U.S. Stock Diary｜The S&P 500 Index posted its best November performance in nearly a century

The Wall Street stock market developed individually on the last trading day of November. The Dow Jones index rose by more than 500 points, or nearly 1.5%, to close to 36,000 points, reaching its highest level this year. The Nasdaq index fell, and once fell by nearly 1% in the afternoon. The decline narrowed. Data showed that the labor market was cooling, and some Federal Reserve officials said that there was no need to cut interest rates now, trying to curb market expectations of interest rate cuts. In summary, in November, the three major indexes rose by nearly 10%, the Dow ended its losing streak in March, and the S&P 500 and Nasdaq saw their best performance since July last year; the S&P 500 also recorded its largest November gain since 1928.

Oil prices first rose and then fell sharply, with New York oil futures falling 3% at one point. The Organization of the Petroleum Exporting Countries and its allies announced an agreement to reduce production by a total of 2.2 million barrels per day from the beginning of next year to the end of March. However, the production reductions of Saudi Arabia and Russia only maintained the voluntary production reductions this year, and some member countries For example, Angola has stated that it will not follow the oil production quota, and the market has questioned the actual effect of the oil production reduction.

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Market conditions on November 30 (Thursday)

l The Dow Jones index rose 520.47 points, or 1.47%, to 35,950.89 points. To summarize, the Dow rose 8.9% in November.

l The S&P 500 index rose 17.22 points, or 0.38%, to 4,567.80 points. It rose 8.9% for the month.

l The Nasdaq index fell 32.27 points, or 0.23%, to 14,226.22 points. It rose 10.7% in one month.

l New York January oil futures closed at $75.96 a barrel, down $1.90 or 2.4%.

l New York February gold futures closed at $2,055.6 an ounce, down $11.5, or 0.5%.

l The U.S. 10-year Treasury bond yield closed at 4.352%, up 8.1 points.

Tesla’s electric pickup truck was delivered on the first day, with prices starting from about US$61,000. President Musk hosted a ceremony at the Austin factory in the United States, but Tesla’s stock price fell 3%.

Although technology stocks took profits on the last day of November, they were still big winners for the whole month. Nvidia rose 14.7% for the whole month, Tesla rose 19.5% for the whole month, Meta and Alphabet rose 8.6% and 6.8% for the whole month respectively. .

“November’s performance was purely a realization that the economy is still doing well, consumption remains strong, and the Fed is on hold, more than anything else,” said Chris Zaccarelli, investment director at Independent Advisor Alliance. “Assuming these conditions persist between now and the end of the year. , the market will continue to move higher, and that is the most likely scenario.”

The number of Americans continuing to apply for unemployment benefits jumped to the highest level in about two years, further indicating that the job market is cooling. The number rose to 1.93 million in the week ended November 18, which was higher than all economists expected and has been rising since September, showing that it is increasingly difficult for unemployed Americans to find new jobs. Initial jobless claims for the week ended November 25 increased by 7,000 to 218,000.

Inflation continued its downward trend, and the U.S. Department of Commerce announced that the personal consumption expenditures (PCE) price index grew in line with expectations last month. The core PCE price index, which excludes food and energy prices, rose 0.2% this month and 3.5% year-on-year, which was slower than the previous month and in line with expectations.

Market expectations for interest rate cuts have strengthened. In the interest rate futures market, as many as 80% of investors expect the Federal Reserve to cut interest rates in May next year. However, Mary Daly, President of the Federal Reserve Bank of San Francisco, said that it is too early to tell whether the interest rate hike will end: “The current monetary policy “We are in a very good position. We have raised the benchmark interest rate significantly and we no longer need to deliberately hedge against rising inflation. All we should do now is be patient and remain vigilant.” Although she said inflation is still too high, Daly said she was not inclined to do so. “Excessive” tightening of policy.