AI Stocks, Big Tech and the Fed: What Today’s S&P 500 Is Hiding About the U.S. Economy – November 25, 2025
Seven tech giants, including Nvidia and Microsoft, have driven most of the S&P 500’s 12% gain in 2025, while the rest of the index lags. Markets now price in an 80% chance of a December Fed rate cut, boosting Big Tech and AI shares. U.S. household income growth, adjusted for inflation, has fallen back to post–Great Recession levels as the holiday shopping season begins.