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Dec 02, 2022

November 2022

Provided by YCharts

Stocks rebounded further
 both in the US and globally. The Dow Jones Industrial Average rose 6.0%, the S&P 500 added 5.6%, and the NASDAQ tacked on 4.5%. Global indexes were even bigger winners—Emerging Markets jumped 14.9% in November, and the Developed EAFE index advanced 11.3%. Year-to-date, the Dow is down just 2.9%, having almost fully crawled back from a 19.7% decline at its worst. The S&P 500 remains in correction mode down 13.1%, and the NASDAQ is firmly in bear market territory, off 26.1% from its all-time high.

All eleven S&P 500 sectors also finished in the black for the second consecutive month. The cyclically-sensitive Materials and Industrials sectors led the way with respective increases of 11.7% and 7.8%. Lagging were Consumer Discretionary and Energy, the latter of which sold off due to weakened oil prices, but still finished November 1.3% higher.

US existing home sales declined for the ninth straight month. The median national existing home price also declined by 1.1%, to $379,100. In some good news for prospective buyers, mortgage rates cooled off in November and the 30-year now sits at 6.49% as of December 1st. Both YoY inflation and core inflation dipped by 0.4 percentage points compared to last month’s prints.

The inverted yield curve twisted further in November as both the 10 Year Treasury Rate and 30 Year Treasury Rate fell to the bottom of the curve. The 10-year rate as of November 30th was 3.68%, and the 30-year was 3.80%, the only US treasuries that were sub-4%. At the top of the curve was the 1-Year Treasury Bill at 4.74%, followed by the 6-Month Treasury Bill at 4.70%. And we thought spooky season was over after Halloween…

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