Week In Perspective | Tough Week for Tech Stocks — Knoxville, TN | Financial Advisor

When Confidence Falters

Updated: November 12, 2025

Markets hit turbulence last week as investors weighed mixed jobs data, slipping consumer confidence, and the ongoing government shutdown. Each signal told a different story, leaving investors focused less on numbers and more on what they implied.

The S&P 500 fell 1.63%, the Nasdaq 3.04%, and the Dow 1.21%. International markets, tracked by the MSCI EAFE Index, declined 0.83%.^1,2

Conviction Under Pressure

Markets opened the week unevenly with small gains for the S&P 500 and Nasdaq and a minor loss for the Dow.^3,4 A stronger-than-expected ADP employment report midweek briefly steadied sentiment and lifted all three indexes.⁵

That optimism faded as investors revisited questions about elevated valuations, particularly in AI-related sectors. Reports of rising corporate layoffs added to the unease, and with official government data unavailable during the shutdown, investors were left reading between the lines. By Friday, consumer sentiment had fallen to its lowest level in three years, highlighting how fragile confidence remains. Still, a late-day rebound helped the S&P and Dow close slightly higher, with the Nasdaq recovering most of its losses.⁶

A Labor Market in Two Stories

ADP’s monthly jobs report became the market’s primary reference point in the absence of government data. It showed private employers added 42,000 jobs in October, nearly double economists’ expectations and the first monthly increase in three months, led by gains in trade, transportation, utilities, education, and health care.⁷

Another report, however, offered a more sobering view. Layoff announcements in October reached a 22-year high, making 2025 the worst year for job cuts since 2009.^8,9 The contrast underscored a divided labor market, with steady hiring in some sectors and contraction in others, and revealed the uncertainty shaping investor sentiment.

Perspective Amid Mixed Signals

When the data itself becomes a source of tension, discernment matters more than reaction. Conflicting reports and temporary disruptions can cloud perception, but the underlying rhythm of the market remains tied to long-term fundamentals. At CogentBlue, we help clients stay focused on that broader perspective and remain aligned with their goals, even when the week-to-week narrative feels uncertain.

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