We hope you had a wonderful Thanksgiving Holiday. Our family had a wonderful time together which included some Turkey and a fun game of cards. As we continue our preparations for the Holiday Season, we send you the warmest of holiday wishes and continued good health for everyone within your circle of friends and family. Just like the feeling of giving a gift to someone you care about, November turned into a performance that felt like an unplanned early Holiday Gift.
November Market Review:
As we just made it through three straight underwhelming months (August, September & October), November broke that trend as we saw welcoming signs in both Inflation data and retreating bond yields. Investors and the markets thoroughly embraced the potential idea that the Fed’s efforts are working, and this could be a signal that future rate increases are done. The consumer price index, which is a measure of inflation, went unchanged in November which led to a rally in equities and put significant pressure on bond yields. We certainly are a far cry from declaring a final victory over inflation, but this data certainly showed progress in the fight against raising prices.
For the month of November, we saw the DOW Jones increase +8.77% and we saw the S&P 500 soar +8.92%. The leading sectors for the month were Technology, which rose +12.90% and Financials which gained +10.94%. The only sector which did not participate in the month’s festivities was the Energy Sector, which finished the month down -0.72%.
In looking forward, all eyes and ears will be focused on the Federal Open Market Committee (FOMC) meetings that will conclude on December 13th. This will potentially provide us with more information on how the Committee is seeing the new data points and it could potentially help direct us on what the next move might be.
