US Stock Market Performance Analysis (Thanksgiving 2024-2025)

On November 29, 2025, Seeking Alpha published an article highlighting the US stock market’s double-digit total returns since the previous Thanksgiving (November 2024). Key points included:

• Tech-heavy indices (Nasdaq 100, S&P 500 Growth) led with gains exceeding 20%.
• Mid-cap and small-cap segments remained flat or down.
• The market weathered volatility including an April 2025 “tariff crash.” [0]

: Seeking Alpha Article: Investors Thankful For… [0]

Tech sectors dominated returns:

• Nasdaq Composite (+22.07%) and Nasdaq 100 (+21.59%) outperformed broader indices like the S&P 500 (+14.30%) and Dow Jones (+7.50%). [1]
  This reflects sustained investor confidence in tech growth narratives (e.g., AI, cloud computing).

The April 2025 tariff crash had a muted impact on tech:

• Dow Jones fell 2.89% (most affected), while the Nasdaq Composite rose 1.31%—indicating tech’s relative immunity to trade headwinds. [2]

On November 28, 2025:

• Energy (+1.13%) emerged as the top performer, followed by Consumer Defensive (+0.89%).
• Tech still posted gains (+0.53%), suggesting ongoing but moderated momentum. [3]

Metric	Value	Source
Nasdaq Composite 1-Year Return	+22.07%	[1]
Nasdaq 100 1-Year Return	+21.59%	[1]
Dow Jones April 2025 Return	-2.89%	[2]
Energy Sector Nov 28 Return	+1.13%	[3]
Tech Sector Nov 28 Return	+0.53%	[3]

• Tech ETFs
  : Invesco QQQ Trust (QQQ), iShares S&P500 Growth ETF (IVW) (top performers per article). [0]
• Mid/Small-Cap ETFs
  : iShares Core S&P Mid-Cap ETF (IJH), iShares Russell 2000 ETF (IWM) (lagging per article). [0]
• Sectors
  : Technology (long-term leader), Energy (recent top performer), Mid/Small Caps (underperformers).

1. April Tariff Details
   : Specific tariffs imposed (countries, industries) to assess future geopolitical risks.
2. Mid/Small-Cap Data
   : Performance of Russell 2000/Russell Midcap indices to confirm flat/down returns.
3. Fund Flow Insights
   : Whether investors are rotating from tech to energy/defensive sectors.

• Tech Allocation
  : Justified but avoid overconcentration—tech’s 20%+ gains may not be sustainable indefinitely.
• Energy Rotation
  : Recent strength could signal short-term commodity price movements or a longer-term shift—monitor for durability.

• Overconcentration Risk
  : “Users should be aware that overexposure to tech sectors may significantly impact portfolio performance if the sector corrects.”
• Geopolitical Risk
  : “The April tariff crash raises concerns about trade tensions that warrant careful consideration for blue-chip investments.”
• Mid/Small-Cap Lag
  : “This trend suggests domestic economic sensitivity that could spill over to broader markets.”

1. Tariff policy updates (U.S. trade relations with China/EU).
2. Mid/small-cap index recovery signs.
3. Tech earnings reports (to sustain growth narratives).
4. Energy commodity prices (to validate sector rotation).

[0] Seeking Alpha Article: Investors Thankful For…
[1] Market Indices Data (2024-11-23 to 2025-11-28)
[2] Market Indices Data (April 2025)
[3] Sector Performance Data (Nov 28,2025)

Disclaimer

: This analysis is for informational purposes only and does not constitute investment advice. Always conduct your own research before making investment decisions.

Date

: November 29, 2025

Analyst

: Financial Market Analyst

Compliance Note

: Not investment advice—for decision-making context only.

: This analysis provides information gathering and market context to support decision-making. It is NOT investment advice, trading recommendations, or financial guidance. The goal is to present factual information, market context, and risk identification to help users make informed decisions.