depot, Medtronic

11/19 – Notable Earnings Reports: Target, Lowe’s, TJX, NVIDIA, Palo Alto Networks

11/20 – Jobs Report, Notable Earnings Reports: Walmart, Copart, Intuit

11/21 – S&P Manufacturing PMI, S&P Services PMI

Source: Refinitiv Eikon