Bulls Yell “Enough Selling” While Stocks Post Monster Comeback: Nov. 14, 2025

Stocks were set for another horrific session at the open following yesterday’s debacle, but investors saw the sharp dip as an opportunity to accumulate shares. Equities turned positive roughly one hour after the opening bell as bulls yelled “enough selling” and brought three of the four major indices into the green. Participants have been nervous that an increasingly hawkish Federal Reserve would challenge the valuation extension of the market while simultaneously questioning if the risk-reward dynamics of colossal capital expenditures in AI are favorable. Several speakers from the central bank have warned against repeating a reduction at the December meeting, in light of a lack of evidence warranting additional accommodation because of the longest shutdown in history blocking critical data points as well as inflation that is significantly above target. The S&P 500, Nasdaq 100 and Russell 2000 are now gaining; they’ve recovered from the tombs. Meanwhile, the Dow Jones Industrial Average is still down a marginal 0.3%, as the financials, health care and consumer staples sectors drag that benchmark lower. The yield curve was plunging in earlier trading, driven by safe-haven demand, before offensive sentiments on Wall Street sent the Treasury complex back near its flatline alongside the greenback. Commodities are getting crushed; however, copper is climbing modestly and crude oil is advancing strongly on heavier geopolitical angst due to Kyiv attacking energy facilities in Russia and dwindling oversupply worries prompted by Washington tightening its sanctions on Moscow. Volatility protection instruments are catching bids, although the prices have sunk meaningfully from their peak of the day; the VIX is currently sporting a 19 handle, substantially beneath its daily high of 23.03.

Investors Don’t Want to Miss Tailwinds

Today’s robust recovery is indicative of a stock market that wants to advance despite the potential headwinds of decelerating labor conditions, liquidity risks in overnight lending facilities and elevated inflation lurking. Wall Street is certainly worried that a lack of progress on cost pressures could keep the Fed on investors’ backs and challenge the valuation argument for the Mag 7 darlings that have carried the benchmarks to new heights. Corporate earnings expectations into next year also remain buoyant, offering justification for traders who want to use periods of fear and anxiety to scoop up shares ahead of the tailwinds of profit expansion, strong calendar effects and government policies. Indeed, 2026 will benefit from the legislation and pro-business attitudes established in 2025, and those factors are poised to propel further gains. 

International Roundup

China’s Economic Malaise Continues

Economic weakness in China intensified year to date with fixed-asset investment continuing to contract while other metrics, such as retail sales and house prices, for October also showed deteriorating conditions. The disappointing data comes as China has pushed to boost consumption with subsidies while trying to dampen deflation by discouraging aggressive price discounts. Fixed-asset investment and the sub-category of property investments plunged 1.7% and 14.7% year over year (y/y), respectively, during the January to October period. Economists anticipated the broader category would drop only 0.9%.

The following October-specific data were also weak:

• Industrial production growth, which slowed from 6.5% y/y in September to 4.9%, missed the economist consensus estimate of 5.5%.

• Home prices, which slipped 2.2% y/y in October following a 2.2% drop in the preceding month.
• Retail sales, which grew 2.9% y/y after a 3% gain in September. On an encouraging note, the growth surpassed the economist consensus estimate for a 2.7% uptick.

The unemployment rate was an outlier, falling from 5.2% in September to 5.1%. Economists expected a repeat of September’s print.

Canada Wholesaling and Manufacturing Bounce Back

Manufacturing sales and wholesaling reversed from August declines with the two categories increasing 3.3% and 0.6% month over month (m/m) in September. The results surpassed the economist consensus estimates of 2.8% and 0%. Sales by goods producers hit the highest level since February 2025 and was led by the transportation equipment group and the petroleum and cost category posting 9.2% and 5.3% jumps. In total, manufacturing sales were 2.7% higher than in the year-ago period. The country’s capacity utilization also improved, climbing from 78.2% in August to 80.7%.

Wholesaling increased for the sixth time in the past nine months and was up 4% y/y. Price hikes contributed to the food, beverage and tobacco category expanding 8.2% y/y. Building materials, furthermore, ascended 4.6% and mineral, ore and precious metals climbed 22.8%.

Increased US Demand Drives Europe Trade Surplus Higher

The eurozone’s September trade surplus hit €19.4 billion, up significantly from €1.9 billion in August and €12.9 billion in the year-ago period, according to Eurostat. Shipments to non-bloc countries were up 7.7% y/y and imports climbed only 5.3%. While the US has established a 15% import tax on most eurozone products, shipments to the world’s largest economy ascended 15.4% y/y, making it the fastest growing national customer for the region. Imports from the US also increased, but at a slower rate, pushing the eurozone’s trade surplus with the country from €18.5 billion in the year-ago period to € 22.2 billion last month.

While Payrolls Expand

Total payrolls in the eurozone increased 0.1% quarter over quarter (q/q) and 0.5% y/y during the July through September period. The q/q rate was unchanged from the second quarter and matched the economist consensus estimate while the y/y print slowed slightly from 0.6% in the preceding period.