Market Recap
11/4/25
U.S. & Global Market Tear Sheet
Trading Date: November 4, 2025
Market Overview
Equity Indices:
S&P 500: 6,771.55 (▼1.17%)
Nasdaq Composite: 23,834.72 (▼2.04%)
Dow Jones Industrial: 47,085.24 (▼0.53%)
SOX Semiconductor Index: 7,270.97 (▼4.01%)
Summary:
U.S. equities endured a pronounced risk-off session as elevated AI sector valuations fueled a broad selloff. Large-cap Technology and Semiconductor shares led declines, coinciding with deteriorating breadth and hawkish commentary from the Federal Reserve. The S&P 500 marked its worst day since October 10, with only 39% of stocks advancing and new lows outpacing highs for the third time in four sessions.
Sector Performance
Breadth:
S&P 500 advancers: 38.6%
Decliners: 58.8%
Stocks above 200DMA: 57.5% (near five-week lows)
Featured Corporate & Macro Developments
Earnings Highlights:
Palantir (PLTR): Delivered Q3 revenue $1.181B (+63% YoY), adj EPS $0.21; stock collapsed 9% on valuation concerns.
AMD: Q3 rev $9.25B (beat), adj EPS $1.20, Q4 guide $9.6B; shares fell on slowing data center growth despite strong guidance, major OpenAI / Oracle wins.
Uber: Revenue $13.47B (+20% YoY), record bookings, stock -5% after $479M legal drag hit income.
Spotify (SPOT): Premium users +12% to 281M, MAUs hit 713M, Q3 revenue €4.27B, operating income €582M. Mixed 4Q guidance pressured shares.
Fed & Yields:
10Y Treasury: 4.090% (▼1.6bp), as December rate cut odds faded to ~72% vs 90%.
Fed Chair Powell: “Rate cut not assured.”
Hawkish tone triggered defensive sector bid, dollar breakout to 6-month highs.
Commodities & FX
Macro Context:
China ended VAT offset for gold retail, major jewelry retailer stocks sank 8–12%.
Euro at 3-month lows, yen firmer as Japan signaled intervention.
Nuclear & Uranium Market Intelligence
Fundamentals:
WNA projects nuclear uranium demand +28% by 2030.
Constellation Energy commits 5.8GW new gen/battery capacity in MD.
Cryptocurrency Market
Technical & Breadth Analytics
S&P 500 sits 1.73% below record October 28 close.
Market leadership narrowing: “Magnificent Seven” now sole drivers; equal-weight S&P at weakest breadth since 2003.
Fewer than 40% of S&P 500 stocks above 20DMA, strongest signals of a possible breadth-driven correction(see chart).
SEQH Capital Partners Outlook
Investment Implications:
AI/Tech valuations at inflection point, risks rising despite healthy earnings.
Favor quality, secular nuclear and uranium growth exposure versus cyclical high-multiple tech.
Position tactically amid breadth deterioration and Fed uncertainty.
Near-term upside rests on breadth stabilization and Fed signaling; downside risks elevated.