Nasdaq Monthly Index Performance Commentary – November 2025

• The Nasdaq-100 Index^® (NDX^®) fell from its October all-time highs as it finished a turbulent November 2025 lower by 1.6% though a strong last week of the month helped to temper the losses. NDX is still up by 21% YTD.
• Despite a strong Q3 earnings season, AI capex concerns, elevated valuations, and shifting market pricing of Federal Reserve rate cuts led to the sell-off in November. The reversal in risk appetite also hit cryptocurrencies with Bitcoin falling by over 30% at one point from its highs.
• Performance across Nasdaq’s suite of indexes finished modestly lower in November with 62 of the 124 indexes tracked in our report posting gains, and the average index was down 0.3%. 

Chart of the Month

Executive Summary

The market complacency we cited last month was quickly shattered with U.S. equity volatility (as measured by the VXN-the CBOE NDX Volatility Index) jumping to nearly 33 in the middle of the month (its highest level since the end of April during peak trade tariff concerns) before settling back to 21 by the end of November. While always difficult to point to one driver, a combination of factors likely drove equities and risk appetite lower: increased AI investment and capex concerns—despite another strong earnings report by the AI ecosystem’s bellwether, Nvidia (NVDA)—and choppy market pricing of a Federal Reserve cut in December as some FOMC members voiced their hesitation to cutting rates given inflation concerns and the lack of data clarity due to the 43-day long government shutdown. However, as the month wore on, labor market weakness and more dovish comments from several Fed governors drove the probability of a 25bps rate cut at the December Fed meeting from less than 25% to almost 90%, helping to propel NDX to a 5% return in the last week of November.

Although another robust earnings season drove the blended growth rate for the Nasdaq-100® to 15.9%, concerns over elevated valuations meant the margin for error remained small. In addition to the pockets of private credit stresses we cited last month impacting U.S. high yield corporate spreads relative to Treasurys, the recent flood of corporate debt issuance as tech companies increasingly look to fund AI investments through the debt markets has also likely impacted corporates spreads. Even though leading AI hyperscalers like Alphabet, Microsoft, Amazon, and Meta have positive cash/total debt ratios, November’s market sentiment shift drove U.S. investment-grade spreads above 80 basis points. This spread is still at the low-end of the 5-year range, but nonetheless at its highest since the end of June 2025. Similarly, U.S. corporate high-yield spreads are at the lower end of their 5-year range. But at over 300 basis points, they are at similar levels as in June as well. However, despite the narrative around an AI bubble and the comparisons to the late 1990s, the above Chart of the Month is just one example of how strong corporate fundamentals are supportive of strong equity market returns.

Nasdaq Indexes November 2025 Performance Recap

Among the 124 indexes tracked in this report, 62 finished November in positive territory, while an equal number ended with negative returns. The best-performing index was the Nasdaq Sprott Lithium Miners™ Index (NSLITP™), delivering a return of 19.3%. The worst performance was from the Nasdaq Ether Settlement Price™ Index (NQETHS™) which lost 21.4% for the month. The average return across all 124 indexes for the month was -0.3%.

Nasdaq Featured Indexes

Three out of the fourteen Nasdaq Featured Indexes registered positive returns in November. The Nasdaq-100 Low Volatility™ Index (NDXLV™) was the top performer with a return of 2.0% while the Nasdaq-100 Technology Sector™ Index (NDXT™) was the bottom performer in the group with a loss of 5.4%. Major tech firms as a whole posted earnings growth that beat Wall Street forecasts however concerns about AI Capex spending, elevated valuation ratios and an uncertain interest rate environment weighed on the market with the Nasdaq-100 Index^® (NDX^®) losing 1.6%. NDX stocks outside of the technology sector were up as the Nasdaq-100 Ex-Tech™ Index (NDXX™) climbed 1.6%. The sharp intramonth reversals led to the Nasdaq-100 Dorsey Wright Momentum™ Index (NDXDWA™) losing 5%. Overall, this group of indexes was down by an average of 1.6%.

Nasdaq Global Indexes

Performance across the Nasdaq Global Indexes was relatively strong as six out of the nine indexes in the group had positive returns for November. U.S. small-caps were the top performers as the Nasdaq US Small Cap™ Index (NQUSS™) returned 2.1%. U.S. mid-caps also had positive returns with the Nasdaq US Mid Cap™ Index (NQUSM™) up 1.1%.  Europe was positive with the Nasdaq Europe™ Index (NQEU™) up 1.3% while Asia Pacific ex-Japan was the worst performer in the group with the Nasdaq ASPA Ex Japan™ Index (NQASPAXJP™) losing 2.6%.  The Nasdaq Global™ Index (NQGI™) had a return of 0.1% and the Nasdaq Developed Markets™ Index (NQDM™) rose 0.2%.  The Nasdaq Emerging Markets™ Index (NQEM™) had a return of -1.3%.  The average return for this group of indexes was 0.2%.

Nasdaq Sector-Specific Indexes

All the six indexes within Nasdaq’s sector-specific indexes were positive. The PHLX Gold/Silver™ Index (XAU™) was the best performer in the group, rising 16.1% after falling 5.9% in October. The index has gained 136.6% YTD. The KBW Property & Casualty™ Index (KPX™) was up 7%.  The KBW Nasdaq Bank™ Index (BKX™) was the weakest performer though it still gained 2.9%.

Nasdaq Thematic Indexes

Overall performance across the Nasdaq Thematic Tech lineup was negative, with twenty-one out of the twenty-five indexes in the suite recording losses, averaging -2.4%. The best performing index in the group was the Nasdaq Biotechnology™ Index (NBI™) with a return of 8.4%. The Nasdaq Lux Health Tech™ Index (NQHTEC™) was also a strong performer, gaining 8%. The ISE CTA Cloud Computing™ Index (CPQ™) was the worst performer, posting a loss of 9.5%. The Artificial Intelligence (AI) theme was down in November as the Nasdaq CTA Artificial Intelligence™ Index (NQINTEL™) and the Nasdaq Artificial Intelligence and Robotics™ Index  (NQROBO™) were down 8.7% and 7.1% respectively.

Eight out of the fourteen indexes in the Nasdaq Thematic Renewables and Energy Transition Materials suite posted gains this month, with an average return of 1.9%. The Nasdaq Sprott Lithium Miners™ Index (NSLITP™) led with a 19.3% return, while the Nasdaq Junior Silver Miners™ Index (NMFSM™) also posted a double-digit rise of 15.2%. The Nasdaq Sprott Junior Uranium Miners™ Index (NSURNJ™) was the worst performer, dropping 18.1% in November.

The Nasdaq Crypto suite posted an average decline of 18.6%, with all four indexes in negative territory. After hitting an all-time high on October 6, a broad sell-off in Bitcoin and other digital currencies in October continued through November.  Liquidations across the crypto complex coincided with the broad selloff across major tokens. US Bitcoin ETF outflows were around $3.5B in November.  The Nasdaq Bitcoin Settlement Price™ Index (NQBTCS™) led the group with the smallest loss at -17.1%, while the Nasdaq Ether Settlement Price™ Index (NQETHS™) had the lowest return, down 21.4%.

Nasdaq Quantitative Indexes

Across the index suites comprising Nasdaq’s quantitative offerings, 35 out of the 52 indexes posted gains in November, averaging a 1.1% return.

Five out of the ten indexes in the Nasdaq Options & Other Quantitative suite saw gains with an average return of 1.2%, while nine out of the eleven Nasdaq Multifactor indexes were positive this month with an average return of 1.5%.

Within the Dorsey Wright momentum suite, the Dorsey Wright Healthcare Tech Leaders™ Index (DWHC™) was the best performer again, up 11.6% for the month and 36% YTD. The Dorsey Wright Industrials Tech Leaders™ Index (DWIDX™) was the weakest, down 5.8%. Overall, half of the sixteen indexes in the suite were positive with an average gain of 0.1%.

Thirteen out of the fifteen indexes in the Nasdaq Dividend and Income suite posted gains this month, with an average return of 1.7%. The Nasdaq Global High Equity Income™ Index (NQGIHEI™) topped the group with a 3.3% gain. The worst performer in the group was the Nasdaq Technology Dividend™ Index (NQ96DIVUS™), which was down 3.2% for the month.

Disclaimer:

_{Nasdaq^® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.}

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