What a week. Just when everyone was ready to throw in the towel on November, the markets pulled off a comeback worthy of the final act of your favorite underdog sports film. Picture this: early November was all doom and gloom—tech stocks getting hammered, investors clutching their portfolios like they're the last slice of pumpkin pie at Thanksgiving. Then, just when hope seemed lost, a five-day rally swooped in to save the month. Meanwhile, shoppers proved once again that nothing, not inflation, not economic jitters, not even that one relative who won't stop talking politics at dinner, can prevent Americans from spending billions on Black Friday deals.

The S&P 500  closed at 6,849 on Friday, up +3.73% for the week—its best weekly performance since June 2025. That's just 42 points shy of the all-time high set back in late October. The Dow Jones Industrial Average surged +3.32% to close at 47,716.42. The Nasdaq jumped +4.93% for the week but still closed November down about 1.5%, snapping a seven-month win streak.

Bitcoin hovered around $90,800–$91,000, consolidating after a volatile month that saw it dip from highs above $110,000 earlier in November. The 10-year Treasury yield landed at 4.00–4.02%, touching its lowest level since late October as rate-cut hopes intensified.

Think of this week like your family's Thanksgiving dinner: a rocky start with some burnt rolls and a few arguments, but by dessert, everyone's hugging it out and planning next year's trip. The Fear & Greed Index still sits at a measly 24 ("Extreme Fear"), so apparently, Wall Street is still nervously eyeing the exits, even as they pocket the gains.

U.S. online spending hit a record $11.8 billion on Black Friday, up 9.1% YoY. In-store sales rose 1.7%, but the real winner was AI-powered shopping: AI traffic to retail sites surged 805% vs. 2024. Shoppers who arrived via AI chatbots were 38% more likely to buy. Translation: the algorithms are now officially better at holiday shopping than your Aunt Linda.

Alphabet soared to a record high of ~$328.67, up 131% from its November 2024 low. Berkshire Hathaway disclosed a $4.9 billion stake (17.9 million shares) in Google's parent company—its biggest new stock addition of Q3. The Buffett bump is real, folks.

Meta Platforms is reportedly in advanced talks to spend billions on Google's TPU chips, potentially leasing them starting in 2026 and deploying them in its own data centers by 2027. Nvidia issued a rare defensive statement, and its stock dropped nearly $250 billion in market cap over the week as investors contemplated the chip shake-up.

November 30, 2025, marks the third anniversary of ChatGPT's launch. In just three years, it's gone from a curiosity to 800 million weekly users and "the new front door to information". A third of American adults have now used it; among under-30s, it's nearly 60%.

Walmart posted U.S. sales up 4.5%, crushing estimates with $179.5B in revenue and raising guidance again. Target, meanwhile, saw comparable sales drop 2.7% for the third straight quarter and slashed its full-year EPS outlook. The retail war rages on—and right now, Walmart is driving the bigger cart.

Polymarket and CME FedWatch now price in an 87–88% chance of a 25 bps rate cut at the December 9–10 FOMC meeting. The Fed's October minutes showed debate, but comments from the NY Fed's Williams and the SF Fed's Daly sharply shifted odds higher

The DXY fell below 99.5, its lowest in nearly two weeks, as rate-cut bets accelerated. For the week, the dollar dropped about 0.5%.

WTI crude settled at $58/barrel on Friday, down 0.17% on the day and on track for its fourth consecutive monthly decline—the longest losing streak since 2023. Global supply pressures and hopes for a Russia-Ukraine ceasefire weighed on prices.

Despite the rally, the CNN Fear & Greed Index sits at 24. That's still squarely in "Extreme Fear" territory, suggesting investors are bracing for more volatility.

Gold closed the week at roughly $4,219–$4,225/oz, within striking distance of the October all-time high of $4,380/oz. Rising rate-cut expectations have fueled the rally—now at 87% for December—and a weakening U.S. dollar. India's local gold market continues to trade at a 4–6% premium over international spot prices, signaling robust physical demand despite record global prices.

Historical note: Gold's last sustained run above $4,000/oz came in 2024, but the current rally echoes the 2011 post-crisis surge when investors piled into safe havens amid central bank easing. If the Fed delivers in December, don't be surprised if gold makes another run at records.

The 30-year fixed mortgage rate edged down to 6.23% as of November 26, its lowest level since October 2024 and down from 6.26% the prior week. That's a far cry from the 7%+ rates earlier this year, but still elevated enough to keep would-be buyers on the sidelines. Pending home sales ticked up 1.87% month-over-month, while new single-family home sales surged 20.5% MoM in the latest data—a sign that lower rates are starting to thaw the market.

For context, the 30-year rate averaged 7.70% over the long term and peaked above 7% in early 2025. If the Fed delivers a December cut and signals more to come in 2026, mortgage rates could finally break decisively below 6%, potentially unlocking pent-up demand. Until then, expect more "wait-and-see" from both buyers and sellers.

Final numbers from Cyber Monday (Dec 1) will roll in early in the week, expect a record $14+ billion in online sales.

Reddit's r/StockMarket and r/wallstreetbets were buzzing this week with chatter about the Meta–Google chip deal and its implications for Nvidia—some posts garnered 700+ upvotes debating whether the AI chip throne is truly in jeopardy. On X (formerly Twitter), traders noted the "extreme fear" reading on the Fear & Greed Index with a mix of skepticism and contrarian optimism. Meanwhile, retail sentiment on Alphabet hit 64 (bullish) on platforms like ApeWisdom, even as Nvidia's sentiment cratered to 33 (bearish). The vibe: cautiously bullish, but nobody's putting away their seat belts yet.

If this week were a wine, it'd be a bold California Zinfandel—a little spicy, a little jammy, and just unpredictable enough to keep you on your toes. The markets rallied, the shoppers spent, and the AI chip drama had everyone talking. Pair it with some leftover Thanksgiving turkey, a side of mashed potatoes, and the quiet satisfaction of knowing you survived another holiday-shortened trading week.

Look, November tried its best to be a downer—tech stocks wobbling, fear gauges blaring, and everyone nervously refreshing their portfolios between bites of stuffing. But the markets pulled off a late-month rally worthy of a holiday miracle, and Black Friday proved once again that the American consumer is impossible to count out. Gold is flirting with records, rate cuts are practically priced in, and AI is reshaping everything from chip deals to checkout lines.

December is shaping up to be eventful: PCE data, a Fed meeting, and a parade of earnings that'll tell us whether the holiday cheer is for real or just sugar-high optimism. Stay nimble, stay curious, and don't forget to enjoy the season—there's only so much market drama one person can handle before they need another glass of eggnog.