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📉 TL;DR — What Moved, What Didn’t
The Dow closed at a record above 48,000 as Congress passed—and the President later signed—a bill on Wednesday to reopen the government after 43 days. Stocks were mixed: S&P 500 flat-ish on the day but up for the week; Nasdaq 100 lagged. Gold jump-started the week with a near 5% pop as the dollar eased. Bitcoin slipped after Monday’s bounce.
Big picture: reopening reduces near-term data gaps and travel snarls, while markets refocus on rates, earnings, and holiday spending.
Quick Levels → Week-to-date change
S&P 500: 6,850.93 | ↑1.81%
Nasdaq 100: 25,517.33 | ↑1.83%
Dow: 48,254.82 | ↑2.70%
Russell 2000: 2,450.80 | ↓0.74%
Gold/oz: $4,232 | ↑5.78%
Bitcoin (BTC): $103,001 | ↓1.65%
DXY (U.S. Dollar Index): 99.47 | ↓0.09%
🚀 Top Movers This Week
On Holding (ONON) ↑18.60% — Q3 sales jumped; margins expanded; raised 2025 outlook and boosted holiday-quarter confidence.
Sandisk (SNDK) ↑18.21% — AI-memory momentum and firmer flash pricing lifted shares into midweek.
AMD (AMD) ↑10.85% — Analyst Day guided >35% annual revenue growth; AI demand called “insatiable.”
Newmont (NEM) ↑11.61% — Gold miner surged alongside bullion strength; momentum extended into midweek.
Eli Lilly (LLY) ↑10.11% — Weight-loss drug tailwinds and White House pricing deal bolster demand outlook.
Sony (SONY) ↑9.20% — Raised profit outlook; anime/PlayStation strength; lower tariff hit aided ADRs.
😶 Market Mood
Source: Brendan Smialowski/AFP
Markets steadied after Washington passed a bill on 11/12 to reopen the government, ending a 43-day shutdown. The deal secures back pay and key programs, trimming near-term uncertainty. Tech cooled midweek; travel and gold outperformed. Investors now focus on rates, holiday spending, and remaining earnings reports. Gold’s pop reflects firmer odds of a December cut by the U.S. central bank, while small caps were mixed and the dollar eased slightly.
Bottom line: reopening removes a major overhang, but direction hinges on incoming data and retail updates.
Scenarios (next 1–2 weeks)
👌 Base Case (Calm): Range-bound stocks as services restart and data flow normalizes. One small Fed cut stays in play; gold holds bids; yields drift sideways unless growth surprises.
☀️ Bull Case (Choppy): Softer inflation and steady consumer data revive mega-cap momentum; small caps catch a bid; gold consolidates above support as dollar eases further.
🌩 Bear Case (Stormy): Reopening hiccups or hot data lift yields; dollar firms; cyclicals fade; tech extends pullback; gold fails support and retreats.
🔍 Chart of the Week
Range-bound until proven otherwise
Symbol: S&P 500 (SPX)
Timeframe: Daily, last 3 months through Nov 12, 2025
Key levels: 6,900 (resistance); 6,770 (near support); 6,850 (Wednesday close)
Why it matters: Holding 6,770 keeps the range intact while the shutdown resolution and easing yields reduce downside shock risk; a clean break above 6,900 would confirm momentum.
🏠 Wall St. to Main St.
Shutdown ripple: Congress passed a continuing resolution (CR)* to reopen government; SNAP* funding is secured into late 2026, supporting grocery budgets. Back pay helps furloughed workers catch up.
Data drought: Some federal stats were paused; agencies will update calendars as operations normalize—expect odd timing and catch-up releases.
Debt check: U.S. household debt hit ~$18.6T in Q3. 4.5% of balances are delinquent in some stage, a watch-item for banks and consumers.
Gas relief: the national average sits near $3.08/gal. Slightly below last month—helpful for holiday driving budgets. Oil slipped toward $58, a tailwind for pump prices and airline fares if it holds.
Mortgage math: the 30-year fixed averaged 6.22% last week. That keeps monthly payments elevated, but off 2025 highs.
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🚪 Weekly Close
This week’s quiet rotation favored defensives and financials while energy lagged with crude sliding. Materials held up on commodity resilience; small caps were choppy. ETF flow snapshots showed equities drawing cash while digital-asset funds bled, hinting at risk-selective appetite.
Into next week, watch whether sector leadership widens beyond defensives—and if oil’s drop keeps pressure on energy earnings expectations. Inventory data timing shifts could add noise to short-term moves.
What to watch:
All week — Fed speakers: Guidance fills the gap while data are delayed.
Thu, Nov 13 — Initial jobless claims: First post-pause print; watch backlogs.
Thu, Nov 13 — Disney (pre-market) + Applied Materials (after hours): Consumer streaming trends + chip equipment demand.
Wed, Nov 19 — FOMC minutes*: clues on timing/size of next policy moves.
Wed, Nov 19 — NVIDIA earnings (after hours): AI order books steer semiconductor sentiment.
Thu, Nov 20 — Walmart earnings (pre-market): Grocery traffic, value trade, pricing power.
Next week — Census retail/e-commerce updates: check for rescheduling as services resume.
📚 Decoder
Continuing Resolution (CR): Temporary funding to keep government open.
FOMC Minutes: Summary of the Fed’s last policy meeting discussion.
SNAP (Supplemental Nutrition Assistance Program): Federal grocery benefits for eligible households.
🕔 That wraps up your midweek 5-minute brief. There’s more info out there…dive in! News is free; risk isn’t.
We’ll be back before opening bell next Monday, at 7 AM ET. Be on the lookout for your next update from 5 Minute Markets.
Educational only—not investment advice.
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