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Monthly Market Insights | November 2026

Monthly Market Insights — November 2026 (October recap)

U.S. and Canadian Markets

Markets finished October mixed, with tech stocks under steady pressure as the month progressed.

The Standard & Poor’s 500 Index slipped 0.93 percent, while the Nasdaq Composite fell 5.30 percent. By contrast, the Dow Jones Industrial Average rose 1.70 percent. The S&P/TSX Composite gained 1.09 percent.1,2

quotation mark icon

I have no special talents. I am only passionately curious.

Albert Einstein, a theoretical physicist and the 1921 Nobel Prize recipient for his explanation of the photoelectric effect within the field of physics.

A Choppy Start

Stocks staged an uneven advance early in the month as economic, geopolitical, and artificial intelligence-related events competed for investors’ attention.3,4

But jitters crept back into market sentiment midweek after Treasury yields hit fresh multidecade highs and tech pulled down much of the broader market.5,6

Midmonth Stumble

As the month progressed, markets trended lower as several events unsettled investors. Corporate earnings results were mostly positive, but high investor expectations stymied market momentum. Then a warm consumer inflation report further dampened enthusiasm.7

Mixed Q3 Results

As the month came to a close, stocks rose in anticipation of strong third-quarter corporate reports, especially from big tech companies and AI-related names. But mixed results left investors disappointed, and money appeared to rotate out of big tech names on lingering AI concerns. The Nasdaq had its worst month in more than a year.8,9

U.S. Sectors

Nine of the 11 S&P 500 Index sectors advanced in October. The two sectors with the heaviest concentration of AI companies fared the worst.10

Energy (+13.9 percent) led for the fourth consecutive month, as that sector continued to benefit from elevated oil prices. Consumer Staples (+10.9 percent), Utilities (+10.1 percent), and Health Care (+9.8 percent) also logged double-digit or near-double-digit gains. Materials (+8.3 percent), Consumer Discretionary (+6.0 percent), Financials (+5.8 percent), and Real Estate (+5.5 percent) all posted very solid returns. Industrials (+0.3 percent) advanced slightly.10

Information Technology (-8.3 percent) and Communication Services (-10.0 percent) were under steady pressure amid investor concerns about AI.10

Canada Recap

The S&P/TSX Composite Index rose modestly in October, paced by gains in metals, financials, and technology.

The index opened strong, climbing nearly 1.2 percent. The index then took a breather due to higher bond yields and falling gold prices.11,12

Despite the road bump, the first half of October delivered solid gains overall.13,14

The Bank of Canada raised its policy rate on October 28, citing persistent inflation. A global tech selloff spread into Canadian tech and materials shares, trimming gains as the month closed out.15,16

Markets Recap
Markets Recap MMI logo
October (%) Year-to-Date (%)
S&P 500 October (%) red down arrow-0.93 Year-to-Date (%) green up arrow10.73
Nasdaq October (%) red down arrow-5.30 Year-to-Date (%) green up arrow9.44
Russell 2000 October (%) green up arrow0.54 Year-to-Date (%) green up arrow13.29
S&P/TSX Composite October (%) green up arrow1.09 Year-to-Date (%) green up arrow12.32
10-Year Treasury Notes October (%)4.93 Year-to-Date (%)0.77
Federal Funds Rate October (%)3.75–4.00 Year-to-Date (%)3.50–3.75
Yahoo Finance, October 31, 2026. The market indexes discussed are unmanaged and generally considered representative of their respective markets. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results. The federal government guarantees U.S. Treasury Notes as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid.

What Investors May Be Talking About in November

In the month ahead, two competing forces may take turns sharing headlines: inflation updates and what’s next for artificial intelligence.

The Fed is concerned that inflation is broadening out as it watches costs ripple through the economy.17

But the Fed also anticipates an AI tailwind as companies focus on execution, rolling out enterprise workflows that could change how businesses operate, help them manage costs, and potentially boost productivity.17

World Markets

The MSCI EAFE Index declined 0.8 percent in October.18,19

European markets were mixed. The United Kingdom (+1.17 percent) and Germany (+2.46 percent) had a strong month. France was flat, while Italy (-3.64 percent) and Spain (-3.98 percent) were under pressure.19

Markets outside of Europe were similarly mixed. Mexico (+8.70 percent) and India (+2.73 percent) rose over the month, while Egypt (-4.48 percent) and Brazil (-9.88 percent) lost ground.19

Pacific Rim markets were mostly lower. Australia (+1.35 percent) was the standout. China’s Hang Seng lost 5.36 percent while Japan fell 4.24 percent. The volatile Korean market lost 16.19 percent, trimming its year-to-date gain to 36 percent.19

World Market Recap for October 2026
World Market Recap for October 2026 MMI logo
Index October (%) Year-to-Date (%)
Emerging
Hang Seng (China) October (%) red down arrow-5.36 Year-to-Date (%) red down arrow-9.11
KOSPI (Korea) October (%) red down arrow-16.19 Year-to-Date (%) green up arrow35.99
Nikkei (Japan) October (%) red down arrow-4.24 Year-to-Date (%) green up arrow26.83
Sensex (India) October (%) green up arrow2.73 Year-to-Date (%) red down arrow-12.63
EGX 30 (Egypt) October (%) red down arrow-4.48 Year-to-Date (%) green up arrow18.50
Bovespa (Brazil) October (%) red down arrow-9.88 Year-to-Date (%) green up arrow4.22
IPC All-Share (Mexico) October (%) green up arrow8.70 Year-to-Date (%) green up arrow8.54
ASX 200 (Australia) October (%) green up arrow1.35 Year-to-Date (%) green up arrow2.22
Europe
DAX (Germany) October (%) green up arrow2.46 Year-to-Date (%) green up arrow5.42
CAC 40 (France) October (%) green up arrow0.06 Year-to-Date (%) red down arrow-2.21
IBEX 35 (Spain) October (%) red down arrow-3.98 Year-to-Date (%) green up arrow7.77
FTSE 100 (United Kingdom) October (%) green up arrow1.17 Year-to-Date (%) green up arrow8.04
IT40 (Italy) October (%) red down arrow-3.64 Year-to-Date (%) green up arrow10.14
Yahoo Finance, October 31, 2026. The market indexes discussed are unmanaged and generally considered representative of their respective markets. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results. International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.

Indicators

Gross Domestic Product (GDP)

The economy grew 3.4 percent annualized in the third quarter according to the Bureau of Economic Analysis's initial estimate, beating economists’ expectations of 3.1 percent growth. It also marked an acceleration from Q2, when GDP grew at a 2.2 percent annualized rate.20

Employment

Employers added 29,000 jobs in September, short of the 84,000 economists expected. In August, 133,000 jobs were added. The unemployment rate rose to 4.2 percent in September, only slightly higher than August’s 4.1 percent rate. Year-over-year hourly wages grew 3 percent, missing expectations for a 3.1 percent wage gain and marking the slowest increase in several years.21

Retail Sales

Consumer spending rose 0.8 percent in September, slowing from an upwardly revised 1.3 percent increase in August but more than doubling economists’ expectations for a 0.3 percent rise. Year-over-year retail sales increased 6.3 percent, up from a 5.6 percent gain in August.22,23

Industrial Production

Industrial output rose 0.7 percent in September over the prior month, beating expectations for a 0.4 percent increase. Year over year, industrial production rose 2.2 percent, up from August’s upwardly revised 1.6 percent gain.24,25

Housing

Housing starts fell 5.2 percent in September, missing economists’ projections for a 2 percent increase. Single-family starts fell 4.6 percent to 859,000, the lowest level in a year, while multifamily starts fell 7.2 percent. Regionally, starts fell in the West (-23.2 percent) and Midwest (-19.0 percent), were flat in the Northeast, and rose in the South (+6.1 percent). Year over year, starts fell 7.4 percent.26,27

Sales of existing homes unexpectedly rose 1.5 percent in September over the prior month to 3.99 million units, the first monthly increase since May and an about-face from August’s 2 percent decline; economists were expecting a 0.8 percent decline. Homebuyers took advantage of flatter mortgage rates over the summer before rates began rising again recently. Year over year, existing home sales fell 2.2 percent. Regionally, sales fell in the Northeast (-2.1 percent), flattened out in the Midwest, but rose in the South (+2.8 percent) and in the West (+2.8 percent). The median existing home sales price rose 1.3 percent from a year earlier to $417,500. The inventory of unsold homes increased 1.9 percent in September over the prior month to 1.6 million units, 4.6 percent higher than 12 months prior and the highest level in 7 years.28,29

Sales of newly constructed, single-family homes dipped 0.6 percent in September over the prior month and 5.3 percent over the prior 12 months to 676,000 homes. The median new home price increased 3.9 percent in September to $400,400, but fell 3.9 percent compared to September 2025’s median price of $416,800.30,31

Consumer Price Index (CPI)

Inflation rose 0.6 percent in September over the prior month, slightly above expectations. Core CPI, which excludes energy and food, rose 0.3 percent in September over the prior month, faster than the 0.2 percent economists expected and matching the 0.3 percent rise in August. Year over year, CPI rose 3.7 percent, higher than the 3.6 percent economists expected and up from August’s 3.4 percent gain.32,33

Durable Goods Orders

Orders of manufactured goods designed to last three years or longer rose 1.8 percent in September over the prior month, accelerating from an upwardly revised 0.1 percent increase in August. Aircraft bookings increased more than 11-fold, pushing transportation sector orders higher by 4.6 percent and driving much of the overall increase. Excluding transportation, durable goods orders rose 0.5 percent month over month. Year over year, total orders rose 9.9 percent.34

The Federal Reserve

The Federal Open Market Committee (FOMC) voted as expected to hold short-term interest rates steady at its October 28 meeting, maintaining the current Fed Funds rate target range of 3¾ to 4 percent.35

In his post-meeting press conference, Fed Chair Kevin Warsh suggested last month’s quarter-point rate increase was already starting to have its intended effect, with tighter credit conditions moving the economy toward a “longer, more durable period of economic growth and price stability.”35

The FOMC’s next scheduled meeting of 2026 is December 8–9.

By the Numbers: Giving Season

$4.0 Billion36

Total donated on GivingTuesday in the U.S. last year, up 13% from the year before

38.1 Million36

Number of Americans who took part in GivingTuesday last year, up 6%

19.1 Million36

Of those, the number who made a financial contribution, up 3%

13.5 Million36

Number of U.S. participants who donated goods, up 4%

20.9 Million36

Number who spoke out publicly for a cause they support, up 26%

$22.5 Billion36

Total raised on GivingTuesday in the U.S. since its 2012 launch

$529 Million CAD37

Total processed in online donations through CanadaHelps in 2025, up 10% from 2024, the platform's strongest growth since the pandemic

$3.5 Billion CAD37

Total donated by more than 5 million Canadians through CanadaHelps since 2000

13%37

Growth in Canadian giving to environmental and animal-focused causes last year, among the fastest-growing categories

65%38

Share of Canadians who said they intended to give back to their community last holiday season

51%39

Share of those Canadians who aimed to support causes they personally cared about


The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, or state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.

Any companies mentioned are for illustrative purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Any investment should be consistent with your objectives, timeframe, and risk tolerance.

The forecasts or forward-looking statements are based on assumptions, subject to revision without notice, and may not materialize.

The market indexes discussed are unmanaged and generally considered representative of their respective markets. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.

The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. The S&P 500 Composite Index is an unmanaged group of securities considered to be representative of the stock market in general. The Nasdaq Composite is an index of the common stocks and similar securities listed on the Nasdaq stock market and considered a broad indicator of the performance of stocks of technology and growth companies. The Russell 1000 Index is an index that measures the performance of the highest-ranking 1,000 stocks in the Russell 3000 Index, which is comprised of 3,000 of the largest U.S. stocks. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark for the performance in major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. Index performance is not indicative of the past performance of a particular investment. The S&P/TSX Composite Index is the benchmark Canadian stock market index representing roughly 70% of the total market capitalization on the Toronto Stock Exchange (TSX). Past performance does not guarantee future results. Individuals cannot invest directly in an index. The return and principal value of stock prices will fluctuate as market conditions change. And shares, when sold, may be worth more or less than their original cost.

International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.

The Hang Seng Index is a benchmark index for the blue-chip stocks traded on the Hong Kong Stock Exchange. The KOSPI is an index of all stocks traded on the Korean Stock Exchange. The Nikkei 225 is a stock market index for the Tokyo Stock Exchange. The SENSEX is a stock market index of 30 companies listed on the Bombay Stock Exchange. The Jakarta Composite Index is an index of all stocks that are traded on the Indonesia Stock Exchange. The Bovespa Index tracks 50 stocks traded on the São Paulo Stock, Mercantile, & Futures Exchange. The IPC Index measures the companies listed on the Mexican Stock Exchange. The MERVAL tracks the performance of large companies based in Argentina. The ASX 200 Index is an index of stocks listed on the Australian Securities Exchange. The DAX is a market index consisting of the 30 German companies trading on the Frankfurt Stock Exchange. The CAC 40 is a benchmark for the 40 most significant companies on the French Stock Exchange. The Dow Jones Russia Index measures the performance of leading Russian Global Depositary Receipts (GDRs) that trade on the London Stock Exchange. The FTSE 100 Index is an index of the 100 companies with the highest market capitalization listed on the London Stock Exchange.

Please consult your financial professional for additional information.

Copyright 2026 FMG Suite.

1. WSJ.com, October 30, 2026

2. TMX.com, October 30, 2026

3. WSJ.com, October 2, 2026

4. CNBC.com, October 6, 2026

5. CNBC.com, October 8, 2026

6. CNBC.com, October 9, 2026

7. WSJ.com, October 14, 2026

8. WSJ.com, October 28, 2026

9. CNBC.com, October 30, 2026

10. SSGA.com, November 2, 2026

11. TMX.com, October 6, 2026

12. The Globe and Mail, October 7, 2026

13. TMX.com, October 21, 2026

14. Reuters, October 21, 2026

15. Bank of Canada, October 28, 2026

16. BNN Bloomberg, October 30, 2026

17. CNBC.com, October 28, 2026

18. WSJ.com, October 30, 2026

19. MSCI.com, October 30, 2026

20. WSJ.com, October 29, 2026

21. WSJ.com, October 2, 2026

22. WSJ.com, October 15, 2026

23. TradingEconomics.com, October 15, 2026

24. KPMG.com, October 16, 2026

25. TradingEconomics.com, October 16, 2026

26. WSJ.com, October 20, 2026

27. TradingEconomics.com, October 20, 2026

28. WSJ.com, October 13, 2026

29. TradingEconomics.com, October 13, 2026

30. Realtor.com, October 27, 2026

31. TradingEconomics.com, October 27, 2026

32. WSJ.com, October 14, 2026

33. TradingEconomics.com, October 14, 2026

34. KPMG.com, October 27, 2026

35. WSJ.com, October 28, 2026

36. GivingTuesday.org, December 3, 2025

37. Newswire.ca via CanadaHelps, May 12, 2026

38. BMO Financial Group, December 2, 2025

39. BMO Financial Group, December 2, 2025


Contact

Office: 913-334-5100

Toll-Free: 877-334-5109

Mobile: 913-645-0439

Fax: 877-762-8600

10205 Leavenworth Road

Kansas City, KS 66109

Series 7,24,63,66 held with LPL Financial

scott.kaufmann@lpl.com

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The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

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