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This month? I supply you the latest U.S. market cap style (large, mid, & small) and SPDR sector results -- from Zacks latest quarterly CIO survey.
Next are six questions we asked them, in late October 2025.
Q2 – Large Caps and Q5 Large Cap Value or Growth, 12 months
Large Cap returns show a mode at +5% to +10% returns.
Value indexes versus Growth indexes? Value outperforms. Growth underperforms.
Image Source: Zacks Investment Research
Q3 – Mid Caps and Q6 Mid Cap Value or Growth, 12 months
Mid Cap returns show a mode at +0% to +5% returns.
Value indexes outperform, or market. Growth indexes are market, or underperforms.
Image Source: Zacks Investment Research
Q4 – Small Caps and Q7 Small Cap Value or Growth, 12 months
Small Cap returns show a mode at worse than -5%; or returns between +5% to +10%.
Value indexes outperform, or market perform. Growth at market perform.
Image Source: Zacks Investment Research
Q6 – S&P500 Sectors, 12 months
Outperforms: Financials, Materials, Industrials, Info Tech, & Energy Market performs: Consumer Staples, & Consumer Discretionary Underperforms: Utilities, Health Care, & Telcos
Image Source: Zacks Investment Research
A sub-section that follows shows you NOV 2025 top-down rankings from Zacks.
Zacks November 2025 Sector/Industry/Company Telescope
Oct. 31st, 2025 data show 2 leaders: Financials & Info Tech at Very Attractive.
Info Tech earnings growth has “AI” data/cloud centers & tech mega-cap earnings.
Communications fell back to a Market Weight. Yet, Telco Equipment ranked high.
Health Care stayed at a Market Weight.
Consumer Staples rose to an Unattractive rating and Consumer Discretionary rose to an Unattractive rating.
Covering analyst concerns remain – factor in a weak U.S. job market.
Energy sectors fell to an Unattractive rating. Materials fell to a Very Unattractive rating.
These sector/industries ranking tighten stock traders and investors’ understanding -- of where outperforming fundamental earnings-driven share opportunities likely lie.
(1) Financials stay Very Attractive. Investment Banking and Major Banks looked best. Banks & Thrifts and Finance looked good too.
Zacks #1 Rank (STRONG BUY): Banco Santander (SAN - Free Report) , but a Zacks D for Value.
(2) Info Tech rose to Very Attractive from Attractive. Semis, Electronics, Misc. Tech led.
Zacks #1 Rank (STRONG BUY): TE Connectivity (TEL - Free Report) , but a Zacks D for Value.
(3) Communications Services fell to Market Weight from Attractive. Telco Equip’t best.
Zacks #1 Rank (STRONG BUY): Corning (GLW - Free Report) , but a Zacks F for Value.
(4) Industrials stayed at Market Weight. Metal Fabricating & Business Products, endure as strong industries.
(5) Utilities rose Attractive from Market Weight. Utility-Water Supply remained the best.
(6) Energy fell to Unattractive from Market Weight. Energy-Alternates looked the best.
(7) Health Care stayed at Market Weight. Medical Products was the best.
(8) Consumer Discretionary rose to Unattractive from Very Unattractive. Consumer Electronics and Non-Food Retail/Wholesale looked the best.
(9) Consumer Staples rose to Unattractive from Very Unattractive. Food/Drug Retail was the best here.
(10) Materials stayed Very Unattractive. Metals-non-Ferrous stayed solid (High gold and silver prices!).
A final note on the top stocks I identified this month…
The 3 top Zacks #1 stocks I sorted out all suffer from poor Zacks Value valuations.
That is the fate of many popular large cap shares now.
Conclusion
Two core U.S. stock themes you should take away - from the latest CIO survey?
A. The biggest U.S. stocks, aka the large cap stocks, are the ones most likely to see ongoing share returns next year.
B. The smallest U.S. stocks, the small cap stocks, may see negative returns.
Enjoy the rest of Zacks NOV market strategy report.
Warm regards,
John Blank, PhD. Zacks Chief Equity Strategist and Economist
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A CIO Outlook on Next Year: Zacks NOV Market Strategy
The following is an excerpt from Zacks Chief Strategist John Blank’s full Nov Market Strategy report To access the full PDF, click here.
This month? I supply you the latest U.S. market cap style (large, mid, & small) and SPDR sector results -- from Zacks latest quarterly CIO survey.
Next are six questions we asked them, in late October 2025.
Q2 – Large Caps and Q5 Large Cap Value or Growth, 12 months
Large Cap returns show a mode at +5% to +10% returns.
Value indexes versus Growth indexes? Value outperforms. Growth underperforms.
Image Source: Zacks Investment Research
Q3 – Mid Caps and Q6 Mid Cap Value or Growth, 12 months
Mid Cap returns show a mode at +0% to +5% returns.
Value indexes outperform, or market. Growth indexes are market, or underperforms.
Image Source: Zacks Investment Research
Q4 – Small Caps and Q7 Small Cap Value or Growth, 12 months
Small Cap returns show a mode at worse than -5%; or returns between +5% to +10%.
Value indexes outperform, or market perform. Growth at market perform.
Image Source: Zacks Investment Research
Q6 – S&P500 Sectors, 12 months
Outperforms: Financials, Materials, Industrials, Info Tech, & Energy
Market performs: Consumer Staples, & Consumer Discretionary
Underperforms: Utilities, Health Care, & Telcos
Image Source: Zacks Investment Research
A sub-section that follows shows you NOV 2025 top-down rankings from Zacks.
Zacks November 2025 Sector/Industry/Company Telescope
Oct. 31st, 2025 data show 2 leaders: Financials & Info Tech at Very Attractive.
Info Tech earnings growth has “AI” data/cloud centers & tech mega-cap earnings.
Communications fell back to a Market Weight. Yet, Telco Equipment ranked high.
Health Care stayed at a Market Weight.
Consumer Staples rose to an Unattractive rating and Consumer Discretionary rose to an Unattractive rating.
Covering analyst concerns remain – factor in a weak U.S. job market.
Energy sectors fell to an Unattractive rating. Materials fell to a Very Unattractive rating.
These sector/industries ranking tighten stock traders and investors’ understanding -- of where outperforming fundamental earnings-driven share opportunities likely lie.
(1) Financials stay Very Attractive. Investment Banking and Major Banks looked best. Banks & Thrifts and Finance looked good too.
Zacks #1 Rank (STRONG BUY): Banco Santander (SAN - Free Report) , but a Zacks D for Value.
(2) Info Tech rose to Very Attractive from Attractive. Semis, Electronics, Misc. Tech led.
Zacks #1 Rank (STRONG BUY): TE Connectivity (TEL - Free Report) , but a Zacks D for Value.
(3) Communications Services fell to Market Weight from Attractive. Telco Equip’t best.
Zacks #1 Rank (STRONG BUY): Corning (GLW - Free Report) , but a Zacks F for Value.
(4) Industrials stayed at Market Weight. Metal Fabricating & Business Products, endure as strong industries.
(5) Utilities rose Attractive from Market Weight. Utility-Water Supply remained the best.
(6) Energy fell to Unattractive from Market Weight. Energy-Alternates looked the best.
(7) Health Care stayed at Market Weight. Medical Products was the best.
(8) Consumer Discretionary rose to Unattractive from Very Unattractive. Consumer Electronics and Non-Food Retail/Wholesale looked the best.
(9) Consumer Staples rose to Unattractive from Very Unattractive. Food/Drug Retail was the best here.
(10) Materials stayed Very Unattractive. Metals-non-Ferrous stayed solid (High gold and silver prices!).
A final note on the top stocks I identified this month…
The 3 top Zacks #1 stocks I sorted out all suffer from poor Zacks Value valuations.
That is the fate of many popular large cap shares now.
Conclusion
Two core U.S. stock themes you should take away - from the latest CIO survey?
A. The biggest U.S. stocks, aka the large cap stocks, are the ones most likely to see ongoing share returns next year.
B. The smallest U.S. stocks, the small cap stocks, may see negative returns.
Enjoy the rest of Zacks NOV market strategy report.
Warm regards,
John Blank, PhD.
Zacks Chief Equity Strategist and Economist