Heightened volatility was on Wall Street’s mind last week, as investors continued to focus on valuations of artificial intelligence (AI) stocks.

The Standard & Poor’s 500 Index fell 1.95 percent, while the Nasdaq Composite Index declined 2.74 percent. The Dow Jones Industrial Average slid 1.91 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, slumped 3.25 percent.^1,2

AI Valuation Worries 

Stocks slid over the first half of the week as anticipation continued to build for Q3 results from one of the largest AI megacap tech stocks, due out midweek.

While the decline was led by megacap tech stocks, which typically drag down both the Nasdaq and S&P 500, the Dow Industrials also fell. With the government still playing catch-up on a backlog of economic reports following the shutdown, investors kept a close eye on big consumer-related stocks for insights into the economy.³

Then midweek, all three major averages rebounded, with the S&P snapping a four-day losing streak. Sentiment improved as investors turned more positive about another AI firm’s quarterly report due out after Wednesday’s closing bell.⁴

That firm’s results helped boost stocks after the opening bell on Thursday, but prices retreated quickly as investor anxiety built over whether the Fed would adjust rates next month. The Fed’s October meeting minutes revealed divisions among the Committee's voting members. Additionally, the Labor Department's September jobs report painted a mixed employment picture, which might complicate the Fed's decision.⁵

Stocks rebounded on Friday after New York Fed President John Williams seemed to reassure investors that a rate adjustment at the Fed's December meeting was still a possibility. The bounce was jagged, as the rebound had to battle through disappointing economic data on consumer sentiment and manufacturing activity.⁶

More Jobs, but Higher Jobless Rate

The delayed September jobs report came out last week, and showed employers added 119,000 jobs—the strongest monthly gain since April and a rebound from August’s loss of 4,000 jobs (which was later revised to a 22,000 gain). The jobs report was among the first post-shutdown reports to be published by the Labor Department.

The unemployment rate in September rose to 4.4 percent, higher than the 4.3 percent economists expected. It was the highest number in four years.

This was the Labor Department’s last monthly employment report before the Federal Reserve’s next meeting on December 9-10.⁷

This Week: Key Economic Data
Tuesday: Retail Sales (Sept). Case-Shiller Home Price Index (Sept). Business Inventories (Sept). Consumer Confidence. Pending Home Sales.

Wednesday: Weekly Jobless Claims. Durable Goods Orders (Sept).

Thursday: THANKSGIVING HOLIDAY—MARKETS CLOSED

Friday: Chicago Business Barometer.

^{Source: Investors Business Daily - Econoday economic calendar; November 21, 2025. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.}

This Week: Companies Reporting Earnings

Monday: Agilent Technologies (A)

Tuesday: Analog Devices, Inc. (ADI), Dell Technologies Inc. (DELL), Autodesk, Inc. (ADSK), Workday, Inc. (WDAY)

Wednesday: Deere & Company (DE)

^{Source: Zacks, November 21, 2025. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.}

“Your time is limited, so don't waste it living someone else's life." 

– Steve Jobs

Outstanding Tax Bill? Consider an Offer in Compromise

An Offer in Compromise is a federal tax program that allows taxpayers to enter into an agreement with the IRS to settle their tax debt for less than the amount they owe. This agreement is an option when taxpayers can't pay their full tax liabilities or when paying the entire balance owed would cause financial hardship. The goal is a compromise that suits the best interests of both parties. 

The IRS considers various circumstances when reviewing OIC applications, including the applicant’s:

• Income
• Expenses
• Asset equity

There is also an application to apply for an OIC. Taxpayers who meet the definition of a low-income taxpayer don't have to pay this fee.

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional. 

Tip adapted from IRS.gov⁸

It's All in a Walk: 3 Tips for Integrating Walking Into Your Day

Getting more movement is always a good idea, but finding the time to fit a walk into your day can be hard. These tips will make it easier to get up and get moving:

• Keep a pair of sneakers in your car to walk whenever you have a few extra minutes! This could be during your lunch break at work, if you’re early for a doctor’s appointment, or while you’re waiting to pick up the kids from school.
• Walk when you might otherwise sit. We’re always waiting for something, so walk around instead of sitting while you wait! It’s okay if you can’t go far; at least you’re getting your steps in.
• Have multiple routes, so you don’t get bored walking the same route daily.
• Invite friends for a walk instead of getting coffee or lunch.

Tip adapted from Help Guide⁹

Christine likes grapes but not potatoes. She likes squash but not lettuce, and peas but not onions. Following the same rule, will she like pumpkins or apples?

Last Week's Riddle: Glittering points that downward thrust. Sparkling spears that cannot rust. What are they?

Answer: Icicles.

Eurasian Lynx

Bavaria, Germany

Stocks ended mixed after a nail-biting week for investors, who grew anxious over megacap tech valuations and interest rates as the government shutdown came to an end.

The Standard & Poor’s 500 Index edged up 0.08 percent, while the Nasdaq Composite Index slipped 0.45 percent. The Dow Jones Industrial Average rose 0.34 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, advanced 1.63 percent.^1,2

Rotating into Value

The week began with stocks rising, fueled by hopes that the longest-ever government shutdown could soon end as a federal funding bill moved closer to Congressional approval. Building on these early gains, the Nasdaq advanced more than 2 percent and the S&P 500 added 1½ percent.³

Stocks rose at the opening bell on Tuesday following news that the Senate had passed a bill to end the shutdown, but sentiment quickly turned as tech stocks pulled down the Nasdaq and S&P. Meanwhile, the Dow rose modestly. However, by midday, sentiment shifted positively, and the Dow and S&P 500 closed in the green.⁴

Midweek, growing conviction that the government would reopen continued to push the Dow Industrials higher. As a result, the Dow achieved its first record close above 48,000, with the S&P remaining flat and the Nasdaq slipping. Once the government reopened Thursday morning, attention quickly turned to tech valuations and an earnings miss from a large entertainment conglomerate. This shift also prompted investors to worry whether the Fed would adjust interest rates next month. Despite a brief dip as the week concluded, markets stabilized, with the Nasdaq and S&P recovering near the flatline, while the Dow lagged slightly.^5,6,7

Restarting the Data Engine

It takes time to get a tanker ship up and running again after a full stop. That’s what the Bureau of Labor Statistics (BLS) is doing now, as the government stats engine resumes.

Using the last government shutdown (in 2013) as a baseline, about half of the BLS reports that have not yet been published could be ready by the Federal Reserve’s next meeting on December 9-10. The remainder of the backlogged reports (including October reports) are estimated to be published on a rolling basis through mid-January.⁸

This Week: Key Economic Data
Monday: Fed officials Philip Jefferson, Neel Kashkari, and Christopher Waller speak.

Tuesday: Import Prices (October). Industrial Production (October). Capacity Utilization (October). Home Builder Confidence Index. Fed governor Michael Barr speaks.

Wednesday: Housing Starts (October). Building Permits (October). Federal Open Market Committee (FOMC) Minutes, October meeting.

Thursday: Weekly Jobless Claims. Existing Home Sales (October). Leading Economic Indicators (October). Fed governor Lisa Cook and Fed Presidents Austan Goolsbee (Chicago) and Anna Paulson (Philadelphia) speak.

Friday: Fed governor Michael Barr, Fed Vice Chair Philip Jefferson, and Dallas Fed President Lorie Logan speak. Purchasing Managers Index (PMI) Survey—Services. Purchasing Managers Index (PMI) Survey—Manufacturing. Consumer Sentiment.

^{Source: Investors Business Daily - Econoday economic calendar; November 14, 2025. The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.}

This Week: Companies Reporting Earnings

Tuesday: The Home Depot, Inc. (HD)

Wednesday: NVIDIA Corporation (NVDA), The TJX Companies, Inc. (TJX), Palo Alto Networks, Inc. (PANW), Lowe’s Companies, Inc. (LOW)

Thursday: Walmart Inc. (WMT), Intuit Inc. (INTU), NetEase, Inc. (NTES)

^{Source: Zacks, November 14, 2025. Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.}

“Collecting more data often helps, but if you try to collect more data for everything, that can be a very expensive activity." 

– Andrew Ng

You Have the Right to Retain Representation When Working with the IRS

As part of the Taxpayer Bill of Rights, you have the right to retain an authorized representative to represent you when dealing with the IRS. If you can’t afford representation, seek help from a Low Income Taxpayer Clinic (LITC).

An authorized representative can represent you in interviews, audits, appeals, and tax collection disputes with the IRS and in court. Authorized representatives include attorneys, CPAs, enrolled agents, enrolled actuaries, or any other person who has submitted a written power of attorney to represent you. 

This information is not a substitute for individualized tax advice. Please discuss your specific tax issues with a qualified tax professional. 

Tip adapted from IRS.gov⁹

Strength Training for Any Age

Strength training benefits people of all ages, from children to older adults. According to the CDC, strength training at least twice per week can help you with the following:

• Build strength
• Maintain bone density
• Improve your balance, coordination, and mobility
• Reduce your risk of falling
• Maintain independence in performing daily activities

The best part is that starting is easy, and you don’t need a complex routine to enjoy these benefits. Some people begin with bodyweight exercises, such as pushups, sit-ups, and squats, to get a feel for these movements. 

You can incorporate weights into your routine once you feel comfortable with bodyweight exercises. Focus on functional movements, which are the everyday movements you perform. Practical strength training will make things like taking the stairs, carrying groceries, or doing chores easier. 

Always talk to your doctor before starting a new strength training routine.

Tip adapted from CDC.gov¹⁰

Glittering points that downward thrust. Sparkling spears that cannot rust. What are they?

Last Week's Riddle: What is located in the middle of nowhere?

Answer: The letter "H."

Amalfi Coast, Salerno, Italy