Market Commentary – November 17, 2025
The ongoing market correction has been kept alive by worries about the valuations of technology artificial intelligence (AI) companies – combined with comments made last week by several Federal Reserve (Fed) members/governor, casting doubt on a possible interest rate cut in December.
Not even the reopening of the government has been enough to move stocks higher. It is not seasonally normal to have a pullback in November, but we see the market as rotating out of the high valuation Growth stocks and rotating into cheaper Value stocks. Investors are now questioning whether this is a new sustainable trend or just a temporary rebalancing of the market. In our view, the current correction is a temporary rebalancing of the markets and that leadership will remain with Technology Growth companies. However – we may still have a few more weeks of volatility ahead of us. We maintain that the S&P 500 remains on track to rally to 7000 by year-end.
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