November 2025 proved challenging for US equities, with the S&P 500 index declining 0.4% as of Wednesday's close, marking its worst November performance since 2021 according to Dow Jones Market Data. Despite the overall market weakness, several stocks delivered exceptional returns while others suffered significant losses.
Top Performers: Healthcare and Lithium Lead Rally
Albemarle Corp. emerged as the standout performer, with the lithium miner's stock climbing an impressive 29.6% as of Friday morning. The company benefited from rising lithium prices despite weak electric vehicle demand, as supply constraints emerged when Chinese battery maker Contemporary Amperex Technology halted production at one of its mines earlier this year.
The healthcare sector demonstrated remarkable strength during the month. Eli Lilly & Co. surged 26.5%, becoming the first drugmaker to achieve the historic $1 trillion market capitalization milestone. This remarkable achievement came after the company reached a deal with the Trump administration allowing Medicare to cover GLP-1 weight-loss medicines.
Medical device company Solventum jumped 24.1%, boosted by stronger-than-expected third-quarter earnings announced on November 6. The company, which was spun off from 3M last year, also launched a multiyear initiative aimed at cutting more than $500 million in annual costs.
Merck & Co. joined its healthcare peers in the top performers list, rising 22.4% in November. The pharmaceutical giant announced on November 9 that a heart pill it's developing successfully reduced harmful LDL cholesterol levels in clinical trials. Less than two weeks later, the company revealed that its other heart medication, Winrevair, succeeded in Phase 2 trials for treating a specific form of heart failure.
Expeditors International of Washington completed the top five performers with a 21% gain. The logistics company's strong third-quarter results drove the surge, with earnings reaching $1.64 per share compared to analysts' consensus estimate of $1.39.
Worst Performers: Tech Stocks Face Pressure
On the opposite end of the spectrum, Super Micro Computer experienced the most significant decline, slumping 36% during November. The server manufacturer saw double-digit drops after reporting weak fiscal first-quarter earnings and providing a mixed outlook. The stock has been under scrutiny since it narrowly avoided delisting in February, with its auditor BDO USA citing material weaknesses in internal controls related to financial reporting.
Axon Enterprise declined 27% for the month despite the Taser maker posting record revenue and pointing to strong fourth-quarter bookings. The company's margins suffered from tariffs and investments in new products, leading to a third-quarter earnings miss that disappointed investors.
Oracle tumbled 24% in November as concerns over AI spending impacted the data-center infrastructure company. With overall debt exceeding $100 billion, Wall Street expects Oracle to borrow additional funds to finance capital-spending requirements, increasing credit risk concerns among investors.
DoorDash fell nearly 23% following disappointing third-quarter earnings. The food delivery company announced plans to invest "several hundred million dollars" more in new initiatives in 2026 compared to 2025, raising concerns about future profitability. Despite the recent decline, the stock remains up 19% for the year.
The Trade Desk shares declined 22% as investors questioned the digital advertising company's momentum and competitive positioning. Although third-quarter earnings on November 6 exceeded analysts' estimates, concerns about a significant increase in capital expenditures overshadowed the positive results. The stock has declined 66% throughout 2025.
Market Shifts and Investor Sentiment
The November performance highlights significant sector rotation, with investors moving money from tech stocks to healthcare amid concerns about technology valuations. The contrasting fortunes of companies within the S&P 500 demonstrate how specific catalysts—whether earnings results, regulatory developments, or industry-specific factors—can drive substantial price movements even during broader market weakness.
The exceptional performance of healthcare stocks, particularly Eli Lilly's historic market capitalization achievement, underscores the growing importance of pharmaceutical innovations and favorable regulatory developments. Meanwhile, the struggles in the technology sector reflect ongoing concerns about valuations, spending patterns, and competitive pressures in rapidly evolving industries.
