US equities continue to hit new highs, but beneath the surface, returns are increasingly driven by a small group of mega cap stocks. This growing concentration may weaken diversification and increase portfolio fragility over time.

Global markets stalled in November 2025 as investors weighed a resolved U.S. shutdown against uncertain data and shifting monetary policy. Technology stocks pulled back, defensive sectors outperformed and global bonds stayed flat while precious metals lifted commodities. Diversification and valuation discipline remain central heading into 2026.