November Market Volatility: What’s Moving the Markets?

Rick Wedell

November 25, 2025

In this week’s Market Commentary, Rick Wedel, CIO of RFG Advisory, breaks down what’s behind the market pullback we’ve seen throughout November. While the S&P 500 remains up double digits year-to-date, recent volatility has pushed equities, bonds, and even Bitcoin lower.

Here’s what Rick unpacks:

• Equity performance: S&P 500 is up just over 13% YTD but down ~3.5% since late October.
• Small & mid-caps lagging: Russell 2000 is up 7% YTD but off ~5.5% from the highs.
• International markets softer: ACWI ex-US is up for the year but down ~4% in recent weeks.
• Bonds under pressure: The Barclays Aggregate is up ~3.8% YTD (about 6% with dividends) but has slipped as rate expectations shift.
• Bitcoin volatility: Down 8.3% YTD and off more than 30% since October—highlighting why diversification matters.

Rick explains the two forces currently driving the market:

• Interest rate uncertainty: Mixed Fed commentary and stronger-than-expected job creation are reshaping expectations for future rate cuts.
• Valuation concerns: With earnings and revenues beating expectations, the recent “bubble” discussion is more about valuation than fundamentals—and valuation-driven pullbacks tend to self-correct.

👉 Watch the full commentary here.

If you have any questions or would like to discuss how these developments fit into your financial plan, I’m always here to connect.

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Content here is for illustrative purposes and general information only. It is not legal, tax, or individualized financial advice; nor is it a recommendation to buy, sell, or hold any specific security, or engage in any specific trading strategy. Results will vary. Past performance is no indication of future results or success. Market conditions change continuously.

Information here is provided, in part, by third-party sources. These sources are generally deemed to be reliable; however, RFG Advisory does not guarantee the accuracy of third-party sources.

The views expressed here are those of Rick Wedell and RFG Advisory, LLC management. They do not necessarily represent those of RFG Advisory’s employees or clients. This commentary should not be regarded as a description of advisory services provided by RFG Advisory, or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice.

This commentary reflects the personal opinions, viewpoints and analyses of RFG Advisory, LLC employees and should not be regarded as a description of advisory services provided by RFG Advisory, LLC or performance returns of any client. The views reflected in the commentary are subject to change at any time without notice. Nothing herein constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. RFG Advisory, LLC manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

All investing involves risk, including loss of principal. There is no guarantee the investment process will lead to profits. Past performance of any security or strategy is no guarantee or indication of future results or performance. Market conditions change continuously.