Market Commentary - November 2024

• Equity markets surged in the final weeks of the month as the S&P 500, Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 all finished in positive territory.

• Markets largely shrugged off weakening economic data at the end of November, including a slight increase in the Fed’s preferred inflation gauge, Core PCE. Investors also appeared unfazed by the potential inflationary pressures posed by tariff proposals from the incoming administration.

• ETFs investing in Bitcoin and Ether saw record inflows in November, $6.4 billion and $1.4 billion, respectively, as the cryptocurrencies have been buoyed by what investors believe is a more favorable administration. The combined ETF ownership of Bitcoins stands now at roughly 5% of the total supply, as institutional and government ownership adds volatility and risks to investor concerns.