🚀 Big Tech Is Carrying the Entire Stock Market — Literally
Alphabet ($GOOGL) has been the single biggest driver of the S&P 500 this year… accounting for 19.4% of the index’s entire YTD gain. That’s what happens when you add $1.3 trillion in market cap in 11 months. Right behind it? Nvidia ($NVDA): +16.0% contribution (+$1.05T) Broadcom ($AVGO): +$520B Microsoft ($MSFT): +$380B Together with the rest of the mega-cap giants, the top 10 stocks now make up 59.4% of the S&P 500’s total gain this year. Which means the other 490 companies combined contributed just 40.6%. Source: The Kobeissi Letter, econovisuals
Late November gonna late November?
Stocks bottomed on November 20 and have staged a pretty impressive three day rally. Exactly in line with normal seasonality... Source: Ryan Detrick, Carson
Gold loves rising Japanese rates.
This remains a massive driver of the shiny metal, despite few talking about it on a daily basis. Source: The Market Ear
88% chance Americans receive stimulus checks by next summer
Source: Kalshi
Shoppers are showing up for Black Friday–Cyber Monday, but with tighter wallets.
According to Deloitte’s 2025 Black Friday–Cyber Monday survey: 🛍 82% of consumers plan to shop during the week (up from 79% in 2024) 💰 Expected spend is down 4% to an average of $622 💳 64% plan to use credit cards or buy now, pay later (BNPL) options to stretch budgets Both lower- and higher-income households say they’ll cut back It’s also now a true hybrid event: Shoppers expect to split their time 60% online / 40% in store 72% of Gen Z plan to shop in store on Black Friday Gen Z now drives about $20 of every $100 in holiday spend (vs. $4 five years ago) source : Deloitte
It may be a short week, but Thanksgiving week has traditionally been good for equities.
source : bespoke
Big opportunities are often ignored by everyone Gemini
Source: Bourbon Capital @BourbonCap
There are 5 spot Crypto ETFs launching over next 6 days.
Nice chart showing what's launched and what's on deck from @JSeyff Source: Eric Balchunas @EricBalchunas, Bloomberg Intelligence
