Post-Market Recap - November 21, 2025

U.S. equities closed higher on Friday, with small-caps leading the charge as the Russell 2000 surged 2.72% amid growing expectations of a December Fed rate cut. The S&P 500 (+0.73%) and Dow Jones (+0.95%) also posted gains, while Healthcare emerged as the top-performing sector (+1.73%). Key drivers included NY Fed President John Williams’ remarks hinting at potential rate reductions and broad-based rotation into riskier assets.

All major U.S. indices closed in positive territory, with small-caps outperforming large-caps significantly:

• Russell 2000: +2.72% to 2,369.59 (session high: 2,383.55)
• Dow Jones Industrial Average: +0.95% to 46,245.42
• S&P 500: +0.73% to 6,603.80 (session high: 6,660.05)
• NASDAQ Composite: +0.50% to 22,273.08

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Healthcare led gains across all sectors, while Utilities was the only sector to decline:

• Top: Healthcare (+1.73%), Industrials (+1.52%), Basic Materials (+1.39%)
• Bottom: Utilities (-0.88%), Real Estate (+0.07%), Technology (+0.15%)

[1]

1. Fed Rate Cut Expectations
   : NY Fed President John Williams stated there is “room to lower interest rates again in the near term,” boosting market hopes for a December rate cut. Futures markets increased the probability of a cut from 35% to 60-70% following his comments. [2]
2. Small-Cap Rotation
   : The Russell 2000’s 2.72% surge signals investor confidence in smaller companies, likely driven by expectations of lower borrowing costs and economic growth. [0]
3. Healthcare Strength
   : The sector’s outperformance may reflect defensive positioning amid rate uncertainty, though no major earnings or regulatory news drove the move on Friday. [1]

• Russell 2000: +2.72% (best daily performance in 3 weeks) [0]

• Genius Group Limited (GNS): +50.66% (no immediate news; likely retail investor interest)
• Repare Therapeutics (RPTX): +30.32% (unconfirmed pipeline update rumors)
• Clearwater Analytics (CWAN): +19.43% (strong quarterly results)

• Sonder Holdings (SOND): -45.59% (missed Q3 earnings estimates)
• Taitron Components (TAIT): -43.81% (downgraded by analysts to “Sell”)
• GT Biopharma (GTBP): -26.85% (failed clinical trial update)

[4]

• Fed Meeting
  : The December 9-10 FOMC meeting will be the key focus, with markets pricing in a 60% chance of a 25bps rate cut. [2]
• Earnings
  : Dell Technologies (DELL) is scheduled to report next week, with investors watching for updates on AI infrastructure demand. [2]

• S&P 500: Resistance at 6,660 (session high) and support at 6,522 (session low). A break above 6,660 could signal a new all-time high. [0]

• Geopolitical tensions: Concerns over the U.S. peace plan for Ukraine (perceived as “capitulation” by some Ukrainians) may weigh on sentiment. [2]
• Rate cut disappointment: If the Fed holds rates steady in December, equities could face a pullback.

This analysis is for informational purposes only and does not constitute investment advice.
All data as of November 21, 2025, 4:30 PM ET.
Sources: Internal tools, Bloomberg, Benzinga, Stock Analysis.