Stock prices pushed higher last week, notching multiple records along the way as employment and inflation data took center stage in anticipation of the Fed’s upcoming meeting.

The Standard & Poor’s 500 Index rose 0.31 percent, while the Nasdaq Composite Index picked up 0.91 percent. The Dow Jones Industrial Average gained 0.50 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, added 0.72 percent.^1,2

Fed in Spotlight

Stocks fell to start the week as all three averages snapped a five-day win streak.³

Megacap tech stocks then led a recovery rally, which continued its momentum midweek as ADP's November report showed a decline in private-sector payrolls. Investors welcomed the report, believing it might prompt an interest rate adjustment at the Fed’s upcoming meeting. All three major averages posted modest gains over both Tuesday and Wednesday.^4,5

Stocks then largely went sideways, with small gains for the S&P and Nasdaq while the Dow fell slightly. Meanwhile, the Russell 2000, which measures the performance of small-cap stocks, has cracked a fresh record high.⁶

Markets rallied on Friday after a delayed inflation report showed that prices rose at a slightly slower annualized rate in September. The S&P closed out a four-day winning streak.⁷

Economy Watch

The Fed’s preferred measure of inflation stayed cool. The Personal Consumption Expenditures (PCE) Price Index rose 2.8 percent in September from a year prior, cooler than the 2.9 percent expected. The annualized core inflation rate of 2.8 percent also came in just under expectations.⁸

The ADP private-sector jobs showed employers cut 32,000 jobs in November. Two things to remember: (1) this report is only based on the first two weeks of November, and (2) small business payrolls declined by 120,000, while employers with 50 or more workers added 90,000 jobs.^9,10

An optimistic inflation report but a sluggish jobs update added to growing speculation that the Fed will adjust rates at its next (and last) meeting of the year.¹¹

This Week: Key Economic Data
Tuesday: NFIB Small Business Optimism Index. Job Openings (Oct.)* Federal Open Market Committee meeting, Day 1.

Wednesday: Employment Cost Index (Q3).* Federal Budget. Federal Open Market Committee meeting, Day 2. Fed Interest Rate Decision. Fed Chair Press Conference. Federal Open Market Committee meeting, Day 2. Fed Interest Rate Decision. Fed Chair Press Conference. 

Thursday: Weekly Jobless Claims.

^{* indicates publication of a report that had been delayed by the government shutdown}

^{Source: Investors Business Daily - Econoday economic calendar; December 5, 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: AutoZone, Inc. (AZO)

Wednesday: Oracle Corporation (ORCL), Adobe Inc. (ADBE), Synopsis, Inc. (SNPS)

Thursday: Broadcom Inc. (AVGO), Costco Wholesale Corporation (COST)

^{Source: Zacks, December 5, 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.}

“There's great value in being able to step back and laugh at yourself, at life and at attitudes. Laughter helps you put everything into perspective." 

– Jim Henson

5 Things You Can Find on IRS.gov

The IRS website offers a wealth of information beyond just tax filing information. Here are some things you can find on the site that might help you as a taxpayer:

1. The Taxpayer Bill of Rights - This set of fundamental rights tells you what to expect when dealing with the IRS.
2. Resources on how to apply for 501(c)(3) status - There are webinars and resources to help organizations apply for and maintain their tax-exempt status.
3. Information on IRS tax volunteer opportunities - Learn how to give back and help people file their taxes
4. Information on the latest tax scams - Know what to look out for and how to stay safe
5. The Interactive Tax Assistant - Get personalized answers to your tax questions

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.gov¹²

Rainwater Collecting

Collecting rainwater is a great way to conserve water, decrease water bills, lower demand for freshwater resources, slow erosion in dry environments, and reduce flooding. 

One way is to collect the runoff from your gutter in a bucket or container. You can then use that water for gardening, watering indoor plants, filling the toilet tanks, washing your car, or storing it as emergency water in the case of a fire. While rainwater collection is legal in all 50 states, be aware that some states have restrictions on collecting and using it, so check them before you begin!

Tip adapted from Treehugger.com¹³

What 2 common English-language words both contain 2 Cs in a row, 2 Ss in a row and two Ls in a row?

Last Week's Riddle: What word measures weight and turns negative if spelled backwards?

Answer: Ton.

Kangaamiut, (formerly Gammel Sukkertoppen), Greenland

Central-western Greenland

Stocks pushed higher over the holiday week as investors' hopes for a Fed rate adjustment drove bullish sentiment.

The Standard & Poor’s 500 Index rose 3.73 percent, while the Nasdaq Composite Index rallied 4.91 percent. The Dow Jones Industrial Average advanced 3.18 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, increased 3.15 percent.^1,2

AI Powered

A rebound rally began on Monday as the artificial intelligence (AI) business strategy of one of the largest megacap tech stocks reignited positive sentiment in the AI trade. The enthusiasm broadened out to a number of AI-related names, lifting the S&P 500 by 1.5 percent and the Nasdaq by 2.7 percent—its biggest one-day gain in more than six months.³

Stocks rose again on Tuesday and Wednesday—the third and fourth consecutive trading days of gains, respectively, for all three major averages.

Overall bullish holiday sentiment, positive news on a handful of AI-related megacap tech names, and continued investor optimism for the Fed to adjust rates at its next meeting powered the advances.

Markets continued their rise after the Thanksgiving holiday, with stocks rounding out the shortened trading session with a fifth consecutive day of gains.^4,5

Keeping Score on the Consumer

As we move full steam ahead into the holiday shopping season, investors are closely watching consumer data.

The fresh consumer spending data released last week was the first update. The delayed report showed the pace of retail sales in September cooled slightly over the prior month, just shy of expectations.

Next up was the Conference Board’s November survey, which showed that consumer confidence dropped to 88.7 from 99.5 in October.⁶

Investors may be anxiously awaiting the October retail sales report and closely monitoring other consumer data points for clues about the future direction of the economy.

This Week: Key Economic Data
Monday: PMI Manufacturing Index. ISM Manufacturing.

Tuesday: Auto Sales.

Wednesday: ADP Employment Report. Import Prices (Sept.)* PMI Services Index. ISM Services.

Thursday: Weekly Jobless Claims. Trade Deficit (Oct.)

Friday: Personal Consumption Expenditures (PCE) Price Index (Sept.)*

^{* indicates publication of a report that had been delayed by the government shutdown}

^{Source: Investors Business Daily - Econoday economic calendar; November 28, 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: CrowdStrike (CRWD), Marvell Technology, Inc. (MRVL)

Wednesday: Salesforce Inc. (CRM), Snowflake Inc. (SNOW)

Thursday: The Kroger Co. (KR)

^{Source: Zacks, November 28, 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.}

“He who is not courageous enough to take risks will accomplish nothing in life." 

– Muhammad Ali

Be Vigilant & Protect Yourself From Texting Scams

Unfortunately, instances of IRS-themed text scams are on the rise, and these scam attempts could put your sensitive tax data at risk. Most of these scam messages look like they’re coming from the IRS and have fake messages to lure you into providing personal information. They may also ask for your information to help you set up an IRS account online. 

Be aware of these scams to protect yourself and your data. Remember, the IRS does not send emails or texts asking for personal or financial information. If you receive a text like this, report it to the IRS by emailing [email protected].

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.gov⁷

This Virtual Experience Lets You Take a Vacation Without Leaving Home

Google Arts & Culture allows you to do many things, including exploring lands near and far without leaving your house. 

The platform is constantly growing, but some of the most popular activities include hiking Machu Picchu, taking a virtual tour of the Louvre, traveling through time, or viewing hundreds of photos from almost any location worldwide. Learn more about famous works of art and experience them with augmented reality. Art Projector even lets you see how artworks look in actual size right before you. See what the Mona Lisa looks like in your living room!

The experience works on your computer, but you can also download the app to experience Google Arts & Culture on the move.

Tip adapted from Google Arts & Culture⁸

What word measures weight and turns negative if spelled backwards?

Last Week's Riddle: 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?

Answer: Pumpkins. Christine only likes fruits and vegetables that grow on vines.

Iguazu falls

Iguazú, Argentina