This Weekly Financial Markets Update reviews the top market headlines: Mixed Jobs Report for September, Fed Minutes Show Governors Split on a December Rate Cut, Rocky Patch for Bitcoin
  • The U.S. economy added 119,000 jobs in September
  • The current federal funds rate target range is 3.75%-4.00%
  • Bitcoin has fallen over 30% from recent all-time highs

Top Three Market Headlines

Mixed Jobs Report for September: After a long delay caused by the U.S. government shutdown, the U.S. Department of Labor last Thursday released the September payrolls report, which indicated that the U.S. economy added 119,000 jobs in September. While this was above economists' expectations for 53,000 gains, previously-reported additions for July and August were revised downwards by 33,000. Continuing recent trends, sectors seeing the strongest job growth in September included health care and restaurants. Despite the reported gains, the unemployment rate ticked up to 4.4% from 4.3% in the prior month as more workers joined the labor force.

Fed Minutes Show Governors Split on a December Rate Cut: Minutes released last week from the Federal Reserve's latest meeting in October, at which officials voted to reduce the federal funds rate target, revealed divided opinions across Fed governors on enacting an additional cut in December. Notes indicated that officials continue to weigh elevated inflation along with downside risks to employment in considering the future course of rates. Governors also noted a higher degree of uncertainty about the economic outlook due to the government shutdown, suggesting the Fed may wait until more data gets released to decide on a further rate cut.

Rocky Patch for Bitcoin: Since hitting a record high above $126,000 in early October, Bitcoin has sold off sharply, falling more than 30% to $85,108 at the end of last week. In November alone, the cryptocurrency has lost more than 20% of its value, its worst month since June 2022, including 10% last week alone. Products such as "perpetual futures," which allows traders to bet on the direction of the market with extreme leverage, are believed to have contributed to the sell-off as volatility has forced the liquidation of positions, amplifying downward momentum.

Please note: The Weekly Financial Markets Update will not be published next Monday, December 1. We wish everyone a happy Thanksgiving!

As of November 21, 2025 Week Quarter-To-Date Year-To-Date One-Year
MSCI All Country World -2.45% -1.29% 16.91% 15.65%
S&P 500 -1.91% -1.11% 13.56% 12.44%
Russell 2000 -0.75% -2.61% 7.50% 1.61%
MSCI EAFE -3.39% -1.40% 23.39% 22.99%
MSCI Emerging Markets -3.71% -0.78% 26.54% 25.58%
FTSE NAREIT Equity 0.22% -1.07% 3.39% -2.05%
Bloomberg Commodity -1.37% 3.33% 13.02% 13.40%
Bloomberg U.S. Aggregate 0.45% 0.86% 7.05% 6.81%

Federal Reserve 11/19/2025, Bloomberg 11/21/25, US Dep't of Labor 11/20/2025. Data from Morningstar Direct. Returns for periods greater than one year are annualized. Investment advisory services are offered by Gallagher Fiduciary Advisors, LLC ("GFA"), an SEC registered investment advisor that provides retirement, investment advisory, discretionary and independent fiduciary services. Registration as an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of Arthur J. Gallagher & Co. or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co., GFA, their affiliates nor representatives provide accounting, legal or tax advice. GFA does not express an investment opinion regarding any specific commodity, sector or individual security. Unless otherwise expressly noted, the contents of this communication do not constitute securities or investment advice, nor should this communication be construed as an opinion regarding the appropriateness of any investment. The information provided cannot take into account all the various factors that may affect your particular situation, therefore you should consult your GFA consultant before acting upon any information or recommendation contained herein to discuss the suitability of the information/recommendation for your specific situation.