EverHint — Market Pulse: Indexes, Rates, FX, Crypto & Mortgage Rates November 13, 2025 (mid-session PDT)
November 13, 2025
Market Overview
Risk assets are under pressure today. U.S. equities are broadly lower, led by tech and small caps, as the recent AI/megacap rally unwinds and traders digest higher yields and weak pockets of earnings. (WRAL News)
Volatility is picking up, Treasuries are selling off modestly, and crypto is getting hit hard as Bitcoin loses the six-figure handle again. (CoinDesk)
U.S. Indexes — Tech & Small Caps Lead the Pullback
Intraday moves (indexes):
| Index | Level | % Chg | Pts |
|---|---|---|---|
| S&P 500 | 6,750.28 | -1.47% | -100.6 |
| Dow Jones Industrial Average | 47,639.53 | -1.28% | -615.3 |
| NASDAQ Composite | 22,885.89 | -2.22% | -520.6 |
| Russell 2000 | 2,389.59 | -2.50% | -61.2 |
What’s driving it
- AI & chip mega-caps are fading: names tied to the AI boom continue to give back gains, pulling the Nasdaq down more than 2% and dragging the broader S&P with them. (WRAL News)
- Post-record hangover: indexes are backing off record highs set in recent weeks as traders lock in profits and reassess stretched valuations. (Investopedia)
- Stock-specific hits: disappointing results and guidance from select large caps, including media and consumer names, are weighing on the Dow and S&P. (Nasdaq)
Tone:
Equities are in risk-off mode: growth, tech, and small caps are taking the brunt of the selling while investors rotate cautiously toward quality and cash.
Treasuries & Rates — Yields Nudge Higher
Key U.S. Treasury yields (index levels):
| Maturity | Yield | Δ (approx) |
|---|---|---|
| 3-month T-bill | 3.80% | +0.02 |
| 5-year note | 3.70% | +0.03 |
| 10-year note | 4.11% | +0.04 |
| 30-year bond | 4.70% | +0.04 |
Rising yields are adding pressure to equity valuations, particularly long-duration growth stocks. The 10-year note is trading a little above 4.1%, in line with commentary that the new “floor” for the cycle may be near 4% rather than the sub-3% world of the 2010s. (Advisor Perspectives)
Pre-market commentary flagged higher yields as a key headwind for risk assets today, and that’s playing through in the mid-session tape. (Fidelity)
Commodities — Metals Sink, Oil Ticks Up
Selected futures:
| Contract | Price | % Chg |
|---|---|---|
| Gold Futures (GC) | 4,154.90 | -1.39% |
| Silver Futures (SI) | 52.08 | -2.58% |
| Copper (HG) | 5.06 | -0.92% |
| Crude Oil (CL) | 58.61 | +0.21% |
- Gold, silver, and copper are all lower despite the risk-off tone, reinforcing the idea that the earlier “currency debasement trade” in metals is unwinding as real yields stay elevated. (Wolf Street)
- Crude oil is modestly higher on the day but remains far below its 52-week highs, suggesting energy is not the primary driver of today’s equity weakness.
FX — Dollar Softer vs Euro & Pound
Key pairs:
| Pair | Spot | % Chg |
|---|---|---|
| EUR/USD | 1.1639 | +0.40% |
| GBP/USD | 1.3185 | +0.40% |
- Euro & sterling edge higher: EUR/USD is pushing into the mid-1.16s, and GBP/USD is trading above 1.31 as the dollar gives back some recent strength. (FXStreet)
- The move comes against a backdrop of Fed path uncertainty, a prolonged U.S. government shutdown, and uneven eurozone data — a mix that has produced choppy but slightly dollar-softer trading this week. (DailyForex)
Overall, FX is sending a mild risk-on / dollar-softer signal that contrasts with the equity and crypto stress.
Crypto — Bitcoin Loses $100K Handle Again
Major coins:
| Coin | Price (USD) | % Chg |
|---|---|---|
| Bitcoin (BTC) | 98,946 | -2.67% |
| Ethereum (ETH) | 3,225.61 | -5.51% |
| Solana (SOL) | 145.17 | -5.29% |
| Dogecoin (DOGE) | 0.1630 | -4.14% |
- Bitcoin has slipped back below $100,000 again, with multiple venues showing prints in the high-$98K range this afternoon. (CoinDesk)
- This is the third break of the $100K level this month, and some analysts now warn that the 2025 highs may be in for the year as liquidity thins and risk appetite fades. (CoinDesk)
- Crypto weakness is mirroring the selloff in high-beta tech stocks, reinforcing today’s de-risking narrative across speculative assets. (TipRanks)
U.S. Mortgage Rates — Drifting Higher, Still Well Below Year Highs
From today’s national survey snapshot:
| Product | Current | 1-Day Δ | 1-Week Δ | 1-Month Δ | 1-Year Δ | 52-Week Range |
|---|---|---|---|---|---|---|
| 30-Yr Fixed | 6.34% | +0.05% | +0.05% | +0.02% | -0.67% | 6.13% – 7.26% |
| 15-Yr Fixed | 5.83% | +0.03% | +0.01% | -0.01% | -0.54% | 5.60% – 6.59% |
| 30-Yr FHA | 6.03% | +0.03% | +0.01% | +0.00% | -0.29% | 5.89% – 6.59% |
| 30-Yr Jumbo | 6.42% | +0.02% | +0.02% | +0.17% | -0.78% | 6.10% – 7.45% |
| 7/6 SOFR ARM | 6.07% | +0.06% | +0.04% | +0.25% | -0.88% | 5.59% – 7.25% |
| 30-Yr VA | 6.05% | +0.03% | +0.02% | +0.01% | -0.29% | 5.90% – 6.60% |
Read-through for housing:
- Rates ticked higher across the board today, but the 30-year fixed remains ~70 bps below its 12-month high, in line with forecasts for a gradual grind lower into early 2026 as inflation cools and the Fed approaches the end of its cycle. (Norada Real Estate)
- The spread between jumbo and conforming remains relatively tight, which continues to offer some relief at the higher end of the market.
Field Notes — How to Read Today’s Tape
- Macro signal: Higher yields + falling stocks + weaker crypto = classic de-risking day.
- Equity internals: The selling is concentrated in growth and AI-linked names; watch to see if the pullback broadens into defensives or remains a rotation away from speculative corners. (WRAL News)
- FX & rates: A dollar that’s only modestly softer while yields climb suggests investors still see the U.S. as relatively attractive, but they are becoming more selective about risk. (YCharts)
- Housing lens: Mortgage rates are no longer at the “shock” levels of 2023–2024, but they’re still high enough to cap affordability and keep transaction volumes constrained. (Norada Real Estate)
Use this Market Pulse as a context layer for any single-name setups or signals you’re watching today—especially those tied to AI, high beta tech, or crypto-linked equities.
Independent research. No hype, no pumps, no paid promotions — just clean, data-driven signals and concise context.