United States

Markets experience highs and lows throughout November

MONTHLY MARKET COMMENTARY  | 

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Domestic equity indices finished sharply higher for the month while international developed and emerging markets declined. Both global and domestic fixed income indices experienced negative returns. Returns across asset classes were largely linked in some form or fashion to the surprise victory by Donald Trump in the U.S. presidential election.

For the month, the S&P 500 Index rose 3.7 percent, while the Russell 2000 Index of smaller companies gained 11.2 percent. The energy, financials and basic materials sectors were the best performers, while utilities and consumer goods were the weakest performing sectors. Across market capitalizations, small-cap securities generally outperformed their large- and mid-cap counterparts. Across styles, value outperformed growth across all market caps.

U.S. fixed income markets were generally negative for the month. Short-maturity Treasuries outperformed longer-dated issues as the yield curve steepened. Investment grade corporate securities fell as utility-, industrial-, and financial-related issuers were negative for the month. Lower quality, higher yielding corporate securities also finished lower with the only exception coming from the lowest-rated issues. Municipal bonds were generally negative with longer duration and higher yielding municipals performing worse.

International markets were mostly lower as the Morgan Stanley Capital International (MSCI) Europe Australia Far East Index declined 2.0 percent. Among the largest European markets, the U.K. rose 0.4 percent, while Germany and France fell by 3.7 percent and 1.8 percent, respectively. Within the Pacific region, Japan declined 2.4 percent, while Australia gained 0.4 percent. In the emerging markets, the MSCI Emerging Markets Index ended 4.6 percent lower despite a broad increase in the Bloomberg Commodity Index.

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