Despite a large pullback in the energy sector, U.S. markets ended mostly flat on the holiday-shortened session Friday and closed out the month near record levels.
Over November, the Dow Jones Industrial Average rose 2.5%, the Nasdaq Composite increased 3.4% and he S&P 500 added 2.4%.
The best performing non-leveraged exchange traded products over the past month include WisdomTree Japan Hedged Capital Goods Fund (NYSEArca: DXJC) up 18.2%, iPath Dow Jones-UBS Natural Gas Total Return Sub-Index ETN (NYSEArca: GAZ) up 18.1% and Deutsche X-trackers Harvest CSI 300 China A-Shares Fund (NYSEArca: ASHR) up 15.5%.
Japanese stock ETFs, notably the hedged-equity strategies that diminish the negative effects of a depreciating yen currency, strengthened after the world’s largest pension fund shifted into Japanese equities and the Bank of japan unexpectedly increased monetary stimulus. [Japan ETFs Find Double Support From BOJ, Pension Fund]
While burning down toward the end of the month, natural gas prices were set ablaze as a polar storm covered much of the U.S. with snow during mid-November. [Natural Gas ETFs Burn Hotter on Polar Vortex Hopes]
Chinese A-shares ETFs have become a popular way to gain direct exposure to the Chinese market. Chinese equities have been steadily rising after the People’s Bank of China cut interest rates and hinted at additional stimulus to support a slowing economy. [A-Shares ETFs Rally Following Surprise Rate Cut]
The worst performing non-leveraged ETFs over the past month include the C-Tracks on Citit Volatility Index ETN (NYSEArca: CVOL) down 20.0%, Global X Nigeria Index ETF (NYSEArca: NGE) down 14.6% and iPath Pure Beta Energy ETN (NYSEArca: ONG) down 13.1%.
The equities market enjoyed steady gains through November as positive economic data and good earnings results kept the momentum going. Additionally, the markets rallied early in the month, following the expected sweeping mid-term victory for the GOP.
In mid-November, economic data revealed solid retail sales and rising consumer confidence as gasoline prices continue to fall, providing an early signal of how the holiday shopping season could play out.
The Federal Reserve also revealed its minutes from the October FOMC, which revealed a slightly dovish tone without a indication of when rates will increase. Additionally, the Fed pointed to low inflation for the short-term due to falling energy prices.
Toward the end of the month, China announced a surprise rate cut while the European Central Bank promised more aggressive stimulus measures, lifting broad equities.
During the last week, trading was relatively subdued ahead of the Thanksgiving holiday, but the markets experienced some volatility on the last trading day, notably a swift drop in the energy sector, after the Organization of Petroleum Exporting Countries announced no changes to its supply target.
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Max Chen contributed to this article.