Stocks See Rare November Pullback as Healthcare and Lithium Names Lead Outperformers

Image taken from equiti.com

November is typically one of the strongest months for equities, but this year broke the pattern. The S&P 500 slipped 0.4% as of Wednesday’s close, putting the index on pace for its weakest November since 2021, according to market data. Despite the broader volatility, a handful of stocks managed to deliver standout gains, driven by sector-specific catalysts and renewed investor interest.

Lithium major Albemarle Corp. emerged as the month’s biggest winner, soaring 29.6% as of Friday morning. Although global EV demand has remained soft, lithium prices have ticked higher after Chinese battery leader Contemporary Amperex Technology halted production at one of its mines earlier this year. The resulting supply impact helped stabilize prices, giving

Albemarle’s stock strong upward momentum throughout the month.

Healthcare companies also dominated the leaderboard. Eli Lilly & Co. surged 26.5%, becoming the first pharmaceutical company to cross the $1 trillion market capitalization mark. The stock was buoyed by a breakthrough agreement allowing Medicare to cover GLP-1 weight-loss drugs. Investors also rotated into healthcare names as concerns over stretched tech valuations grew.

Medical-device maker Solventum jumped 24.1%, supported by stronger-than-expected third-quarter results announced on November 6. The company, spun off from 3M last year, also unveiled a multiyear cost-reduction initiative targeting more than $500 million in annual savings. Merck & Co. followed closely with a 22.4% gain after reporting promising trial data for two experimental heart medicines, one targeting LDL cholesterol reduction and another addressing specific forms of heart failure.

Logistics firm Expeditors International of Washington rounded out the top five performers, gaining 21% in November. Its third-quarter earnings came in well ahead of expectations, restoring confidence in the company’s operational momentum despite a challenging freight environment.

But while some stocks posted impressive rallies, others struggled significantly. Super Micro Computer plunged 36% amid disappointing fiscal first-quarter earnings and a mixed outlook. The company has been under scrutiny since narrowly avoiding delisting earlier this year, and its auditor recently flagged material weaknesses in financial-reporting controls.

Axon Enterprise declined 27% after missing third-quarter earnings estimates despite delivering record revenue. Tariff impacts and rising investments weighed heavily on margins. Oracle faced a 24% monthly drop as concerns mounted around AI-driven capex, rising debt obligations, and overall sector spending. DoorDash shed nearly 23% following weaker-than-expected third-quarter results and plans to increase investment significantly in 2026. Shares of The Trade Desk also fell 22% amid investor doubts about its competitive positioning and rising capital expenditures, extending what has been a challenging year for the digital advertising firm.

With November closing as a rare outlier in an otherwise seasonally strong period, markets now turn their focus to December, where macroeconomic signals and sector rotations may determine whether the year ends on a stronger footing.