C + I sans G + (X-M) = :^(

DoubleLine Portfolio Managers Jeff Mayberry and Eric Dhall review a negative week ended Nov. 7, 2025, for stocks (00:48), with the year’s high-flying Tech and Communication Services sectors the worst performers on the week; a mixed bag in fixed income (3:06); and flat commodities (4:00). With government JOLTS, payrolls, factory orders and trade reports sidelined by the federal executive branch shutdown, macro pickings (5:43) were largely limited to private data sources, including contractionary manufacturing and expansionary services reports from the ISM. One notable exception was a Congressional Budget Office quantitative analysis relating projected lengths of the shutdown to hits to fourth quarter GDP growth. “The shutdown is really starting to weigh on the economy,” Eric notes, “as we know that government spending is additive to the GDP equation.” Looking to macro reports for Nov. 10-14 (10:08), Jeff Mayberry notes, “If you think Nov. 3-7 was bare, next week is terrible. There’s nothing. No CPI, no PPI, no retail sales. As for the Small Business Optimism number, that’s it for next week.”