Sector performance was largely positive in November, led by the Healthcare sector, which advanced 9.3%. Technology lagged, down 4.8%, as Nvidia’s Q3 earnings dominated headlines. Despite a strong report, markets dropped off due to renewed concerns about an AI-driven market bubble. Communication, Real Estate, and Financials were all positive for the month.
The government has canceled several key October economic releases, further limiting visibility into the broader economy. Nonfarm payrolls for September came in surprisingly positive, although unemployment ticked up slightly. The focus turns to the December 10th FOMC meeting, where markets are pricing in a third consecutive Fed Funds Rate cut of 25 basis points.
Treasury yields declined across the curve in November, with the 30-year yield serving as the lone outlier that remained unchanged. The largest decline occurred in the 2-year, which dropped 13 basis points to 3.47%, followed by the 5-year, which fell 12 basis points to 3.59%.
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