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“I believe you have to be willing to be misunderstood if you’re going to innovate.“ – Jeff Bezos

Futures are picking up in December right where they left off November as the S&P 500 is indicated to open up just about 1%.  Besides just the near-constant bid to the market these days, other factors behind today’s move include a rally in European equities and generally positive economic data out of Asia and Europe.

Be sure to check out today’s Morning Lineup for updates on the latest market news and events, economic data out of Asia and Europe, an update on the latest national and international COVID trends, and much more.

With a gain of 10.75%, the S&P 500 just had its best November since 1928 when the index rose 11.99%.  But while it was the best November in more than 90 years, it wasn’t even the best month of 2020 as April’s 12.68% gain still holds that lead.

As we noted at the start of the month, November has historically been a good month from a seasonal perspective.  The same is true for December as shown in our monthly seasonality snapshot below.  Over the last 100 years, the Dow has averaged a gain of 1.43% with positive returns 73% of the time.  Over the last 50 years, the Dow has averaged a gain of 1.51% with positive returns 70% of the time.  And over the last 20 years, the Dow has averaged a gain of 0.84% with positive returns 65% of the time.