Wall Street extends winning streak to five sessions as Nasdaq leads, but November ends mixed
US stocks advanced for a fifth straight session, with the Nasdaq outperforming into month-end. The tech-heavy index still notched its first monthly decline since March, underscoring a rotation under the surface as megacap and AI leaders diverged.
US equities climb; month closes with a split tape
The Dow, S&P and Nasdaq rose 0.61%, 0.54% and 0.65%, respectively, to cap a fifth consecutive daily gain. For November, performance was more nuanced: the Nasdaq fell 1.51%, the S&P 500 eked out a 0.13% gain and the Dow added 0.32%.
Improving risk appetite into month-end rebalancing and lighter headline volatility helped sustain the late-week grind higher. Underneath the index moves, leadership rotated away from some AI and semiconductor heavyweights toward healthcare, selective tech and travel.
Tech dispersion defined November
Investors saw a wide dispersion among marquee growth names this month:
– Nvidia slid 12.6%, its worst month since March.
– AMD fell 15.1% as chip momentum cooled.
– Microsoft declined 5.0% and Amazon lost 4.1%.
– Alphabet bucked the trend, jumping 13.9%, while Broadcom rose 9.0%.
– Meta rebounded 9.0% this week and finished the month roughly flat (-0.06%).
– Tesla retreated 5.8%.
Beyond megacaps, downside standouts included Raytheon (-36.1%), Super Micro Computer (-35.8%), Celsius (-33.4%), Roblox (-29.0%), Trump Media (-27.7%), Oracle (-26.7%), DoorDash (-25.4%) and Arm (-21.2%). On the winning side, defensives and select cyclicals outperformed: Biogen (+23.1%), Merck (+21.1%), Alphabet A (+16.6%), Marriott (+15.8%), Western Digital (+15.5%), Southwest Airlines (+13.6%), First Solar (+12.9%) and FedEx (+10.4%).
Macro and FX lens
Into month-end, positioning and calmer rates helped lift equities while keeping FX volatility subdued. The US dollar was mixed as traders balanced resilient growth against a gradual easing in financial conditions and the prospect of policy calibration ahead. Cross-asset signals suggest:
– Lower realized equity volatility and tighter credit spreads supported risk-sensitive currencies.
– Dollar direction remains tethered to the path of US yields; any sustained dip in long-end rates tends to weigh on USD versus G10 peers, while a backing-up in yields supports the greenback.
– For commodities FX, energy-sensitive pairs will track crude’s next leg, while gold remains most responsive to real yields.
With liquidity normalizing after month-end flows, attention turns to the next wave of US labor and inflation data, which will reset rate expectations and, by extension, the dollar and global risk tone.
Key Points
- US stocks rose for a fifth straight day; Nasdaq led with a 0.65% gain.
- November finished mixed: Nasdaq -1.51%, S&P 500 +0.13%, Dow +0.32%.
- AI and semiconductor names were volatile: Nvidia -12.6%, AMD -15.1%; Alphabet +13.9%, Broadcom +9.0%.
- Defensive and select cyclical winners included Biogen (+23.1%) and Merck (+21.1%).
- FX remained range-bound as risk appetite improved and rate expectations steadied.
- Focus shifts to upcoming US labor and inflation releases for cues on yields, USD and global risk sentiment.
What traders are watching next
– US employment and inflation prints that could reprice the policy path and drive yields.
– Sector breadth and whether leadership broadens beyond megacaps.
– FX reaction around data surprises, particularly USD pairs and high-beta G10.
– Liquidity conditions post month-end and how they affect equity momentum and credit spreads.
FAQ
Why did US stocks rise today?
Risk appetite improved into month-end rebalancing, with calmer rate moves and low equity volatility supporting a fifth straight advance. Gains were broad, led by the Nasdaq.
How did the major indices perform in November?
The Nasdaq fell 1.51% for its first monthly drop since March. The S&P 500 edged up 0.13% and the Dow rose 0.32%, reflecting a split tape beneath the surface.
Which sectors and stocks stood out?
AI and chip leaders were mixed: Nvidia (-12.6%) and AMD (-15.1%) lagged, while Alphabet (+13.9%) and Broadcom (+9.0%) advanced. Defensives and quality cyclicals outperformed, including Biogen (+23.1%) and Merck (+21.1%).
What does this mean for the US dollar and FX markets?
With equities firmer and volatility subdued, the dollar traded mixed. USD direction remains closely tied to US yields; softer yields typically pressure USD against G10 peers, while stickier rates provide support. High-beta currencies may benefit if the risk-on tone persists.
What are the key catalysts ahead?
Traders are watching the next round of US labor and inflation data for clarity on the policy outlook. Those releases will likely guide Treasury yields, shape FX trends and determine whether the equity rally broadens or fades.
Reporting by BPayNews.
