Animal spirits driven by the resolution of presidential election uncertainty, economic growth and expectations of Federal Reserve rate cuts prompted U.S. stocks to surge in November. Here are 3 things you need to know:

1. U.S. stocks had a strong November, with the S&P 500 rising 5.73%, the Dow Jones Industrial Average gaining 7.54% and the Nasdaq Composite climbing 6.21% to post the markets’ best month in a year.
2. Gold (-3.7%) finally lost ground after four consecutive monthly gains, in its worst performance since September 2023.
3. Buoyed by Trump’s embrace of crypto, ETFs investing in Bitcoin and Ether saw record monthly net inflows in November — $6.5 billion and $1.1 billion, respectively. Bitcoin surged another +38.5%, closing at $96,841.

Sources: J.P. Morgan Asset Management – Economic Update; Bureau of Economic Analysis (www.bea.gov); Bureau of Labor Statistics (www.bls.gov); Federal Open Market Committee (www.federalreserve.gov); Bloomberg; Deutsche Bank; FactSet.

Indices:

• The Bloomberg Barclays Aggregate Bond Index is a broad-based index used as a proxy for the U.S. bond market. Total return quoted.
• The S&P 500 is designed to be a leading indicator of U.S. equities and is commonly used as a proxy for the U.S. stock market. Price return quoted.
• The Russell 2000 Index is a small-cap U.S. stock market index that makes up the smallest 2,000 stocks in the Russell Index.
• The MSCI ACWI ex-US Index captures large and mid-cap representation across 22 of 23 developed market countries (excluding the U.S.) and 27 emerging market countries.  The index covers approximately 85% of the global equity opportunity set outside the U.S. Price return quoted.
• The MSCI Emerging Markets Index captures large and mid-cap segments in 26 emerging markets. Price return quoted (USD).

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