Market Recap
11/5/25
Market Tear Sheet – November 5, 2025
Market Overview
Major Indices:
S&P 500: 6,796.29 (+0.37%)
Dow Jones: 47,311.00 (+0.48%)
Nasdaq: 23,499.80 (+0.65%)
Russell 2000: 2,464.78 (+1.5%)
YTD: S&P +15.6%, Nasdaq +21.7%
Performance Drivers:
Broad equity rebound; risk appetite favored small-caps
Rotation out of high-multiple AI stocks; valuation concerns linger
S&P 500 trading 1.37% below October record high
Macro & Rates
Volatility (VIX):
19.00 (+10.66%)
AI selloff triggered spike; remains below historical stress levels
Treasuries:
10Y Yield: 4.156% (↑6.6bps)
Steepening curve amid strong ISM and ADP jobs beats
US Dollar (DXY):
100.12; -0.11% on day
2% monthly gain but still 4.7% off one-year highs
Economic Data
ADP Employment:
+42,000 jobs in October (vs. 31k est.)
Small biz (-10k), medium biz (-21k), large biz (+73k)
Services +33k, wage growth flat at 4.5%
ISM Services PMI:
52.4% (eight-month high)
Business activity: 54.3%; New orders: 56.2%
Employment: 48.2% (contracting); Prices index surges to 70%
Fed Outlook:
December rate cut probability: 65–70% (down from 90%)
Rate currently at 3.75–4.00%
Sector & Stock Highlights
AI/Tech:
Nasdaq 2% drop Tuesday; profit-taking spreads
S&P Forward P/E >23x; highest since 2000
Executives warn of 10–20% correction risk
Major Movers:
AMD: $1.20 EPS (>exp.), $9.25B rev, guides Q4 $9.6B
Palantir: High volatility post-earnings; P/E remains above 200x
Nvidia: -1.8%, pre-earnings pressure, trading ~7% off highs
Seagate (STX): +24.6% (debt-for-equity swap)
McDonald’s: +2%, same-store sales acceleration
Commodities & Crypto
Crude Oil (WTI):
$59.60/bbl (-1.6%)
Third straight decline; inventories build
Gold:
$3,966.65/oz (+0.9%)
Rebounds on safe-haven flows
Bitcoin:
$101,000–$102,000 (↓6% from highs)
Crypto market $3.46T (-2.6%)
Nuclear & Uranium Sector Focus
Uranium Spot Price:
$79.65/lb (+2.97% YoY)
Down from $83.50 high; stabilizing after Sprott/Yellow Cake accumulation
Key Developments:
Cameco: Production cut, 19% drop in output; inventory at 10.0M lbs.
Kazatomprom: 10% cut for 2026
Supply constraints tightening market
Demand:
WNA forecasts 28% demand growth by 2030
Data center electrification accelerating nuclear build-outs
Nuclear Equity Leaders:
Oklo: +700% YTD, SMR licensing/AI power deals
NuScale: NRC-certified SMR, grid-ready tech
Centrus (LEU): +550% YTD, Q3 rev $74.9M, US-licensed HALEU supplier
BWXT, Cameco: Strong momentum, dividend hike at Cameco
Index Performance:
Nuclear Energy Index: +2.04% day, +65.03% YoY
Forward View & Key Risks
AI sector seen consolidating, not crashing; risk remains for 10–15% broad drawdown
Fed December cut uncertain; inflation, labor split
Energy, nuclear sectors offer upside amid supply crunch
Equities favor small-cap/value rotation; defensive positioning may be warranted
Contact: SEQH Capital Partners Research Team