Market Recap
11/24/25
SEQH Capital Research
DAILY MARKET TEARSHEET
November 24, 2025
MARKET OVERVIEW
U.S. equities posted a strong rebound Monday, with technology leading a broad-based rally as Fed rate cut expectations strengthened heading into the December FOMC meeting. The Nasdaq’s 2.69% surge marked its best session since May, while volatility declined sharply from last week’s elevated levels.
Index Performance
Nasdaq Composite : +2.69% (best day since May)
S&P 500 : +1.55%
Dow Jones : +0.44%
Russell 2000 : +1.90%
VIX: 23.43 (-11.3% from prior session; down from 28.3 intraday spike last week)
All 11 S&P sectors closed positive, with Technology and Communication Services leading gains. Materials (+2.2%), Health Care (+2.1%), and Consumer Discretionary (+2.0%) also outperformed.
KEY DRIVERS
Fed Rate Cut Expectations Surge
CME FedWatch now pricing 85% probability of 25 bps cut at December 9-10 meeting (up from 42% one week ago)
Fed Governor Waller endorsed December cut Monday; San Francisco Fed’s Daly cited labor market vulnerabilities
Treasury yields dipped modestly: 10-year at 4.03% (-2 bps), 2-year at 3.69% (-1 to -2 bps)
Policy picture complicated by delayed October jobs/inflation data due to government shutdown
Technology Sector Rebounds
Semiconductor names drove outperformance on AI infrastructure commentary from Alphabet and Amazon
Broadcom led S&P gainers (+11.1%) on tens of billions in AI capex announcements
Memory stocks rallied: Micron +7.95%, Western Digital +8.43%, Seagate +6.69%
Tesla +6.82%, Coinbase +6.47% as risk appetite returned
Volatility Eases
Markets recovering from Thursday’s dramatic reversal (Nasdaq swung 1,200 points intraday)
VIX retreat from 26+ suggests improving risk sentiment, though elevated vs. historical norms
Crypto markets extended weekend rally: Bitcoin topped $89K (+10% from Friday lows near $80K)
NUCLEAR & URANIUM SECTOR
The nuclear complex posted a recovery session following a brutal 30-day correction, though most names remain well off October peaks. Uranium spot held steady at $75.50/lb U₃O₈, down from the 14-month high of $84/lb on October 31.
Stock Performance (November 24)
Uranium Energy : +10.92% (best performer)
NuScale Power : +7.20% (still down ~55% from October peak of ~$45)
Cameco : +4.91% to $83.34 (52-week range: $41-$150)
ASP Isotopes : +3.27%
Centrus Energy : +1.80% to $246 (YTD +262%; down ~50% from Oct peak of $464)
NANO Nuclear : +1.68% (down ~35% from Oct highs)
Oklo : +1.29% at $89.31 (down ~35% from ATH of ~$140)
Fundamental Developments
Cameco revised 2025 production guidance lower to 14-15M lbs U₃O₈ from 18M lbs due to operational adjustments at McArthur River/Key Lake
Q3 revenue beat estimates by 8.3% at $615M; TD Securities maintains bullish rating citing uranium pricing support
Kazatomprom reported 33% YoY export increase and 10% production growth in Q3, alleviating near-term supply concerns
Westinghouse partnership accelerating reactor deliveries; $80B U.S. government deal announced in October
World Nuclear Association projects uranium demand to surge 28% by 2030 and 100% by 2040 driven by AI data centers and decarbonization
Valuation Context
Sector correction represents 35-55% retracement from October peaks across most names
Cameco trades at forward P/E of ~97x, reflecting long-term nuclear renaissance expectations
Fundamental thesis intact despite volatility: supply constraints persist while demand outlook strengthens
Nuclear Energy Index +30.26% YoY despite -17.86% decline over trailing 30 days
COMMODITIES & RATES
Precious Metals
Gold: $4,082-$4,124/oz (+1.2% to +1.5%), up ~58% YoY
Central bank purchases (particularly China at 10x official figures) and Fed easing expectations supporting prices
Energy
WTI Crude: $58.93/bbl (+1.3%); down ~16% YoY
Brent Crude: $63.37/bbl (+1.3%)
Markets assessing Russia-Ukraine peace resolution prospects; potential removal of sanctions on Russian exports could pressure prices
Cryptocurrency
Bitcoin topped $89K during session, recovering from Friday’s lows near $80K
Ethereum , XRP outperformed; altcoins led gains
Traders noting neutral-to-negative funding rates suggest gradual recovery vs. rapid squeeze
NOTABLE MOVERS
Top Gainers (S&P 500)
Broadcom: $377.96 (+11.10%)
Western Digital: $150.93 (+8.43%)
Micron: $223.86 (+7.95%)
AppLovin : $559.80 (+7.60%)
Robinhood : $114.97 (+7.15%)
Losers
Novo Nordisk : -6% (semaglutide failed Alzheimer’s trial; no efficacy in slowing disease progression)
Carnival : -6.78%
Abercrombie & Fitch : -6% ahead of Tuesday earnings
WEEK AHEAD CATALYSTS
Geopolitical: Trump administration reviewing potential approval for Nvidia to sell H200 AI chips to China