Bend Not Break

Market Overview

November brought the kind of volatility that separates disciplined investors from reactive ones. After a sharp pullback in the first week — driven by election uncertainty and mixed earnings signals — markets found their footing and recovered most of the ground by month's end.

The S&P 500 dipped 3.2% intraweek before rallying back to finish November essentially flat. Bond yields fluctuated as traders repriced Fed rate expectations. The 10-year Treasury touched 4.65% before settling at 4.42%.

What We're Watching

The key story this month was resilience. Corporate earnings continued to surprise to the upside, with 78% of S&P 500 companies beating estimates. Consumer spending remained healthy despite higher borrowing costs, and the labor market showed signs of gradual normalization rather than deterioration.

For our clients, the message is familiar: volatility is the price of admission for long-term returns. The portfolios we build are designed to bend under pressure, not break.

Our Positioning

We used the November dip to selectively add to positions in high-quality equities that had pulled back to attractive valuations. Tax-loss harvesting opportunities were plentiful this month, and we acted on them across client portfolios where appropriate.

Bottom Line

The headlines were loud, but the fundamentals were steady. We remain focused on the long-term plan — your plan — and will continue to look for opportunities that short-term volatility creates.