Good morning investors! November is proving to be a bad month with fear ruling the market.
Today we cover:
What to expect this week
November been bad
Microsoft in trouble?
📊 Economy and News
What to expect this week
This is going to be a short week but expect fireworks. Here’s what to keep an eye on:
Monday, Nov 24
Earnings: Zoom (ZM), Agilent (A), Keysight (KEYS), Symbotic (SYM)
Tuesday, Nov 25 (busiest day)
Data: Sept Retail Sales, Sept PPI, Aug Business Inventories, Sept Home Prices, Nov Consumer Confidence, Oct Pending Home Sales
Earnings: Alibaba (BABA), Dell (DELL), HP (HPQ), Autodesk (ADSK), Workday (WDAY), Analog Devices (ADI), NetApp (NTAP), Zscaler (ZS), NIO
Wednesday, Nov 26
Data: Weekly Jobless Claims, Sept Durable Goods, Fed Beige Book, Chicago PMI
Earnings: Deere & Co. (DE), Li Auto (LI)
Thursday, Nov 27
Thanksgiving – U.S. markets closed
Friday, Nov 28
Black Friday
Early close: Stocks 1:00 p.m. ET, Bonds 2:00 p.m. ET
Light/no major data
Delayed reports still pending (likely pushed post-Thanksgiving): Q3 GDP (2nd), Oct PCE, Oct trade/inventories – adds uncertainty for the Fed’s Dec 10 decision.
Global hits:
UK set for third-largest tax-raising Budget since WWII.
No more Fed cuts under Powell, says BofA.
India's economic activity slowed in November, weighing on job creation.
Good to know: The average American now holds onto their smartphone for 29 months, and that cycle is getting longer. The average was around 22 months in 2016.
Reminder: US hiring has slowed sharply this year, yet worker productivity remains high and GDP growth stays robust. This unusual mix of a strong economy and weakening labor market is puzzling the Federal Reserve, making it harder to decide whether to cool or stimulate the economy.
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📈 Stocks
S&P 500 6,602.99 (+0.98%)
DJIA 46,245.41 (+1.08%)
NASDAQ 22,273.08 (+0.88%)
BRENT CRUDE .162.43 (-1.32%)
* Prices as of Nov 23rd, 12:20 AM UTC
Stocks: Worst November performance since 2008
The S&P 500 has fallen 4.4% so far in November 2025, putting it on track for its weakest November performance since 2008 (-7.48%) when the global financial crisis hit. The tech-heavy Nasdaq is down 7%, and the Dow Jones has dropped 4%.
Key drivers:
Intense selling in AI-related stocks despite Nvidia posting strong Q3 results and guidance.
Nvidia shares down 11% this month (to ~$174), its worst monthly drop since March 2025.
Other chip giants hit hard: AMD -20%, Oracle -23%, TSMC and ASML also sharply lower.
Broader AI stocks and investors like SoftBank (-36% from peak) under heavy pressure.
Bubble fears resurface Analysts and CEOs (including Goldman Sachs’ David Solomon, JPMorgan’s Jamie Dimon, and BoE Governor Andrew Bailey) warn of a possible “dot-com-style” AI bubble, with valuations racing ahead of actual earnings delivery.
Fed rate-cut hopes fade A surprisingly strong (delayed) September jobs report (+119K vs ~50K expected) and rising unemployment to 4.4% have slashed December rate-cut odds to below 40%, hurting high-valuation tech stocks further.
The sell-off has spread globally, with major Asian tech benchmarks down over 8% in November. If losses hold, this will mark the worst monthly performance for U.S. indexes since April 2025.
Surprising: Amazon cut more than 1,800 engineers in record layoffs, despite saying it needs to innovate faster. Also, Eli Lilly hits $1 trillion market value, a first for a health-care company.
Microsoft’s Copilot Faces Slow Enterprise Adoption
Despite Microsoft’s dominance in enterprise software and CEO Satya Nadella’s claims of over 150 million Copilot users, many companies are resisting broad rollouts of Microsoft 365 Copilot.
At the recent Ignite conference, IT buyers and consultants said the $30-per-user monthly add-on often fails to deliver clear value, with some clients slashing licenses or even shifting email to Google to use Gemini instead.
Facing stiff competition from Google, OpenAI, Anthropic, and others, Microsoft’s sales teams now have to actively sell rather than rely on their traditional lock-in advantage.
While discounts are fading and a cheaper $21 small-business tier is coming, full adoption remains elusive as enterprises demand proven ROI before committing widely. Success stories like Land O’Lakes and Pearson exist, but for most, Copilot is still a tough sell.
💵 Personal Finance
Fastest States to Save a 10% Home Down Payment: Iowa Tops the List at Under 9 Years
Saving for a home down payment can feel like a marathon, especially in high-cost areas where it might stretch into decades. A recent study crunches the numbers for all 50 states, calculating how long it would take the typical household to stash away 10% of a home's value.
The analysis factors in median household incomes, home prices, tax burdens, and essential living expenses, assuming savers tuck away 10% of their discretionary income annually—a realistic "fractional saving" approach rather than scraping every penny.
Nationally, the average wait is 14.4 years, but some states make it far quicker thanks to affordable housing. Iowa leads the pack, where households could hit the target in just 8.7 years. At the other end, California buyers face a daunting 25.1-year timeline. Experts like Dayna Edens from ConsumerAffairs note that 10% is a practical goal for first-timers, avoiding the steeper 20% benchmark that can sideline many.
The secret sauce? Lower home prices drive most of these wins, not sky-high salaries.
Nine of the top 10 states have median home values below the U.S. average of $410,800 (per Census data), while incomes hover around the national median of $83,730. High earners in pricey spots like California or Hawaii often see gains eroded by steep living costs.
Here's the top 10 breakdown:
Rank | State | Time to Save (Years) | Median Household Income | Median Home Price |
|---|---|---|---|---|
1 | Iowa | 8.7 | $75,501 | $247,400 |
2 | Ohio | 9.9 | $72,212 | $261,700 |
3 | Texas | 10.3 | $79,721 | $339,400 |
4 | Maryland | 10.3 | $102,905 | $439,300 |
5 | North Dakota | 10.6 | $77,871 | $298,200 |
6 | Kansas | 10.6 | $75,514 | $292,600 |
7 | Oklahoma | 10.7 | $66,148 | $252,900 |
8 | Illinois | 10.7 | $83,211 | $303,300 |
9 | Alaska | 10.9 | $95,665 | $402,800 |
10 | Indiana | 11.0 | $71,959 | $276,000 |
Taxes and basics like food and utilities play a role too, varying by up to $15,000 in taxes and $10,000+ in necessities across states. For aspiring buyers, scouting these budget-friendly markets could shave years off the journey to homeownership.
💰 Be a Better Investor
"If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed."
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