Wall Street was downbeat last week. The S&P 500 index lost 1.95%, the Dow Jones index retreated 1.9% and the Nasdaq Composite slumped 2.7%. Overvaluation concerns in the artificial intelligence (AI) space continued to hurt the space. NVIDIA’s NVDA strong quarterly results couldn’t save the market fully in the end.
Moreover, there were speculations in the market that the Fed may not cut rates in the December meeting as the Fed has less clarity on recent economic data points (due to the government shutdown).
Volatility levels flared up in the market. Barclays iPath Series B S P 500 VIX Short Term Futures ETN Series B VXX advanced 6% over the past one week (as of Nov. 21, 2025). Meanwhile, gold bullion ETF SPDR Gold Trust GLD added about 0.1% over the past one week, although the ETF is still down 0.9% for the one-month period.
Chip giant NVIDIA delivered another blockbuster quarter last week, easing investor concerns about soaring artificial intelligence (AI) spending that has weighed on markets in recent weeks.
For the quarter ending in October, NVIDIA posted $57 billion in revenue, marking a 62% uptick from a year earlier. The surge was driven by huge demand for its chips used in AI data centers, with that division’s sales surging 66% to more than $51 billion (read: NVIDIA Jumps on Upbeat Earnings & Guidance: ETFs in Focus).
For Q3, NVIDIA saw earnings per share (EPS) of $1.30 on revenue of $57.01 billion. Earnings beat the Zacks Consensus Estimate of $1.24 per share while revenues beat the estimate by 4.14%.
The company recorded EPS and revenues of $0.81 and $35.1 billion, respectively, in the year-ago quarter. The company’s data center business generated $51.2 billion versus the Bloomberg consensus estimate of $49.3 billion, as quoted on Yahoo Finance.
After two earlier rate cuts, monetary policymakers have recently struck a more hawkish tone as inflation stays above target, dampening expectations for further easing at the Dec. 9–10 FOMC meeting.
Capital Economics noted that the four regional Fed presidents on the committee – Susan Collins, Austan Goolsbee, Alberto Musalem and Jeffrey Schmid – have appeared skeptical, even “hostile,” toward a December cut, as quoted on a Fortune article.
The strength in the biotech sector is back with a bang. Cheaper valuations, rate-cut hopes, FDA approvals and strong deal activity have aided biotech gains in recent times. Many investors have probably rotated to the safety of the healthcare sector amid AI overvaluation concerns (read: Inside the Recent Strength in Biotech ETFs).
Eli Lilly LLY briefly crossed the $1 trillion market cap on Nov. 21, 2025 — becoming the first-ever health-care company to join the elite group mainly dominated by tech giants, as mentioned on CNBC. Shares touched around $1,059 on the day.
Eli Lilly’s dominance in the booming GLP-1/GIP market continues to power the stock’s 36% surge this year, thanks to immense growth from Mounjaro and Zepbound. The company’s Q3 revenues jumped 54% to $17.6 billion, with Mounjaro up 109% and Zepbound up 184%, both beating estimates and leading Lilly to raise its 2025 sales outlook to $63.0–$63.5 billion and EPS to $23.00–$23.70.
Lilly’s competitive edge comes from tirzepatide, which targets both GLP-1 and GIP – an advantage over peer company Novo Nordisk’s semaglutide drugs. The drug is helping Lilly to lead a weight-loss market that has immense potential, per analysts (read: Eli Lilly Hits $1 Trillion Milestone: ETFs to Invest in).
Against this backdrop, below we highlight a few winning exchange-traded funds (ETFs) of the last week.
iShares MSCI Philippines ETF EPHE – Up 7.7%
The underlying MSCI Philippines IMI 25/50 Index is a market capitalization weighted index designed to measure the performance of equity securities in the top 99% in market capitalization of Philippine equity markets. The fund charges 59 bps in fees and yields 2.17% annually.
Virtus LifeSci Biotech Clinical Trials ETF BBC – Up 6.7%
The underlying LifeSci Biotechnology Clinical Trials Index is an equal weighted index that is designed to measure the equity market performance of the common stock of U.S. exchange-listed biotechnology companies with a primary product offering that is in a Phase 1, Phase 2 or Phase 3 clinical trial stage of development. The fund charges 79 bps in fees and yields 0.69% annually.
Franklin Genomic Advancements ETF HELX – Up 5.4%
The Franklin Genomic Advancements ETF seeks capital appreciation by investing in innovative companies related to genomic-based technologies designed to enhance the quality of life. The fund charges 50 bps in fees.
State Street SPDR S&P Health Care Services ETF XHS – Up 4.8%
The underlying S&P Health Care Services Select Industry Index represents the health care sub-industry portion of the S&P Total Stock Market Index. The S&P TMI tracks all the U.S. common stocks listed on the NYSE, AMEX, NASDAQ National Market and NASDAQ Global Select Market. The Health Care Index is a modified equal weight index. The fund charges 35 bps in fees.
Simplify Propel Opportunities ETF SURI – Up 4.4%
The Simplify Propel Opportunities ETF seeks to provide long-term growth of capital by providing investors with exposure to biotech, pharma, health care technology and life science companies that are believed to be overlooked by investors, thereby presenting significant opportunities for capital appreciation. The fund charges 254 bps in fees and yields 16.36% annually.
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NVIDIA Corporation (NVDA) : Free Stock Analysis Report
SPDR Gold Shares (GLD): ETF Research Reports
iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX): ETF Research Reports
Virtus LifeSci Biotech Clinical Trials ETF (BBC): ETF Research Reports
State Street SPDR S&P Health Care Services ETF (XHS): ETF Research Reports
iShares MSCI Philippines ETF (EPHE): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
