Markets finished November on a constructive note: the S&P 500 closed the holiday-shortened Friday session higher and finished the week up roughly 3.7%, while the Dow gained 3.1% and the Nasdaq gained 4.9%, capping a five-day rally that erased most of the month’s earlier drawdown.

Last week brought a marked uptick in volatility across equity markets, with sentiment challenged by a convergence of factors.

Markets wrapped up a volatile week with a mixed tone, as investors digested hawkish Federal Reserve commentary, lingering uncertainty from the recent government shutdown, and the tail end of earnings season.

Markets ended the week on a cautious note amid valuation concerns in technology, economic uncertainty, and the prolonged government shutdown.

The equity rally that has dominated much of 2025 showed resilience in the week ending Oct. 31: major U.S. indices finished the week modestly higher (S&P 500 and Nasdaq advancing while the Dow was essentially flat on Friday), leaving the S&P about +16% year-to-date as investors balance strong corporate earnings against macro risks.