Markets Could Rally Through Year-End, But Don’t Overlook Recession Signals

Markets Post Gains in November.

Amid easing inflation and hopes of reduced interest rate increases, equities were up in November as both the Dow Jones Industrial Average and S&P 500 indices posted their second consecutive month of gains since August 2021. Global equities outperformed as both broad-based emerging market and international developed equities were up (+14.7% and +13.2%, respectively). Bonds also posted gains as investment grade corporates increased 6.7%, municipal bonds rose 4.8%, and the US Aggregate Bond Index was up 3.8%. Aside from crude oil (-1.8%), commodities produced positive returns as silver gained 16%, gold rose 8.5%, and broad-based commodities were up 3.6%