Market Update Into November 24th: Flight to Safety

Markets slid lower last week as $NVDA blew earnings out of the water, only to sell off sharply and drag the major indexes with it. The risk-off rotation was clear: defensive sectors like Healthcare ($XLV) finished the week in the green, while high-beta assets like Semiconductors ($SMH) and Bitcoin ($IBIT) saw meaningful pullbacks. Meanwhile, the delayed September jobs data showed strong headline job growth even as unemployment crept higher, causing confusion regarding a December rate cut.

• Palo Alto Plunge
• Webull Buyers Missing
• Nvidia Crushes Earnings
• Buffett Buys Google

Looking ahead, traders face a shortened week due to the Thanksgiving holiday, but Tuesday’s PPI and consumer confidence data still have the potential to stir the market. With earnings season largely wrapped and volume likely to thin out this week, the focus now turns to whether this risk-off tone deepens or if the charts hint at stabilization heading into month-end. Let’s take a closer look.

Weekly Analysis

SPY (SPDR S&P 500)

SPY closed the week down at $659.03 (-1.92%), as price pressed against the lower Bollinger Band. The Combined RSI Ensemble also printed a green oversold candle as SPY tested its October 10th low. With clear evidence of rotation into safety and major support levels under pressure, buyers will need to show up quickly to prevent this pullback from developing into a deeper trend shift.

QQQ (Invesco QQQ Trust)

Tech took the biggest hit last week as QQQ finished in the red at $590.07 (-3.07%). The gap between the fast and slow lines of the ADT (Lower) Indicator is widening quickly, although both still sit above zero, suggesting the broader bullish trend remains intact but is starting to show early signs of weakness. With price testing its October low, traders are watching to see whether this level provides support or if the rotation into safety gains momentum.

IWM (iShares Russell 2000)

Small caps outperformed their large-cap counterparts last week, with IWM closing at $235.60 (-0.80%). The ADT adds an interesting layer of context because the fast line sits below zero while the slow line remains above zero, signaling an entirely neutral momentum environment. With rate-sensitive sectors showing hesitation, IWM now appears to be waiting for clarity on rate-cut expectations before committing to its next directional move.

Earnings

Notable Results

BULL (WeBull)

• EPS: $0.07 vs $0.02 est
• REV: $156.94M vs $135.58M est

BIDU (Baidu)

• EPS: $1.56 vs $0.91 est
• REV: $4.38B vs $4.31B est

WIX (Wix)

• EPS: $1.68 vs $1.05 est
• REV: $505.19M vs $502.57M est

PDD (Pinduoduo)

• EPS: $2.96 vs $1.99 est
• REV: $15.21B vs $15.21B est

INTU (Intuit)

• EPS: $3.34 vs $2.51 est
• REV: $3.89B vs $3.76B est

PANW (Palo Alto Networks)

• EPS: $0.93 vs $0.73 est
• REV: $2.47B vs $2.46B est

ROST (Ross Stores)

• EPS: $1.58 vs $1.41 est
• REV: $5.60B vs $5.41B est

BLSH (Bullish)

• EPS: $0.10 vs $0.09 est
• REV: $76.50M vs $72.39M est

NTES (NetEase)

• EPS: $2.07 vs $1.88 est
• REV: $3.98B vs $4.11B est

GAP (Gap)

• EPS: $0.62 vs $0.58 est
• REV: $3.94B vs $3.91B est

NVDA (Nvidia)

• EPS: $1.30 vs $1.22 est
• REV: $57.01B vs $54.87B est

BJ (BJ’s Wholesale)

• EPS: $1.16 vs $1.09 est
• REV: $5.35B vs $5.34B est

CPRT (Copart)

• EPS: $0.41 vs $0.39 est
• REV: $1.16B vs $1.18B est

TJX (TJX Companies)

• EPS: $1.28 vs $1.22 est
• REV: $15.12B vs $14.87B est

MDT (Medtronic)

• EPS: $1.36 vs $1.31 est
• REV: $8.96B vs $8.86B est

LOW (Lowe’s)

• EPS: $3.06 vs $2.96 est
• REV: $20.81B vs $20.83B est

WMT (Walmart)

• EPS: $0.62 vs $0.60 est
• REV: $179.50B vs $175.96B est

TGT (Target)

• EPS: $1.78 vs $1.73 est
• REV: $25.27B vs $25.32B est

HD (Home Depot)

• EPS: $3.74 vs $3.83 est
• REV: $41.35B vs $41.07B est

FUTU (Futu Holdings)

• EPS: $3.01 vs — est
• REV: $822.90M vs $752.52M est

XPEV (Xpeng)

• EPS: ($0.02) vs — est
• REV: $2.86B vs $2.87B est

What’s Happening Now

COST Costco
Costco has closed every November in the green since the financial crisis, a sixteen-year streak now under pressure with shares down about 1.46% this month. The setup is not lost. Historically, the final week of November is its strongest period of the year, closing green 93% of the time with an average gain of 1.9%. Just enough to push the stock back above the green line if history repeats.

BTC Bitcoin
Bitcoin miners sank as crypto wiped out nearly $400 billion in value. Bitcoin slipped toward the low 80k range, ETF outflows picked up, and liquidity got very thin. The sector cracked at record speed with MARA, IREN, HIVE, and BMNR all down more than 40%. MSTR fell again as debt costs climbed and index risk grew, signaling broader stress in crypto-linked equities.

Believe it or not, this is just a fraction of what happened in the markets last week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!