As of November 30, the US stock market major index $S&P 500(.SPX)$ rise 5.38% in November, $NASDAQ(.IXIC)$ rose 4.37% and $DJIA(.DJI)$ rose 5.67% in November respectively.
Stocks extended gains in Asia after China appeared to soften is Covid stance and Federal Reserve Chair Jerome Powell signaled a slowdown in the pace of interest-rate hikes.
The dollar $USD Index(USDindex.FOREX)$ fell against most of its Group-of-10 counterparts, with the yen speeding to a three-month high. Treasury yields$Micro 10-Year Yield - main 2212(10Ymain)$ stabilized after large declines following Powell’s comments.
November Sector Performances
Data from https://finviz.com/
According to the table above, all the sectors ended up with basic materials, industries and communication services sectors in the top three. And the energy sector gained the least by 2.01% in November.
Top Stocks Winners：
Data from https://finviz.com/
In detail:
Inside the Basic Material sector: $Linde PLC(LIN)$ rose13. 16%, $Sherwin-Williams(SHW)$ rose 10.73%, $PPG Industries Inc(PPG)$ rose 18%, and $LyondellBasell Industries NV(LYB)$ up 11. 2% in November.
For the Industrial sector: $Honeywell (HON) $rose 7. 61%, $Eaton Corp PLC(ETN)$ increased by 8. 92%, $Emerson(EMR)$ increased by 10. 59%, $Ametek Inc(AME)$ up 9. 84%, $Trane Technologies PLC(TT)$ up 11. 77%
Regarding the Communication Services sector: $Meta Platforms, Inc. (META) $rose 26. 77% , $Alphabet(GOOGL)$ up 6. 86%, $Match(MTCH)$ up 17. 04% respectively.
Among the large-cap stocks: $Microsoft (MSFT) $rose 9. 91%, $Berkshire Hathaway (BRK. B) rose 7. 97%, $Wal Mart (WMT) $ up 7. 09%.
In addition, the semiconductor stocks in the technology sector, including $NVIDIA Corp(NVDA)$ , $AMD(AMD)$ , $Analog Devices(ADI)$ , $NXP Semiconductors NV(NXPI)$, and $Microchip Technology(MCHP)$ rose more than 20%, and $Broadcom(AVGO)$ , $Texas Instruments(TXN)$ rose more than 10%.
November Positive Signs
US Positive Q3 GDP: Economic data was mixed on Wednesday, with third-quarter GDP growth revised upwards to 2.9% from 2.6%. Meanwhile, the November payroll report from ADP showed private companies adding 127,000 jobs, well below estimates for 190,000 jobs. The Labor Department's November jobs report will be released this Friday.
FED Dove Speech: On the closing day of November, FED Chairman Powell became the "savior" of US stocks. FED delivered a speech on the economy and the job market. He said that the earliest time when the FED slowed down the pace of interest rate increase may be at the December interest rate meeting.
China‘ reopening: A virtuous circle is forming in Chinese assets as gains spurred by signs the nation is rolling back Covid Zero drive more investors to chase the rally.November’s rotation-driven surge in Chinese stocks and credit has made them among the globe’s best performers. An index of the nation’s US-listed shares climbed a record 42%, the Hang Seng China Enterprises Index gained the most since 2003, property stocks have jumped 61% and high-yield dollar bonds rose 20%. The yuan spiked up on Wednesday as Beijing said it will allow some residents to skip mass Covid Tests. Some asset managers are arguing this is only the start, making the case for the outperformance to continue into 2023 after the region lagged global peers for months.
Institution's Vision of Future Market Trends
Although it ended perfectly on WednesdayWall Street institutions have different views on the future market of US stocks.
Some believed that the Santa rally will come December Trend Radar| Ready to Receive Christmas gifts as Scheduled? Some others worried about a future decline.
On November 29, Mike Wilson, chief investment officer of Morgan Stanley and US equity strategist, the "big short" on Wall Street, warned that,
By the beginning of 2023, the potential downside of the $S&P 500(.SPX)$ may reach 24%, and the trend of the US stock market in 2023 may be "a crazy journey". Once American enterprises revise their profits downward, it will severely damage the American stock market.
Christopher Metli, chief quantitative strategist of Morgan Stanley US, pointed out in the latest report that,
According to historical data and capital flows in the coming months, it is estimated that the $S&P 500(.SPX)$ will fall as much as 15% by March 2023.
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