Monthly Market Update
November proved to be a volatile month for the stock market, ultimately concluding with slight gains for several of the major market indexes. Through the middle of the month, investors grappled with concerns about the valuation of mega-cap tech stocks, leading most benchmark indexes to decline for three straight weeks. However, the market staged a strong rebound late in the month leading into the Thanksgiving holiday, as more economic information became available following the reopening of the federal government. The late-month rally was largely driven by renewed hopes for a Federal Reserve interest rate cut in December. Each of the benchmark indexes ultimately ended November on an uptick, except the NASDAQ, which ended the month in the red, despite a strong rally during the last week of the month.
FactSet's latest review of third-quarter U.S. corporate earnings was generally favorable. Blended year-over-year earnings growth for the S&P 500 was roughly 13.4%, which marked the fourth consecutive quarter of double-digit earnings growth. In addition, 83% of S&P 500 companies reported earnings per share above estimates, well above the 10-year average of 75%.
International Markets
Both in Europe and Asia, November may best be characterized by moderately positive stock market momentum, largely driven by growing expectations of an interest rate cut by the U.S. Federal Reserve. The eurozone GDP has grown in each of the first three quarters of 2025, while inflationary pressures have receded. In China, however, the GDP is expected to be downgraded to around 4.5% for 2025, largely impacted by trade tensions with the U.S. and some European countries. The STOXX Europe 600 Index rose 0.7%; the United Kingdom's FTSE dipped 0.4%; Japan's Nikkei 225 Index dropped 4.1%; and China's Shanghai Composite Index fell 1.7%.
Not So Silent Night Charity Event
Thank you to everyone who participated in our fourth annual "Not So Silent Night" charity event benefiting CancerFree KIDS. With the help of our amazing clients, we were able to raise over $15,000 to donate directly to the charity. Our team is looking forward to supporting a great cause in 2026!
On A Personal Note
Jeff cooked their Thanksgiving turkey on the grill again this year, and it came out extra juicy this time. He says the secret is that Peggy soaks the bird in brine for 24 hours. In November Drew and his wife saw one of their favorite musicians, Brett Dennen, perform. Drew says check him out! Chris started gymnastics season last month and he is excited to see how his daughter is progressing with her routines. Lisa got a head start on her Christmas decorations because December weekends are filling up fast! Sam spent the Thanksgiving holiday in Cleveland. The snow came a couple weeks earlier there than in Cincinnati, but not too early to ruin the Turkey Trot! For Taylor, November was full of chasing around a crawling baby, evening fires in the fireplace, and lots of time spent with loved ones. She is looking forward to Charlotte's first Christmas.
