November tends to be one of the best months for the stock market, but this November was an exception.
The S&P 500 index was down 0.4% this month as of Wednesday’s close, putting the large-cap index on track for its worst November performance since 2021, according to Dow Jones Market Data.
In a brutal month for equities, some stocks enjoyed excellent returns. Albemarle Corp., the lithium miner, was the top performer, climbing 29.6% as of Friday morning.
Lithium is a component in electric-vehicle batteries, and rising lithium prices helped Albemarle overcome weak EV demand. Lithium miners have benefited from Chinese battery maker Contemporary Amperex Technology halting production at one of its mines earlier this year, which reduced supply and stabilized prices.
Eli Lilly & Co. was another big winner as November neared its end, rising 26.5% and becoming the first drugmaker to reach a $1 trillion market capitalization. Lilly reached a deal with the Trump administration earlier this month to allow Medicare to pay for GLP-1 weight-loss medicines. Investors spooked by tech-stock valuations also moved money into healthcare stocks in November.
Another healthcare stock, the medical-device company Solventum jumped 24.1%. Solventum, which was spun off from 3M last year, got a boost on Nov. 6, when it announced stronger third-quarter earnings than expected. The company also launched a multiyear initiative to slash more than $500 million in annual costs.
Merck & Co. joined its healthcare peers in the top five, rising 22.4% in November. On Nov. 9, the drugmaker announced that a heart pill it is developing cut levels of harmful LDL cholesterol in clinical trials. Less than two weeks later, Merck said its other heart pill, Winrevair, had succeeded in Phase 2 trials for the treatment of a certain form of heart failure.
Expeditors International of Washington rounded out the top five performers in the index, gaining 21%. The logistics company’s third-quarter results were the reason. Expeditors posted earnings of $1.64 a share for the quarter, well ahead of analysts’ consensus call for $1.39.
Others weren’t looking too hot. Super Micro Computer slumped 36% this month. Shares of the server maker fell by double digits after Super Micro posted weak fiscal first-quarter earnings and issued a mixed outlook. The stock has faced scrutiny since it narrowly avoided delisting in February. Its auditor, BDO USA, issued an opinion that cited material weakness in internal controls related to the company’s financial reporting
Axon Enterprise declined 27% for the month. Shares dove following a third-quarter earnings miss, even though the Taser maker posted record revenue and pointed to strong bookings in the fourth quarter. Axon’s margins suffered a blow from tariffs and investments in new products.
Oracle tumbled 24% in November. The data-center infrastructure company has found itself in the crosshairs of concerns over AI spending. Oracle’s overall debt stands north of $100 billion, and Wall Street expects the company to borrow more to finance its capital-spending needs, increasing its credit risk.
DoorDash fell nearly 23%. The losses were driven by a disappointing third-quarter earnings report. The food delivery company vowed to invest “several hundred million dollars” more in new initiatives in 2026 than in 2025. Despite its recent slump, the stock remains up 19% this year.
Shares of The Trade Desk declined 22%. Investors have questioned the digital advertising company’s momentum and competitive positioning, driving shares 66% lower in 2025. While third-quarter earnings on Nov. 6 topped analysts’ estimates, concern over a significant increase in capex overshadowed the bright points.
Write to Nate Wolf at nate.wolf@barrons.com and Mackenzie Tatananni at mackenzie.tatananni@barrons.com
