Market Recap

Nov 12, 2025

Market Tear Sheet – November 12, 2025

Dow at Record High: Closed at 48,254.82 (+0.68%), first-ever close above 48,000, powered by defensive sector strength and pending end to the 43-day US government shutdown.
S&P 500: Flat at 6,846.61 (+0.12%), maintaining proximity to record highs, while
Nasdaq slumped to 23,406.46 (-0.26%) as rotation out of megacap tech continued.
Sector Rotation: Leadership decisively shifted to healthcare (+2.3%), energy (+1.3%), and staples (+1.3%). Tech (-0.9%) saw profit-taking and fading momentum as AI-related names corrected.

Breadth: Advancers (61.7%) outpaced decliners, but with only 59.6% of S&P 500 above 200dma, evidence of concentration risk and a maturing bull run, further highlighted by the largest ten S&P companies now exceeding 40% of index market cap.
Volatility: VIX closed at 17.13, extending its post-shutdown unwind; volatility remains compressed but susceptible to sudden spikes on policy headlines or delayed economic data.
Rates: 10-year UST fell to 4.08% (from 4.13%), with steepening curve, signaling expectations of Fed easing despite division within FOMC and labor market warnings. Market-implied probability of a December rate cut rose to ~68%.

Oil: WTI: $58.49/bbl (-4.2%). Major unwind as OPEC signals supply/demand equilibrium, inventory builds, and stronger USD all pressured crude.
Gold: $4,183.72/oz (+1.38%) posted 3-week highs on increased Fed cut bets, dollar softness, and safe-haven flows amid backlog of missing economic data (due to recent shutdown).
Dollar (DXY): 99.44 (-0.2%) as rate cut odds increase and risk appetite returns.

Nuclear & Uranium

ASP Isotopes (ASPI): +6.2% after expanding major supply agreements and acquiring a US radiopharmacy, positioning itself as a leading player in advanced isotope and radiopharma technology. Announced largest-ever silicon-28 enrichment deal.
Oklo (OKLO): +8.0%. Despite Q3 loss per share ($0.20, vs. -$0.13 est), shares rebounded on Battelle partnership and regulatory tailwinds. Analyst upgrades drove sentiment. Remains +391% YTD, -46% from peak.
Centrus Energy (LEU): -11% on earnings miss; challenges in the LEU and HALEU segments, despite 30% revenue growth and 31% uptick in Technical Solutions — underscores strategic but volatile nature of US enrichment leadership.
Uranium Market: Spot stable at $78.05/lb; sector mixed as Kazatomprom output growth and new USGS “critical mineral” status for uranium signal robust policy tailwind but temper price acceleration.

Semiconductors & Tech

AMD: +9.4% ($259.88) after setting >35% annual revenue growth targets and unveiling transformative AI chip product cycle. Data center revenue targeted to grow >60% YoY, bolstered by OpenAI partnership. Saw outsized volume surge and leadership rotation from Nvidia.
Nvidia: -2.9% ($193.27) as profit-taking, SoftBank exit, and export ban uncertainties drove a retreat ahead of next week’s key earnings. Despite full pre-sell on “Blackwell,” relative AI platform risk is growing.

Healthcare

Leadership: XLV +2.3%, with outsized moves in Leap Therapeutics (+177%), Amgen (+4.6%), Merck (+4.8%) and positive Q3 surprises across biotech and pharma.

The looming resolution of the government shutdown should restore visibility to economic data, but risks a volatile “data dump” as markets reposition after weeks of information blackout.
The S&P is within 0.2% of all-time highs, with technical and breadth divergences persisting (NYSE Advance-Decline line at 12-week low, new highs at 5.3%). Extreme index concentration amplifies tail risk for passive investors.
Fed path remains highly binary: December cut odds are now at ~68%, yet with high FOMC uncertainty evident in leadership splits and shifting labor data. Bonds attractive for ballast amid mixed macro signals.
In nuclear and uranium: sector faces near-term digestion after epic runs and supply shocks, but US policy support and HALEU demand remain multi-year tailwinds for exposure. Stock selection, favoring quality offtakes, strategic contracts, and enrichment technology, will be key to alpha generation going forward.

Prepared by SEQH Capital Partners Research