Market Analysis Report: UBS's McCartney Calls Recent Pullback a 'Buying Gift'

On November 24, 2025 (EST), Alli McCartney, UBS Managing Director-Wealth Management, appeared on CNBC’s Squawk on the Street and described the previous week’s market pullback as a “buying gift” [3]. The pullback occurred on November 20, 2025, when major U.S. indices dropped sharply due to AI valuation concerns and a mixed delayed jobs report [1]. McCartney’s comment came amid an ongoing market recovery from those lows.

The market was in a recovery phase when McCartney spoke. Key indices rebounded from their November 20 lows:

• S&P 500
  : +2.57% (6,538.77 → 6,707.02)
• NASDAQ
  : +3.6% (22,078.05 → 22,872.86)
• Dow Jones
  : +1.57% (45,752.25 → 46,472.03) [0]

Sector performance on November 24 reflected a mix of growth and defensive sentiment:

• Technology
  : +2.12% (AI-related recovery)
• Utilities
  : +2.65% (defensive play) [0]

McCartney’s bullish stance aligned with Morgan Stanley’s Michael Wilson, who stated the pullback was near its end [2]. However, recovery was not uniform—Microsoft lagged due to a Rothschild downgrade citing AI spending concerns [2].

• Apple
  : +3.99% (266.25 → 276.87) from Nov 20 low
• Microsoft
  : -0.92% (478.43 → 474.00) due to Rothschild downgrade [0,2]

Top performers on November 24:

• Utilities (+2.65%)
• Technology (+2.12%) [0]

1. Direct
   : U.S. major indices (S&P 500, NASDAQ, Dow Jones) [0]
2. Related Sectors
   : Technology (AI recovery), Utilities (defensive) [0]
3. Companies
   : Apple (strong rebound), Microsoft (lagged due to downgrade) [0]

• McCartney did not specify which sectors/stocks to buy; further research into UBS’s latest sector reports is needed [3].
• Long-term sustainability of AI spending (a key pullback driver) requires monitoring upcoming tech earnings [1].

• Bullish
  : McCartney (UBS) and Wilson (Morgan Stanley) view the pullback as a buying opportunity [2,3].
• Cautious
  : RBC’s Lori Calvasina believes a short-term pullback was long overdue [3].

1. Fed rate decision (Dec 9-10): 75% probability of a cut [1]
2. Tech earnings reports (validate AI spending sustainability) [1]
3. UBS’s sector-specific recommendations [3]
4. Microsoft’s response to the Rothschild downgrade [2]

• AI Valuation Risk
  : Microsoft’s lagging performance highlights ongoing concerns about AI spending sustainability. Users should be aware that not all tech stocks will rebound equally [2].
• Fed Policy Risk
  : Any deviation from the expected rate cut could impact market sentiment. Monitor Fed communications closely [1].
• Market Divide
  : Cautious views from strategists like Calvasina indicate potential for further volatility [3].

[0] Ginlix Analytical Database (market indices, sector performance, Apple/MSFT stock data)
[1] WSJ: Stock Market News, Nov. 20, 2025 (https://www.wsj.com/livecoverage/jobs-report-bls-september-stock-market-today-11-20-2025…)
[2] Investopedia: Markets News, Nov. 19, 2025 (https://www.investopedia.com/dow-jones-today-11192025-11852440…)
[3] Investopedia: 5 Things to Know Before the Stock Market Opens (https://www.investopedia.com/5-things-to-know-before-the-stock-market-opens-november-24-2025-11855517…)