November is a memorable month for the stock market | Wilnesh News

This report comes from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open keeps investors updated on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

Stock market rule in November
major U.S. indexes Shares climbed in shortened trading hours on Friday, ending the week and month higher. this S&P 500 Index and Dow Jones Industrial Average Hit new highs. Pan-European Stoke 600 The index rose 0.58%, having gained 0.96% at the end of November. Eurozone annual inflation is expected to rise 2.3% in November, up from 2% in October.

India’s economic growth disappoints
India’s economy grew 5.4% in the second fiscal quarter ended September. according to to the National Bureau of Statistics. This was a significant decrease from the previous quarter’s growth rate of 6.7%. In addition, the GDP data was also far lower than the 6.5% forecast in a Reuters survey and the 7% expected by the Reserve Bank of India.

Bitcoin’s second best month
Bitcoin November rose 38%, marking the second-best month so far this year. Investors piled into Bitcoin ETFs after Donald Trump won the U.S. election — with the fund recording its largest single-day inflow in the period — offsetting some of the profit-taking. The launch of a Bitcoin ETF option could further increase Bitcoin’s popularity.

Musk sues OpenAI
Lawyers representing Musk filed for a preliminary injunction against OpenAI on Friday. The ban would prevent OpenAI from transforming into an entirely for-profit business and prevent OpenAI from allegedly asking its investors not to provide funds to competitors, including xAI (Musk’s artificial intelligence startup) and other companies.

(PRO) Watch November jobs report
The main data release this week is the November jobs report released on Friday. This will be the Fed’s last major review of the labor market before its December meeting. If the numbers are high – a 12,000 job gain in October due to hurricanes is considered an anomaly – they could prompt the Fed to cut interest rates.

November was a memorable month for the stock market.

this S&P 500 Index up 5.73% Dow Jones Industrial Average It rose 7.54% in November, marking its best monthly performance this year. this Nasdaq Index It closed up 6.21%, the most optimistic month since May.

The U.S. economy grew at an annualized rate of 2.8% in the third quarter. Although gross domestic product is expected to grow 1.31% in the fourth quarter, according to St. Louis Federal Reserve Bank Live Forecastwhich still implies economic expansion – in contrast to concerns that a recession will hit the economy.

There is even a silver lining to the slowdown in growth. This gives the Federal Reserve more incentive to cut interest rates for the second time this year at its December meeting, which will stimulate economic activity.

Additionally, seasonal strength in stocks in November provided investors with a host of good feelings.

“As we move into December, with everything going well, it’s going to be really hard for the bull market here to subside,” said Ross Mayfield, investment strategist at Baird Private Wealth Management.

In fact, U.S. stocks are “in the throes of a strong year-end rally,” said Rich Ross, a chartered market technician at Evercore ISI. This is because short sellers who shorted the market are forced to buy shares at the end of the year to cover their positions.

Ross added that a flurry of buying could in turn push the S&P 500 to 6,300. That represents a 5% gain in December and a 32.1% gain for all of 2024, surpassing the S&P’s 2023 gain of 24.2%.

Fortunately, investors will remember this year fondly in 2024, and not just in November.

—CNBC’s Alex Harring and Scott Schnipper contributed to this report.