Market Recap
11/11/25
U.S. MARKET ADVANCED TEAR-SHEET
Trading Day: November 11, 2025
Top-Level Index Performance
Sector Rotation & Breadth
Market rotation was out of mega-cap tech and into industrials, energy, and consumer staples.
NYSE advance/decline: 67% advancing; new highs/new lows: 146/66.
VIX: 17.60 (-7.8%), signaling subdued volatility.
Put/Call Ratio (SPX): 1.07, indicating moderated hedge demand.
Rates, FX, and Commodities
Nuclear & Uranium Sector Focus
Uranium Spot: $80/lb (up 25% YoY), long-term $85/lb, futures $80.80/lb.
Supply Deficit: 2025–2045 gap projected at >1.75B lbs; U.S. uranium now a Critical Mineral.
Nuclear Energy Index: 48.20, -12.89% MoM, still +60.7% YoY.
Pre-revenue SMR stocks remain volatile, Oklo risk skew high, NNE has valuation cushion.
Macro Catalysts and Key Themes
U.S. shutdown resolution catalyzed value rally, Dow ATH.
Mega-cap AI/tech: profit-taking on capex concerns, e.g., Nvidia -2.9% today, CoreWeave -16%.
Economic Data: Delayed jobs/CPI rolling out next; labor softening per ADP (-11K jobs/wk).
Earnings: Q3 nearly complete, 82% EPS beats; Buyback window robust through 12/19.
Fed: December cut 64% probability; rates anchored by soft macro & delayed data.
Tactical Calls
Favorable: Financials, Energy, Healthcare, select uranium producers.
Cautious: Mega-cap tech; SMR/speculative nuclear names.
Monitor: Market breadth, volatility, post-shutdown economic data flow; continued sector rotation.