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Dec 04, 2023

November 2023

Stocks recorded a highly bullish November as the S&P 500 advanced 9.1%, the Dow Jones Industrial Average charged 9.2% higher, and the NASDAQ surged 10.8%. The Russell 1000 finished November up 9.3%, and the small-cap Russell 2000 added 9.1%. Global indices joined the party as well–Emerging Markets posted an 8.0% gain in November and EAFE jumped 9.3%.

Energy was the month’s sole negative sector, declining 0.7%. The Technology, Real Estate, Consumer Discretionary, and Financial sectors all posted double-digit gains in November.

Existing home sales declined for the fifth straight month while the median price of an existing home fell for the fourth month in a row. However, the 15-year Mortgage Rate backed off of 7%, a level it hadn’t reached since 2000. Both inflation and core inflation decelerated, and CPI was nearly unchanged MoM. The per-ounce price of Gold breached the key $2,000 level in November and is 1.5% off from its all-time high of $2,067.20.

Treasury yields tumbled in November as investors piled back into equities. Yields on the 5-year and 10-year treasuries fell by 51 basis points, the most out of any duration on the curve. The 1-month T-Bill ended November unchanged at 5.56%. Yields on certain global fixed-income instruments also dove lower in November.

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