S&P 500: The Winners and Losers of November 2025
November was a volatile month for U.S. equities, with the S&P 500 ultimately flat to slightly positive by month end. The benchmark index posted roughly a 0.1 percent gain in November, narrowly extending its monthly winning streak to seven in a row. This modest finish came after significant mid-month swings. The market fell sharply early in the month and then rebounded strongly, marking one of the largest intra month reversals on record. In the end, advancers and decliners were split almost evenly across the S&P 500’s 500 constituents, showing a mixed performance beneath the surface.
There was a clear rotation in sector leadership. Defensive and value-oriented sectors outperformed, with health care stocks leading the way as investors moved toward pharma and biotech names. At the same time, the technology sector lagged and surrendered part of its large year to date gains. The S&P 500’s information technology segment fell more than 4 percent in November, which marked the weakest sector performance. The tech heavy Nasdaq Composite slipped 1.5 percent for the month, its first monthly decline since March, while the Dow Jones Industrials posted a small gain. Overall, November reflected a risk off shift. AI and cloud computing names cooled, while more traditional areas such as healthcare and materials gained traction.
Against this backdrop, several stocks stood out at the extremes. Below is a recap of the S&P 500’s top three winners and losers for November 2025, along with the key catalysts behind their performance. From earnings surprises and analyst upgrades to tariff concerns and valuation resets, each company had specific developments that drove its share movement.
Top S&P 500 Performers in November
Among the top performers were Albemarle ($ALB), Merck & Co. ($MRK), and Solventum ($SOLV). Each delivered strong double digit gains, supported by clear catalysts ranging from earnings strength and guidance upgrades to renewed confidence in their respective industries.
Albemarle Corp ($ALB) +34.66%
Albemarle, one of the world’s largest lithium producers and a key specialty chemicals company, delivered the strongest performance in the S&P 500 for November with a gain of more than 34%. The rally followed a much better than expected earnings report. Third quarter sales and earnings beat analyst estimates, and the company reported a significantly smaller adjusted loss than expected. Management attributed the improvement to cost reductions and resilient lithium sales volumes, which helped offset lower lithium prices. Executives also reaffirmed full year guidance at the upper end of their prior forecast, signaling confidence that demand remains healthy. Lithium prices began to rebound in November, rising nearly 18%, which further lifted sentiment across the sector. By month end, the stock reached a new 52 week high and staged a sharp reversal from earlier weakness in the year, supported by signs of stabilization in the lithium market.
Merck & Co. ($MRK) +27.08%
Merck, the global pharmaceutical company, posted one of the month’s strongest returns with a gain of more than 27%. Investors moved into healthcare stocks during November and Merck delivered multiple catalysts that reinforced that shift. Its late October earnings report showed sales up around five percent and earnings ahead of expectations. Keytruda, Merck’s flagship cancer therapy, grew sales by 10% during the quarter and helped offset pressure in other segments. Merck also showcased several promising developments in its pipeline. At a major oncology conference, clinical results from a bladder cancer trial using Keytruda in combination with another drug received unusually strong reactions from physicians. Around the same time, regulators in the United States approved Keytruda alongside Padcev as a pre and post-surgery treatment for certain bladder cancer patients. Merck also received European approval for a faster injection version of Keytruda, making it easier to administer. These advances suggested that Merck has the potential to extend the life of Keytruda while building a broader oncology platform. By month end, Merck shares were trading near multi year highs with renewed confidence in both its product lineup and future trajectory.
Solventum Corp ($SOLV) +25.16%
Solventum, a healthcare technology and medical products company spun off from 3M in 2024, also stood out with a gain of more than 25% in November. As a newly independent business, Solventum is still establishing its track record, and the most recent quarter gave investors’ confidence that the spin off is progressing well. Third quarter results beat expectations on both earnings and revenue, and the company raised full year guidance to reflect its stronger outlook. Later in the month, Solventum announced its first ever share repurchase program, authorizing one billion dollars in buybacks, equal to roughly seven and a half percent of its outstanding shares. Management emphasized that its balance sheet and cash flow support both continued investment and capital returns. At the same time, Solventum unveiled a strategic acquisition to expand its advanced wound care portfolio, suggesting an active approach to growth through targeted M&A. By the end of November, Solventum had rallied sharply, placing it firmly among the S&P 500’s top three gainers for the month and signaling growing investor confidence in its future.
Worst S&P 500 Performers in November
Among the steepest decliners in November were $SMCI, $AXON, and $ORCL. Each faced earnings disappointments, profit concerns, or shifts in investor sentiment that turned enthusiasm into caution.
Super Micro Computer ($SMCI) –33.30%
$SMCI suffered the sharpest decline in the entire S&P 500, losing more than 33% in November after posting disappointing quarterly results and signaling ongoing execution challenges. Fiscal Q1 revenue dropped 15% year over year to just over five billion dollars, well below expectations and far below the company’s earlier forecast. Margins also deteriorated, with gross margin falling to 9.3% from more than 13% a year earlier, which led to a steep drop in profitability. Management blamed order delays and execution issues, particularly in large AI server deals, and adjusted earnings per share fell more than 50% year over year.
The company raised its full year revenue forecast and projected a large sequential jump for next quarter, but analysts focused more on the weaker profitability outlook and competitive pressure from bigger rivals like Dell and HPE. After a strong run earlier in the year that left little room for error, November’s earnings miss triggered heavy selling. The stock’s steep drop highlights how quickly sentiment can shift when high expectations collide with margin pressure and softer guidance.
Axon Enterprise ($AXON) –25.41%
$AXON dropped more than 25% in November after its Q3 results showed strong revenue but a significant profit miss. Sales grew about 31% year over year and slightly exceeded expectations, and management even nudged up full year revenue guidance. However, adjusted earnings per share came in well below estimates as tariffs on imported components drove up costs and weighed on margins. The company warned earlier in the year that trade war tariffs would pressure results in the second half, and those effects appeared clearly in Q3.
Adding to investor caution, Axon announced a sizeable acquisition of Carbyne, a provider of emergency dispatch software, for more than six hundred million dollars. While the deal could strengthen Axon’s cloud platform in public safety technology, it also increases spending and adds integration risk at a time when profit margins are already under pressure. With the broader market favoring defensive stocks in November, $AXON’s high valuation and earnings shortfall led to a sharp re-rating.
Oracle Corp ($ORCL) –21.68%
$ORCL fell more than 21% in November, extending a sharp reversal after reaching record highs in September on AI enthusiasm. Earlier in the year, the company delivered strong results tied to its cloud and AI initiatives, but concerns quickly shifted to valuation, spending, and execution risk. Oracle has taken on heavy debt to expand AI data centers, borrowing 18 billion dollars in October and bringing total debt above 100 billion. Analysts questioned whether that level of investment will translate into near term profitability, particularly since Oracle’s cloud division carries lower margins than peers.
Leadership changes also weighed on sentiment. The company announced that long-time CEO Safra Catz will step down, introducing uncertainty about direction. Meanwhile, the broader AI trade cooled as investors began questioning whether spending across the industry has run ahead of realistic returns. Oracle, which had been seen as a major AI beneficiary, became a symbol of the AI pullback and posted one of the steepest declines among large tech stocks. Even after the drop, shares remained above year-ago levels, but November marked a clear reset of expectations.
This article is for informational purposes only and is not investment advice or a solicitation to buy or sell securities. The content is based on publicly available information and reflects the author’s opinions as of the publication date, which may change without notice. All investments carry inherent risks, including the potential loss of principal, and past performance is not indicative of future results. Readers should conduct their own research or consult a financial advisor before making investment decisions. BBAE holds no position in the securities mentioned, nor are they compensated by the companies mentioned.
