A professional trader works on the trading floor of the New York Stock Exchange (NYSE).
Brendan McDermid | Reuters
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.
What you need to know today
Stock market rule in November
major U.S. indexes Friday’s climbthe trading day shortened, and the week and month ended higher. this S&P 500 Index and Dow Jones Industrial Average Hit new highs. Pan-European Stoke 600 The index rose 0.58% Up 0.96% at the end of November. Eurozone annual inflation rate Expected to rise 2.3% November’s increase was higher than October’s 2% increase.
India’s economic growth disappoints
India’s economy grew by 5.4% In the second fiscal quarter ended in 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 Celebrating the second best month of the year so far, Up 38% in November. 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 Bitcoin ETF Options May further increase the popularity of the coin.
Musk sues OpenAI
Lawyers representing Musk filed for a preliminary injunction against OpenAI on Friday. The ban will Prevent OpenAI from converting Become an entirely for-profit business and prevent OpenAI from allegedly asking its investors not to fund competitors, including xAI (Musk’s artificial intelligence startup) and others.
(PRO) Watch November jobs report
The main data for this week is November employment reportout 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.
bottom line
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.
Recently, a series of factors have boosted investor sentiment on stocks.
The presidential election ended with Donald Trump finally locking up the top seat in the White House. This removes any uncertainty that investors hate. In addition, Trump Good for the stock markettax cuts and deregulation, which investors like.
U.S. economic growth rate Annual interest rate 2.8% Season three. Although gross domestic product is expected to grow 1.31% in the fourth quarter, according to St. Louis Federal Reserve Bank Live Forecastwhich still represents expansion—with nagging fear that one recession It 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.
In addition, in November seasonal intensity The process of sending investors beautiful emotions for stocks.
“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 gain of 5% in December and a gain of 32.1% 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.
