Your Sunday Market Brief
Opening Insight
This was one of those weeks where sentiment just didn’t have a clear anchor. Markets wobbled under the weight of a prolonged government shutdown, a vacuum of economic data, and mixed earnings reactions. Some tech names finally cooled after their sharp rallies, while others proved they still had room to run. It was less about macro catalysts and more about digestion — of rate expectations, valuations, and overstretched narratives.
Amid the noise, investors seemed to be reassessing what they’re willing to pay for growth. The AI trade saw its first real pushback, while travel, fitness, and EV names delivered surprise upside. It wasn’t a panic — just a recalibration. And as we head toward year-end, the market feels like it’s entering a more selective phase, where story alone isn’t enough.
Market Recap
U.S. equities ended their three-week rally, with the S&P 500 slipping modestly and the Nasdaq down 2% — its worst week since April — as tech stocks led a broader market cool-down.
The absence of key economic data left earnings and forward guidance in control. High-multiple names faced stiff valuation pushback, while defensive sectors outperformed amid a more cautious tone.
The index posted a modest loss for the week, breaking a three-week winning streak. While most S&P names rose, declines in a few large-cap tech stocks like Nvidia and Broadcom pulled the broader index lower.
The Nasdaq ended the week in positive territory, lifted by a rebound in tech names after early-week selling. Strength in select large-caps and a late-week recovery in AI-related stocks helped the index snap back from midweek pressure.
Stocks That Won The Week
EXPEDIA
The S&P 500’s top performer. Expedia crushed earnings expectations and saw strength in both leisure and corporate bookings. Management’s bullish holiday outlook sent shares surging, reinforcing travel’s resilience.
RIVIAN
Rivian posted a strong Q3, with record EV deliveries, revenue above forecasts, and trimmed losses. The stock soared as investors bet on improved margins and sustained demand for its pickups and SUVs.
PELOTON
After a bleak stretch, Peloton offered back-to-back profitable quarters and a solid holiday forecast. Friday’s ~7% spike capped a ~12% weekly gain as investors warmed to its turnaround narrative.
Stocks That Lost The Week
TAKE-TWO INTERACTIVE
The GTA VI delay to late 2026 spooked investors. Despite otherwise strong earnings, the pushback triggered analyst downgrades and shaved 8% off the stock.
UNITY SOFTWARE
Unity fell nearly 10% after issuing weak guidance and announcing deeper layoffs. The outlook reignited concerns about profitability and ongoing restructuring.
PALANTIR
A 63% revenue jump and earnings beat weren’t enough. Investors sold on valuation concerns and a short position by Michael Burry. It was a reality check for high-flying AI names.
Sector Snapshot
Sector | Weekly Change | YTD Change |
|---|---|---|
Technology | −4.1% | +24.4% |
Energy | +1.6% | +7.5% |
Financials | +0.8% | +10.5% |
Industrials | −1.1% | +17.6% |
Healthcare | +1.3% | +7.7% |
Tech took a beating this week, falling over 4% as investors rotated out of high-valuation growth names following mixed earnings and renewed profit-taking. The move marked a sharp reversal from last week’s strength. Energy led to the upside, climbing 1.6% as oil price volatility continued to whipsaw the sector. Healthcare and Financials also notched modest gains, showing resilience amid the broader shakeout. Industrials slipped slightly.
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Crypto Recap
Crypto markets flipped direction this week, with Bitcoin rising 5.5% while Ethereum slid over 12%. The divergence highlighted a broader rotation into relative safety within digital assets, as traders fled riskier altcoins. Bitcoin’s gains were fueled by strong ETF inflows and improving institutional sentiment, while Ethereum saw selling pressure amid slower DeFi activity and broader risk-off tone. XRP and Solana also ended in the red, losing 4.5% and 3.8%, respectively.
Overall, the total crypto market cap ended the week higher, buoyed by Bitcoin’s strength. Analysts pointed to whale accumulation and declining U.S. yields as tailwinds for BTC. Altcoins, however, struggled to keep pace — signaling more selective risk appetite returning to the space.
Performance Overview
Asset | Weekly Change | YTD Change |
|---|---|---|
Bitcoin (BTC) | +5.5% | +124% |
Ethereum (ETH) | −12.2% | +51% |
Solana (SOL) | −3.8% | +261% |
XRP | −4.5% | +39% |
Mover Of The Week
Bitcoin led the crypto complex this week with a +5.5% gain, bouncing on strong ETF inflows and signs of institutional accumulation. While altcoins like Ethereum and Solana sold off, BTC’s rally stood out — underscoring its role as a haven during crypto volatility. Its outperformance pushed dominance above 51%, cementing its leadership role amid shifting sentiment.
Commodities Recap
Gold soared 4% this week to settle near $4,200/oz, continuing its safe-haven rally as investors responded to macro unease and rising Fed rate-cut expectations. Silver outshined even further, jumping 6.5% as both a precious metal and industrial hedge. Copper edged up 0.6% on improving global demand signals. Meanwhile, crude oil fell 2.1% as U.S. stockpile builds and soft demand data outweighed supply concerns.
Asset | Weekly Change | YTD Change | Context |
|---|---|---|---|
Gold | +4.0% | +18% | Dovish Fed tone drove haven inflows. |
Oil (WTI) | −2.1% | +4% | Inventory build outweighed OPEC hopes. |
Copper | +0.6% | +6% | China demand signs lifted sentiment. |
Silver | +6.5% | +15% | Surged with gold and risk rotation. |
Macro Drivers
Gold and silver benefited from a drop in real yields and a pickup in inflation hedging as the shutdown delayed key U.S. data. Oil’s weakness stemmed from rising inventories and flight demand disruptions tied to federal worker shortages. Mixed Chinese trade data added to uncertainty in copper markets. Overall, commodity performance reflected a market still hedging both economic slowdown and Fed policy ambiguity.
Final Take
Markets this week felt like they were searching for direction — and not quite finding it. The government shutdown starved investors of fresh data, while mixed earnings and weak guidance from several high-profile names pulled sentiment in opposing directions. There was no meltdown, but also no clear conviction. The rally cooled, and a more cautious tone settled in.
Tech finally saw a sharp reversal as stretched valuations met a colder market reality. Meanwhile, Bitcoin reasserted leadership in crypto, even as Ethereum and other altcoins faltered. Commodities told their own story — gold and silver surged on haven flows, while oil stumbled again on demand anxiety. Sector and asset rotation made it clear: this isn’t a risk-off environment, but it’s no longer risk-on either.
As we push toward year-end, the market seems to be rotating into discipline. Story stocks are out unless they deliver. Safe-haven trades are gaining traction. And while the Fed backdrop hasn’t fundamentally shifted, the absence of fresh macro data makes narrative control more fragile. The message this week? Selectivity matters now more than ever.
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