The second month of the fourth quarter was positive for global stocks (+2.5%), which have now gained 22.0% year-to-date. U.S. bonds remained flat throughout the month holding onto year-to-date gains of 6.7% for U.S. intermediate-term and 2.9% for short-term bonds.  Alternative asset classes (REITs, Commodities, and Managed Futures) all posted losses for the month.


  • The consumer confidence index dropped 0.6 points in November heading into the holiday shopping season. While the index has been on a decline since July, consumer confidence remains high compared to historical standards.
  • Housing starts picked up 3.8% to a 1.31 million-unit pace, recovering from data showing a 7.9% decline in September.


  • U.S. small cap (+4.1%) and U.S. large cap value (+3.0%) displayed strong gains within the month, bringing their year-to-date returns up to +22.0% and +22.6% respectively.
  • Small cap stocks also led returns with international developed markets, posting gains of 2.1%, followed by small value (+1.3%), large cap (+1.1%), and large value (+0.4%). 
  • Emerging markets came in flat (-0.1%) with losses in Brazil (-4.4%) and Indonesia (-2.8%) offsetting gains in Chinese stocks (+1.8%).


  • U.S. bond returns stayed mostly unchanged with TIPS and short-term bonds posting modest gains of 0.2% and 0.1% while intermediate-term bonds fell 0.1%.
  • International bonds fell 0.5% while still outpacing U.S. bonds with a +8.6% year-to-date return. 


  • Global REITs (-1.1%), Commodities (-2.6%), and Managed Futures (-0.6%) all experienced losses during November. 

Economic and Market Commentary

Read our latest Economic and Market Commentary for Market Returns Year-To-Date, Market Returns Longer Term Annualized, Economic Indicators, and an Appendix.

Source: Morningstar. This is intended for informational purposes only and should not be construed as legal, investment or financial advice. Please consult your legal, investment and financial professionals regarding your specific circumstances.