Market Recap

Nov 17, 2025

SEQH Market Tear Sheet – November 17, 2025

Key Takeaways – A Highly Volatile Session as Macro & Tech Risks Intensify

U.S. equities posted the steepest single-day loss in a month. S&P 500 dropped 0.92% to 6,672, the Dow fell 557 points (-1.18%), and the Nasdaq slid 0.85% to 22,708. Both S&P and Nasdaq broke below their 50-day moving averages, signaling an erosion in momentum and a potential shift in trend.
Breadth sharply deteriorated: only 38.7% of S&P 500 constituents advanced. Decliners outpaced advancers by a 1.7-to-1 margin, confirming risk-off sentiment and a rotation away from high-beta and growth-at-any-price factors.
The CBOE Volatility Index (VIX) elevated, closing near 19.8, up 38% year-on-year and reaching its highest level in over a month.
Treasury yields continued to soften, with the U.S. 10-year yield at 4.13%, as defensive repositioning and macro uncertainty grow before a data-heavy week.
Rate cut expectations for December collapsed to ~43–45%, with sharp splits inside the Fed. Dovish commentary (Waller) clashed with hawkish rhetoric (Powell). Markets are now bracing for binary outcomes into year-end.

Macro & Policy Data Points

The dollar firmed to DXY 99.36 as safe-haven demand increased and as Fed cut probabilities faded. Stronger dollar weighed on commodities.
Gold fell 1.3% to $4,031/oz, extending November’s drop to nearly 7.5% amid macro defensiveness and higher real yields.
Markets are digesting a flood of delayed economic reports this week, including September payrolls (Thursday), FOMC minutes (Wednesday), and preliminary November PMI (Friday).
Key risk into December: A Fed hold could drive additional defensive flows and a 5–10% S&P 500 correction; a dovish pivot could reverse risk-off trade.

Sector & Factor Rotation

Technology stocks attempted a modest rally but faded late. Investors are laser-focused on Nvidia’s earnings (Wednesday after close) with options markets pricing-in a 7–8% move.
Defensive sectors (healthcare, utilities, staples) outperformed growth and high-momentum themes, a dynamic typically seen near market inflection points.
Small and mid-cap indices (e.g., Russell 2000) modestly outperformed large caps on a relative basis, but underlying fundamentals remain challenged for speculative areas.
Energy finished as Monday’s outperformer in the S&P, while Financials and high-multiple tech lagged.

Nuclear & Uranium Industry Recap

Nuclear sector stocks endured corrective volatility after a massive run-up in October. The Nuclear Energy Index fell 1.1% and is down more than 20% from its recent high, but still up over 46% Y/Y.
Spot uranium stabilized near $77.20/lb after a brief dip, with long-term contract prices now at 2025 highs near $80–85/lb. Market fundamentals remain tight, with global demand projected to grow at a 4.9% CAGR through 2032.
Oklo (OKLO): Closed just above $96 after a month-long 40% pullback from the $190s. Despite the pullback, one-year TSR still exceeds 370%. 12.6x price/book remains elevated versus industry.
ASP Isotopes (ASPI): Gained 1.4% to $8.11. Market awaits Nov 21 update call covering milestones in isotope production and quantum enrichment.
Nano Nuclear Energy (NNE): Opened at $32.76. Insider award activity highlights executive confidence, but analyst opinions remain sharply split (“Buy” $50 PT vs. “Sell (D-)”).
Long-term secular thesis for advanced nuclear and uranium supply chains remains structurally positive despite near-term volatility.

Technology & Cryptocurrency Watch

Nvidia (NVDA) fell 1.8% as it gears up for the week’s most pivotal earnings call, consensus expects $1.25 EPS and $54.8B revenue, up 56% Y/Y. CEO Jensen Huang’s latest commentary pegs 2025–26 visibility at $500B in confirmed opportunities, raising the stakes for both guidance and stock direction.
Semis and AI peers traded in sympathy with NVDA, reflecting high sector sensitivity to any post-earnings volatility.
Bitcoin plunged below $95,000, hitting new multi-month lows as ETF outflows accelerate and sentiment flips risk-off. A technical “death cross” has formed, highlighting downside momentum but past patterns suggest this may also mark a short-term bottom.

China & Global Macro

China’s macro data continues to disappoint: October industrial and retail growth missed forecasts, while fixed-asset investment contracted at a record pace. Q4 stimulus prospects look limited, capping global risk appetite.
South Korea’s KOSPI bucked the trend on semiconductor tailwinds, but EM risk remains bid-only for now.

Strategic Positioning

Deteriorating breadth, technical breaks, and a looming Fed decision reinforce a more defensive stance. The best-in-class nuclear/uranium names (OKLO, GEV, CEG) now offer compelling entry points for longer-term positioning but expect high volatility until macro signals stabilize.
S&P 500 faces a binary setup into December, clear catalyst risk around Fed and tech earnings. Stay nimble: excess defensiveness may be penalized in a sudden policy pivot, while further disappointment in jobs or earnings could drive accelerated corrections across risk assets.

Prepared for: SEQH Capital Partners Research