The US stock market closed last week with a sharp rise: the S&P 500 climbed 3.73%, the Nasdaq 4.91%, and the Dow Jones 3.18%. For November as a whole, the S&P 500 and the Dow Jones posted small gains, while the Nasdaq declined by about 1.5%. The weekly rise was driven by expectations that the US Federal Reserve may cut the refinancing rate in December, yet the Nasdaq’s monthly drop shows that investors remain concerned about major tech and artificial intelligence (AI) companies being overvalued.

European markets also posted strong weekly and monthly results: the pan-European STOXX 600 index ended last week up 4.5%, with November showing a slight gain as well. The key driver of the weekly growth is the same: expectations that the US will lower its refinancing rate in December.

Global equity funds their first recorded outflow in ten weeks: investors withdrew $4.48 billion due to concerns over overvalued tech companies. Inflows into bond funds slowed sharply, reaching their lowest level in 22 weeks. Money market funds saw an inflow of $2.54 billion, as investors have again begun operating more cautiously. Gold and precious metals funds remained stable for the seventh consecutive week and attract about $1.66 billion, as investors continue seeking safer assets.

Alphabet shares rose 4.1% in premarket trading earlier in the week, bringing the company close to a market value of nearly $4 trillion. Google’s parent company has shown notable growth this year, with investor confidence supported by its focus on AI, which places it in the competitive race with other major tech companies aiming to lead the sector.

Shares of European defense companies fell sharply after peace talks between the US and Ukraine raised hopes for an end to the war. The aerospace and defense companies’ index dropped 2% on Monday, reaching its lowest level in more than four months, and after the 3.4% decline recorded on Friday, the sector logged its biggest weekly loss since March.

A Reuters survey among analysts showed that most of the world’s major stock indices are expected to rise by the end of 2026, though the growth will likely be more modest than this year’s powerful rally. More than half of analysts expect a market correction in the coming months. Concerns about overvalued AI companies persist, leading analysts to believe that European markets — which are not as dependent on a handful of giant tech companies as the US market is — may show stronger performance.

J.P. Morgan forecasts that the S&P 500 index, which has grown about 14% this year, will rise another 11.7% to reach 7,500 by the end of 2026. The bank bases this prediction on the strength of the US economy and an AI-driven investment “super cycle.” It expects the US Federal Reserve to implement two additional refinancing rate cuts next year, the economy to continue steady growth, and S&P 500 earnings to increase by 13–15% in 2026 and 2027. J.P. Morgan specialists consider the high prices of AI-related companies fully justified.

Among companies with a market capitalization of at least $10 dollars, the largest gain last week was posted by Symbotic Inc., which operates in warehouse automation and AI logistics systems. Its shares rose 56.17% in one week ($83.77 per share). Next is Credo Technology Group Holding Ltd, which develops high-speed data transmission solutions, with a 33.04% rise ($177.60 per share). Completing this trio is Bitmine Immersion Technologies, Inc., which works with blockchain technologies, posting a 27.39% increase ($33.12 per share).

The trio of large-cap companies with the biggest losses last week is led by Nutanix, Inc., a cloud infrastructure and virtualization software provider, whose shares fell 17.04% in one week ($47.80 per share). Next is Burlington Stores, Inc., a major chain of non-seasonal clothing stores, with a 14.93% decline ($252.23 per share). Completing this trio is cybersecurity leader Zscaler, Inc., with an 8.55% drop ($251.50 per share).

Gold prices reached a two-week high last week before falling 0.2% on Thursday. Gold continues to trade well above $4,000 per ounce, supported by expectations of slower US economic growth, a weaker dollar, demand for “safe haven” assets, and large purchases by central banks. Markets now see an 85% probability of a refinancing rate cut in December — up significantly from 30% last week.

The number of weekly unemployment benefit applications in the US fell to 216,000, the lowest level in seven months, indicating that layoffs remain very low even as the labor market gradually softens. According to economists, these data do not support expectations that the US Federal Reserve will cut refinancing rates in December, since the Fed would need clearer signs of labor market weakening to do that. At the same time, companies are further increasing capital expenditures: equipment orders rose 0.9% in September, supported by major investments in AI technologies.

Armenia’s stock market on Monday saw the placement of 5 billion drams in government bonds maturing on November 30, 2026. The public auction had four participants, with total submitted bids amounting to 18.6 billion drams. And the average weighted price of the placed government bonds was 92.9004 drams, with a yield of 7.5790 percent.

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