U.S. stocks extended their post‑shutdown relief rally on Tuesday, November 25, 2025, with investors leaning into the idea that the Fed could start easing before the New Year. The S&P 500 climbed roughly .91% to finish near 6,765.88, the Dow Jones Industrial Average added about 1.43% to around 47,112.45, the Nasdaq gained close to 0.67% to approximately 23,025.59, and the small‑cap Russell 2000 surged nearly 2.14%, signaling a reawakening of risk appetite across the market
Economic Data and Policy
Macroeconomic releases showed an economy cooling just enough to keep central bankers comfortable, with manufacturing still in modest expansion and services activity firm. Consumer sentiment ticked up from preliminary levels but remained subdued versus last year, underscoring a Main Street mood that lags Wall Street’s optimism. In Washington, delayed October budget figures finally arrived, revealing a sharply wider deficit influenced by shutdown timing effects and record tariff revenues, while the funding extension pushed shutdown fears to the back burner.
Fed, Yields, and Tariffs
Fed commentary stayed in the spotlight as a key policymaker suggested there may be room for a near‑term adjustment toward neutral, which markets interpreted as a subtle nod toward rate cuts. Treasury yields drifted lower, with the 10‑year at 4% and the 2‑year easing to 3.465% leaving the curve still inverted but less menacing than in prior weeks. Tariff news remained more of a background risk than an immediate catalyst, though fresh data on elevated tariff receipts reminded investors that trade policy is still quietly reshaping the fiscal landscape.
Commodities and Crypto
In commodities, gold edged higher to $4,126.30/oz. as softer data and dovish policy expectations burnished its appeal, while silver digested recent gains closing higher at $51.75/oz. Oil prices were choppy and closed lower at $58.11/bbl. Bitcoin stayed volatile but elevated in the high‑$80,000s, with analysts split between the risk of a corrective slide toward the high‑$70,000s and the potential for another leg up once froth is worked off.
Mega‑Cap Tech and AI
Among the giants, Alphabet (GOOG) led a strong day for communication services with a gain north of 1.2%, while Eli Lilly (LLY, $1,109.94, +3.72%) helped put health care at the top of the sector leaderboard for November. NVIDIA reversed early losses, but still closed down 2.59% at $177.82 even after reports surfaced that it may be allowed to ship H200 chips into China, highlighting how closely AI hardware fortunes are tied to policy nuance, while Oracle sank nearly 6% during intraday trading and closed at $197.03, -1.62% as investors punished higher‑multiple enterprise names. Meta popped 3.78% higher to $636.22. Apple, Tesla, Taiwan Semiconductor, Broadcom, Intel, Palantir, Nokia, and other tech‑related names mostly traded with the broader risk‑on tone, with AI and data‑center stories still drawing flows even as some high fliers faced valuation fatigue.
Cyclicals, Housing, and M&A
On the domestic front, McDonald’s (MCD, $310.45, +1.82%) and other consumer bellwethers benefited from lower‑rate hopes despite still‑uneasy sentiment readings. Housing‑sensitive stocks rallied alongside homebuilders as falling yields revived the soft‑landing narrative, giving a lift to Opendoor (OPEN, $7.74, +.65%) and other plays levered to transaction volumes.
VP Watchlist Updates
Modular Medical, Inc. (Nasdaq: MODD., $.40), a leader in innovative insulin delivery technology targeting the $3 billion adult “almost-pumpers” diabetes market with user-friendly, affordable patch pumps, today (Nov. 17) announced Institutional Review Board (“IRB”) approval to conduct an in-house study of its next-generation Pivot™ insulin delivery system using insulin on people with diabetes (the “Study”). Pursuant to U.S. Food and Drug Administration (“FDA”) regulations, an IRB is a group that has been formally designated to review and monitor biomedical research involving human subjects. The Study will simulate real-world conditions by delivering insulin to adult participants to gather critical data on device function and usability and obtain user feedback. Modular Medical’s Pivot tubeless patch pump aims to enhance accessibility for underserved patients with diabetes and drive market penetration and expansion. On Nov. 14, Modular Medical announced the 510(k) premarket submission of its next generation Pivot™ tubeless patch pump to the U.S. Food and Drug Administration (the “FDA”). The Company expects to commence the commercial launch of its Pivot pump in Q1 2026. On Nov. 3, Modular Medical the successful validation of its Pivot controller line, a critical milestone in preparing for the commercial launch of its Pivot patch pump targeted for Q1 2026. The Pivot controller line validation further demonstrates manufacturing readiness for high-volume production, positioning Modular Medical to meet the growing demand in the diabetes treatment market for advanced technology.
Eupraxia Pharmaceuticals Inc. (NASDAQ: EPRX, $6.13), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology to optimize local, controlled drug delivery for diseases with significant unmet need, announced (Nov. 13) the second set of 52-week follow up data from its ongoing Phase 1b/2a RESOLVE trial evaluating a single administration EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). James A. Helliwell, Chief Executive Officer of Eupraxia stated, “These data further highlight the strong durability and tolerability profile of EP-104GI, reinforcing its potential to become a convenient, once-a-year treatment that fits seamlessly into routine disease management by aligning with annual patient endoscopies. The Cohorts 5 & 6 patients – the only groups to have reached 52 weeks in the trial – are demonstrating levels of symptom relief that is durable and clinically meaningful – we are very encouraged by this outcome. We’re also pleased that our previously announced 52-week data were presented as a late-breaking presentation at the American College of Gastroenterology Annual Scientific Meeting (ACG). These new results build on that momentum. Given that current EoE therapies often struggle with long-term adherence, we believe a durable, once-yearly treatment could meaningfully improve patient outcomes and establish EP-104GI as a preferred option for both physicians and their patients.”
GeoVax Labs, Inc. (Nasdaq: GOVX, $.3794), a clinical-stage biotechnology company developing multi-antigen vaccines and immunotherapies for infectious diseases and cancer, reported (Nov. 13) its financial results for the quarter ended September 30, 2025, and provided a business update highlighting key corporate and clinical advancements across its vaccine and oncology programs. David Dodd, CEO of Geovax stated, “As highlighted in this report, during the third quarter GeoVax continued making important progress, advancing innovative vaccines and immunotherapies that address urgent and underserved medical needs. With continued global Mpox spread and constrained vaccine supply, our GEO-MVA program represents a U.S.-based, scalable, next-generation MVA platform. Our EMA and BARDA-aligned program position GeoVax to accelerate regulatory readiness and commercial entry. For our GEO-CM04S1 COVID-19 vaccine program, recent clinical presentations validate our belief that multi-antigen vaccines – expressing both spike and nucleocapsid – are essential for breadth and durability in vulnerable immunocompromised populations. In particular, the robust immune responses demonstrated in Chronic Lymphocytic Leukemia (CLL) patients represents a meaningful step forward in addressing the unmet needs of over 40 million immunocompromised Americans. In our Gedeptin(R) oncology program, the expansion into multiple solid tumor indications builds upon a growing recognition that tumor-targeted immune priming can dramatically improve checkpoint outcomes. We are executing a clear path to clinical and commercial value creation. GeoVax continues to execute with purpose and discipline. Our multi-antigen vaccine and immunotherapy platforms position the Company squarely within the national call to strengthen America’s health security, expand domestic manufacturing, and deliver equitable global solutions.”
Volato Group, Inc. (NYSE American: SOAR, $1.26, +2.44%) and M2i Global, Inc. (MTWO, $.10, +6.38%), a company specializing in the development and execution of a complete global value supply chain for critical minerals, announced on Nov. 19 that Nimy Resources (“Nimy”) and M2i will collaborate with the aim of forming commercially binding contract terms for the respective sale and purchase of gallium production. They also announced (Oct. 16) the next phase of development of the digital and commercial infrastructure underpinning the U.S. Strategic Mineral Reserve (SMR). M2i initiated the SMR framework and technical specifications earlier this year. Volato is now applying its proven enterprise-software expertise to build and operationalize the secure technology backbone that will support critical mineral traceability, contracting, and compliance across the United States and allied nations. This infrastructure is being developed to serve as the market-facing layer of the U.S. Strategic Mineral Reserve initiative, providing miners, refiners, recyclers, manufacturers, and government entities with a trusted environment for physical critical mineral transactions—with verified provenance, end-to-end custody visibility, and regulatory compliance at its core.
Serina Therapeutics (NYSE American: SER, $3.91, +4.27%) stands at a pivotal juncture as it harnesses fresh capital, regulatory momentum, and a sharpened communications strategy to propel its lead program, SER-252, into late-stage clinical testing for advanced Parkinson’s diseas. The Alabama-based biotech is betting its proprietary POZ platform and reimagined approach to apomorphine delivery may redefine the treatment paradigm for patients who have exhausted standard oral therapies.
The InterGroup Corporation (NASDAQ: INTG, $30.44) reported (Nov. 17) results for the three months ended September 30, 2025. John V. Winfield, Chairman and Chief Executive Officer, said: “We continue to observe signs of stabilization and recovery across the San Francisco hospitality market, including improving convention calendars, tourism indicators, and business travel activity. On the investment side, our marketable securities activity remained modest with a small net gain, consistent with our emphasis on liquidity and risk discipline.”
Nokia (NOK, $6.06) is promising investors a sleeker, AI‑age version of itself by 2028, aiming to lift profits by as much as 60% while quietly admitting that the road there runs through a restructuring zone.
Opendoor Technologies Inc. (OPEN, $7.74, +.65%) a digital red estate disruptor, jumped higher as the belief that interest rates would be cut in December rose significantly.
DoubleVerify Holdings Inc. (DV) closed at at $10.48, +2.64%. DoubleVerify Holdings is a software company that helps advertisers verify and improve the quality and performance of their digital ads across the web, apps, social platforms, and connected TV. DoubleVerify provides a digital media measurement and analytics platform that checks whether ads are viewable, shown to real people (not bots), served in brand‑safe environments, and delivered in the right geography. Its tools give advertisers independent, third‑party data so they can reduce ad fraud, avoid unsafe content, and get better return on their digital ad spend.DoubleVerify primarily earns revenue by charging advertisers, agencies, and platforms based on the volume of media it measures (such as impressions or transactions). Its technology is integrated with major ad platforms and programmatic exchanges, and is used globally by brands, marketplaces, and publishers to monitor and optimize campaigns.
