The Nasdaq-100 Index® (NDX®) fell 1.6% in November from October’s highs, but finished the month up 21% YTD. AI capex concerns, high valuations, and market rate uncertainty triggered the sell-off, impacting cryptocurrencies like Bitcoin. Despite a strong earnings season, market sentiment shifted, with Nasdaq indexes averaging a 0.3% decline. U.S. equity volatility also surged in November.

A mix of factors, including AI investment concerns, Federal Reserve rate uncertainties, and market sentiment shifts, drove the Nasdaq-100® to a 5% gain in the last week of November. Earnings growth for the Nasdaq-100® reached 15.9%, but worries about valuations remained. Corporate spreads widened due to AI investment funding through debt markets, impacting market sentiment.

Performance varied across Nasdaq indexes in November, with 62 out of 124 posting gains. The Nasdaq Sprott Lithium Miners™ Index stood out with a 19.3% return, while the Nasdaq Ether Settlement Price™ Index was the worst performer, losing 21.4%. Overall, the average return for all indexes was -0.3%.

In the Nasdaq Thematic Tech lineup, most indexes recorded losses, with the Nasdaq Biotechnology™ Index being the top performer at 8.4%. Concerns about AI spending and valuations weighed on the market, with the Nasdaq CTA Artificial Intelligence™ Index and the Nasdaq Artificial Intelligence and Robotics™ Index down 8.7% and 7.1% respectively. The Nasdaq Crypto suite saw an average decline of 18.6%.

Across Nasdaq’s sector-specific and quantitative indexes, gains were seen in November, with 35 out of 52 indexes posting positive returns. Notably, the Dorsey Wright Healthcare Tech Leaders™ Index was up 11.6%, while the Nasdaq Dividend and Income suite saw gains in 13 out of 15 indexes, averaging a return of 1.7%.

The market witnessed a turbulent November with factors like AI capex concerns and Federal Reserve rate uncertainties impacting investor sentiment. Despite a strong earning season, the Nasdaq-100 Index® experienced fluctuations, ending the month with a 1.6% decline. Various Nasdaq indexes saw mixed performance, with cryptocurrencies also facing challenges amidst the broader market sell-off.

Read more at Yahoo Finance: Index Monthly Scorecard: November 2025