Weekly Market Recap | Nov 24 – Nov 30

Analyst Highlights

• Cross-asset rally: Stocks, bonds, crypto and commodities surged together, with the S&P 500 logging its best week in six months and Bitcoin regaining $90K.
• Dovish Fed expectations: Markets priced in a December rate cut as weak labor data pulled 2-year yields to 3.5% and Kevin Hassett rose as the likely next Fed Chair.
• Emerging-market strength: Investors favored EM sovereign debt as UAE, Taiwan and South Korea outperformed developed markets amid better fiscal and inflation fundamentals.
• Market resilience: A major CME outage halted futures trading, but equities and crypto continued to climb — signaling strong underlying liquidity and risk appetite.
• Tech momentum: Alphabet jumped 7% on its AI launch, while Hyundai, Adani and Quantum secured major AI and defense-tech deals, anchoring the week’s innovation theme.
• Energy and commodities: OPEC+ held output plans steady for early 2026, copper traders warned of a looming global squeeze, and silver posted a standout 15% weekly gain.

IPO’s in the week

• SC II Acquisition Corp. (SCIIU, Nasdaq Global), A newly formed blank-check company targeting acquisition opportunities across any industry or geography, priced its IPO at $10.00 per unit on Nov 26, 2025, offering 15,000,000 units to raise $150.0M. The SPAC, led by CEO Menachem Shalom, intends to leverage its management team’s deal-making network to identify and revitalize an underperforming or undersized private business. Shares are subject to a 180-day lockup expiring May 25, 2026.
• Invest Green Acquisition Corp. (IGACU, Nasdaq Global) — A Cayman Islands–incorporated SPAC focused on renewable energy, sustainable finance, and nuclear innovation priced its IPO at $10.00 per unit on Nov 25, 2025, raising $150.0M through 15,000,000 units. Led by CEO Andrew McLean, the company aims to target high-growth firms driving the global clean-energy transition. Shares carry a 180-day lockup expiring May 25, 2026.

Markets Weekly

1. S&P 500 closed at 6,849.09, up 144 points and 2.1% for the week.
2. Russell 1000 (IWB) closed at 374.44, up 8.32 points and 2.3% for the week.
3. Russell 2000 closed at 2,500.43, up 86.15 points and 3.6% for the week.
4. Russell 3000 closed at 3,888.11, up 87.79 points and 2.3% for the week.
5. CBOE (VIX) closed at 16.35, down 4.17 points and 20.3% for the week.
6. Dow Jones closed at 47,716.42, up 1,268.15 points and 2.7% for the week.
7. Nasdaq Composite closed at 23,365.69, up 493.68 points and 2.2% for the week.
8. Bitcoin closed at $90,618, up $2,347 and 2.7% for the week.
9. Ethereum) closed at $2,999.77, up $47.06 and 1.6% for the week.
10. Solana closed at $135.18, down $3.19 and 2.3% for the week.
11. XRP closed at $2.1645, down $0.0614 and 2.8% for the week.
12. Gold closed at $4,260.40, up $168.50 and 4.1% for the week.
13. Silver closed at $57.88, up $7.58 and 15.1% for the week.
14. WTI crude closed at $59.43, up $0.59 and 1.0% for the week.
15. Brent crude closed at $63.24, down $0.13 and 0.2% for the week.

• Kevin Hassett emerged as the leading contender for Fed chair, saying markets are ready for Trump’s pick as expectations grow for a more dovish, rate-cutting Federal Reserve.
• Markets are treating Kevin Hassett as a dovish Fed favorite, implying earlier and deeper rate cuts – bullish for stocks, bonds, EM and crypto, but negative for the dollar.
• Fiscal stress is eroding developed-market safety as US debt tops 100% of GDP and deficits near 6%, pushing global investors toward higher-quality emerging-market debt.
• The S&P 500 jumped 3.7% in its best week in six months, powered by Fed cut bets and renewed confidence in Big Tech after Alphabet’s AI launch.
• Alphabet jumped 7% after its new AI model launch, powering Big Tech higher and helping the S&P 500 lock its best week in six months.
• A cooling failure halted CME futures and options trading, but the rally rolled on, highlighting strong risk appetite despite an outage at a key market hub.
• US options volumes hit records as a few big banks shoulder outsized clearing risk, sparking concern over concentrated exposure and calls for more clearing competition.
• Markets priced a December Fed cut as weak labor data pulled the two-year yield toward 3.5% and Kevin Hassett emerged as the likely next chair.
• Euro-zone inflation is set to hover near 2%, reinforcing expectations that the ECB will hold rates in December as officials remain split on the timing of cuts.
• OPEC+ will pause output hikes in early 2026 as oil markets show signs of surplus, and begin reviewing capacity to set 2027 production quotas.
• Mercuria warns a US-driven copper scramble is draining global inventories, setting up a major supply squeeze and forcing Chinese buyers to pay rising premiums.
• Bitcoin surged back above $90,000 after a sharp November selloff, rallying alongside risk assets as traders priced in December Fed cuts and improved liquidity.

Politics Weekly

• Trump declares Venezuelan airspace effectively closed, escalating pressure on Maduro as Caracas condemns the move as an illegal threat of force and foreign interference.
• Trump spoke with Venezuela’s Nicolás Maduro about a possible meeting as Washington escalates pressure with narco-terror designations and broader operations.
• US officials including Marco Rubio and Jared Kushner met a Ukrainian delegation in Florida to discuss potential terms for ending the war as Russia escalates attacks.
• Zelenskiy loses top aide Andriy Yermak amid a corruption probe, leaving him exposed as Ukraine prepares for crucial US talks on a controversial peace plan.
• NATO drills in Romania show Europe preparing to counter Russia, pushing EU states to boost defense funds and arms production amid critical logistical gaps.
• Polish President Karol Nawrocki snubs Viktor Orban, cutting a Hungary visit after Orban’s meeting with Putin, citing total distrust in agreements signed by Russia.
• Hondurans vote in a China–Taiwan flashpoint election as leading candidates vow to ditch Beijing for Taipei, testing Trump-era US pressure on Latin America’s China ties.
• Kristi Noem says Afghan suspect in National Guard killing was radicalized in the US, as Trump officials blame Biden and push for new immigration curbs.
• Norway’s Labor-led government fails to win full backing for next year’s budget, raising cabinet-crisis risks as partners split over climate policy and social spending priorities.
• South Africa will stay in the G-20 despite Trump urging its removal, Ramaphosa says, rejecting “misinformation” and insisting national issues be solved locally.
• India plans to discuss buying Russian Su-57 jets and S-500 defenses during Putin’s visit, risking friction with Washington over deepening Moscow defense ties.
• Netanyahu seeks a presidential pardon from bribery and fraud charges, with Herzog to decide in coming weeks amid sharp coalition–opposition divisions.
• UK PM Keir Starmer faces a six-month fight to revive collapsing public confidence ahead of May elections, with Labour doubts raising questions about his leadership.
• Peru declares an emergency in the Tacna border region as migrants block crossings to Chile, deploying military support and tightening checks to restore order.

Technology Advancements in the week

• Norway’s $2.1T wealth fund backed Microsoft in a human-rights vote, rejecting stricter due-diligence demands but supporting a proposal on geopolitical risk reporting.
• HD Hyundai is teaming with Google, Palantir and Anduril to deploy AI in US shipyards, boosting naval shipbuilding efficiency and easing labor shortages.
• Quantum Systems raised €180m at a €3bn valuation to expand AI drones used by Ukraine, underscoring booming investor demand for modern defense technology.
• Adani Group will invest up to $5 billion in Google’s new AI data center hub in southern India, highlighting booming demand for cloud and AI infrastructure.

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