Weekly Market Commentary -  Nov. 10, 2025

Week In Review

A miserable labor market report, conservative remarks from Fed officials, and aging worries regarding

the valuations of artificial intelligence stocks created a risk-off market sentiment that pushed U.S. equity indices lower. According to a labor force reduction report from career transition services firm Challenger, Gray and Christmas, domestic employers shed 153,074 jobs in the month of October, the largest number of cuts for any October since 2003 and the highest monthly total in the fourth quarter since 2008.3 Equally concerning, total job losses through October 2025 rose 65% compared to last year and were the highest year-to-date sum since 2020. 4 The update intensified economic slowdown concerns, but a vanishing Fed put also

escalated investor emotions. Fed Vice Chairman Philip Jefferson confirmed a December rate cut is not a foregone conclusion, saying “it makes sense to proceed slowly” as the Fed balances the risk of easing. The S&P 500 declined -1.6% on economic and stock market uncertainty.

This Week

Although headlines suggest the longest government shutdown in history might be close to an end, it

could be days or even weeks before economic data is available to inform the Federal Reserve and market participants. In lieu of economic data, investors will pay closer attention to 13F filings. The third quarter earnings season tapers off with 11 S&P 500 companies reporting results, including Occidental, Cisco Systems, and Walt Disney. 5

Portfolio Themes

Despite some doubt regarding the odds of a Fed rate cut in December, labor market exhaustion suggests further dovish monetary policy in 2026. A prospective lower rate environment has resulted in a decline in the U.S. dollar of more than 10% through October. 6 There is a positive correlation between U.S. dollar weakness and international stock outperformance. Simplicity offers diversified portfolios that may smooth long-term returns.

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Data: Unless otherwise noted, data for charts, graphs, and tables is sourced from YCharts. Portfolio Themes idea sourced from JPMorgan Asset Management.

1Style box returns use various Russell indices tied to specific areas of the market cap (vertical) and style (horizontal) spectrums. Indices are not typically available for direct investment, are unmanaged, and do not incur fees or expenses.

2 Index Statistics: P/E Ratio – Displays the forecasted P/E ratio of the representative index ETF. Yield - Dividend-per-share divided by current share price. Table statistics are updated weekly. MSCI indices represent broad global and international equity markets. Indices are represented by iShares ETF proxies (IVW, IVV, IVE, ACWI, and ACWX).

3 Challenger, Gray and Christmas, Inc. 4Challenger, Gray and Christmas, Inc. 5FactSet. 6YCharts. Past performance does not guarantee future results.

Weekly commentary and investment advisory services are provided by Simplicity Wealth, LLC a SEC Registered Investment Adviser. Registration does not imply a certain level of skill or training. The information provided is for informational purposes only and does not constitute any form of advice or recommendation. The information contained within has been obtained from various sources and is believed to be accurate at the time of publication.