---
title: Novemeber Market Review
description: "Congress Flips, Tech Rotates: Evaluating the Next Phase of the Bull Market"
image: https://blog.clarendonprivate.com/hubfs/Newsletter/Clarendon%20Newsletter%20(39).jpg
---

[Skip to Content](https://blog.clarendonprivate.com/novemeber-market-review#body)

[![Clarendon Private logo](https://blog.clarendonprivate.com/hs-fs/hubfs/clarendon-private-logo.webp?width=600&height=100&name=clarendon-private-logo.webp)](https://clarendonprivate.com/)

- [About](https://www.clarendonprivate.com/about)
  
   Toggle children for About
  
    - [Our Team](https://www.clarendonprivate.com/our-team)
- [Who We Serve](https://www.clarendonprivate.com/who-we-serve)
  
   Toggle children for Who We Serve
  
    - [Families & Individuals](https://clarendonprivate.com/who-we-serve/families-and-individuals/)
    - [Endowments & Foundations](https://clarendonprivate.com/who-we-serve/endowments-and-foundations/)
- [Services](https://clarendonprivate.com/services/)
  
   Toggle children for Services
  
    - [Investments](https://clarendonprivate.com/services/investments/)
    - [Wealth Planning](https://clarendonprivate.com/services/wealth-planning/)
    - [Private Banking](https://clarendonprivate.com/services/private-banking/)
- [Insights](https://blog.clarendonprivate.com/our-insights/)
  
   Toggle children for Insights
  
    - [Our Insights](https://blog.clarendonprivate.com/our-insights/)
    - [Thought Leadership](https://clarendonprivate.com/thought-leadership/)
    - [News & Commentary](https://blog.clarendonprivate.com/our-insights-news-and-commentary)
- [Contact](https://clarendonprivate.com/contact/)

[Skip to Content](https://blog.clarendonprivate.com/novemeber-market-review#body)

[![Clarendon Private logo](https://blog.clarendonprivate.com/hs-fs/hubfs/clarendon-private-logo.webp?width=300&height=50&name=clarendon-private-logo.webp)](https://clarendonprivate.com/)

 Click to open Menu  Menu

 Close Menu  Close

 Close Menu  Close

- [About](https://www.clarendonprivate.com/about)
  
   Toggle children for About
  
    - [Our Team](https://www.clarendonprivate.com/our-team)
- [Who We Serve](https://www.clarendonprivate.com/who-we-serve)
  
   Toggle children for Who We Serve
  
    - [Families & Individuals](https://clarendonprivate.com/who-we-serve/families-and-individuals/)
    - [Endowments & Foundations](https://clarendonprivate.com/who-we-serve/endowments-and-foundations/)
- [Services](https://clarendonprivate.com/services/)
  
   Toggle children for Services
  
    - [Investments](https://clarendonprivate.com/services/investments/)
    - [Wealth Planning](https://clarendonprivate.com/services/wealth-planning/)
    - [Private Banking](https://clarendonprivate.com/services/private-banking/)
- [Insights](https://blog.clarendonprivate.com/our-insights/)
  
   Toggle children for Insights
  
    - [Our Insights](https://blog.clarendonprivate.com/our-insights/)
    - [Thought Leadership](https://clarendonprivate.com/thought-leadership/)
    - [News & Commentary](https://blog.clarendonprivate.com/our-insights-news-and-commentary)
- [Contact](https://clarendonprivate.com/contact/)

- [Home](https://blog.clarendonprivate.com/)
- [Blog](https://blog.clarendonprivate.com)

---

- 10 min read

# Novemeber Market Review

Congress Flips, Tech Rotates: Evaluating the Next Phase of the Bull Market

- [By: Clarendon | PRIVATE](https://blog.clarendonprivate.com/author/clarendon-private)
- November 10, 2026

![](https://blog.clarendonprivate.com/hubfs/Newsletter/Clarendon%20Newsletter%20(39).jpg)

SHARE

[Share to Facebook](http://www.facebook.com/sharer.php?u=https%3A%2F%2Fblog.clarendonprivate.com%2Fnovemeber-market-review) [Share to LinkedIn](http://www.linkedin.com/shareArticle?url=https%3A%2F%2Fblog.clarendonprivate.com%2Fnovemeber-market-review) [Share to Pinterest](http://pinterest.com/pin/create/button/?url=https%3A%2F%2Fblog.clarendonprivate.com%2Fnovemeber-market-review&media=https%3A%2F%2F44520401.fs1.hubspotusercontent-na1.net%2Fhubfs%2F44520401%2FNewsletter%2FClarendon%2520Newsletter%2520%252839%2529.jpg) [Share through email](mailto:%20?subject=Novemeber%20Market%20Review&body=https%3A%2F%2Fblog.clarendonprivate.com%2Fnovemeber-market-review%0ACongress%20Flips%2C%20Tech%20Rotates%3A%20Evaluating%20the%20Next%20Phase%20of%20the%20Bull%20Market%0A)

## *Key Observations*

- *The Federal Reserve held its target rate at 3.75% to 4.00% in October as strong economic growth and elevated inflation kept policymakers cautious. Even so, Treasury yields retreated from September’s highs, easing pressure on markets.*
- *U.S. equity leadership shifted sharply. Greater scrutiny of AI-related capital spending weighed on many of the largest technology companies, while small-cap and value stocks moved higher, broadening participation beyond the market’s recent leaders.*
- *The decline in Treasury yields helped bonds rebound from September’s selloff. With weakness concentrated among large technology stocks, fixed income provided a meaningful source of diversification and helped offset some of the volatility in equities.*
- *Geopolitical tensions continued to reverberate through energy markets, keeping oil prices elevated and volatile.*
- *Following the midterm elections, Democrats take hold of Congress for the duration of Donald Trump’s presidency.*

### Market Recap

October marked a partial reversal of September’s market dynamics. Treasury yields declined as expectations for further Federal Reserve tightening eased, providing relief to bonds and other rate-sensitive assets. At the same time, concerns surrounding AI-related capital spending drove a sharp shift in equity market leadership.

U.S. equity returns were mixed but generally positive. The S&P 500 declined 0.9% throughout October but the index remains positive with an 11.8% year-to-date gain. The Russell 2000 advanced 0.6% throughout the month, rising to 14.4% for the year. Large technology companies came under pressure as investors placed greater scrutiny on the scale of AI investment and the prospective return on that spending, while small-cap, value, and defensive stocks benefited from the rotation.

![11.26 Market Recap](https://blog.clarendonprivate.com/hs-fs/hubfs/11.26%20Market%20Recap.png?width=396&height=240&name=11.26%20Market%20Recap.png)

International markets told two distinct stories. Developed markets represented by the MSCI EAFE Index declined 0.7%, reducing the index’s year-to-date advance to 9.5%. Emerging markets fell sharply by 8.0% throughout the month, with weakness concentrated in technology-heavy Asian markets following the reversal in AI-related stocks. Broader declines across several major emerging markets added to the index’s losses, despite the pullback the index remains up 13.5% for the year.

Fixed income rebounded following September’s selloff. The Bloomberg U.S. Aggregate Bond Index gained 2.4%, returning -0.5% for the year. High-yield bonds advanced 0.3%, bringing the year-to-date gain to a modest 0.4%. Falling Treasury yields provided the strongest support to longer-duration securities, allowing core bonds to provide diversification as large-cap technology and emerging-market equities came under pressure.

Declining Treasury yields eased a key headwind, while commodities were essentially flat. Strength in energy offset weakness elsewhere as continued uncertainty surrounding Iran and Middle East supply routes kept oil prices elevated and volatile.

**Celebrating Four Years of the Bull Market**

Just over four years ago, the outlook for stocks felt anything but celebratory. Inflation remained stubbornly high, the Federal Reserve was raising interest rates at its fastest pace in decades, and fears of recession were building. By October 12, 2022, the S&P 500 Index had fallen approximately 25% from its January peak. What followed was a remarkable four-year advance, with the S&P 500 Index delivering a cumulative total return of approximately 130% through October 2026 [\[1\]](https://blog.clarendonprivate.com/novemeber-market-review#_ftn1). Yet the market’s climb was far from smooth, giving investors plenty of reasons to question whether it could continue. Regional bank failures, persistent inflation, shifting interest-rate expectations, geopolitical tensions, and tariff uncertainty all interrupted the advance. Through every setback, however, the stock market recovered and the bull market charged on.

![11.26 S&P](https://blog.clarendonprivate.com/hs-fs/hubfs/11.26%20S%26P.png?width=717&height=397&name=11.26%20S%26P.png)

With four years of gains in the rearview mirror, recency bias can make the market’s strength feel normal and a continued rise seem more likely. This anniversary offers an opportunity to look beyond the headline return and examine what has driven the advance, how it compares with past bull markets, and how several years of gains can shape investor behavior.

**Bull Markets Don’t Run on a Timer**

Since 1928, the median bull market has delivered a price gain of 78% over 633 calendar days [\[2\].](https://blog.clarendonprivate.com/novemeber-market-review#_ftn2) while the most recent advance has exceeded both measures. Does that mean the current advance has run its course? Not necessarily. Historical averages provide useful context, but they should not be treated as a countdown. Bull markets have varied widely in length and magnitude, with some lasting only months and others continuing for more than a decade. That variation has also not been evenly distributed across history. Bull markets were generally shorter in the market’s earlier decades, particularly around the Great Depression and World War II, while those beginning after the 1950s have tended to last longer and, in several cases, deliver substantially larger gains.

A bull market’s durability depends less on its age and more on the conditions supporting it. Economic growth, rising corporate earnings, and supportive financial conditions are far more important factors than timing. Pressure emerges when the earnings outlook weakens, the price investors are willing to pay for those earnings declines, or both. The dot-com bubble was largely a story of valuation. By 2000, technology stock prices reflected growth expectations that many companies struggled to justify. Valuations also reset sharply in 2022, though for a different reason. Persistent inflation incited aggressive Federal Reserve rate hikes, raised borrowing costs, weakened the economic outlook, and reduced what investors were willing to pay for future earnings. Neither bull market ended because of its age. Both ended when the conditions supporting stock prices changed.

Outlook 

As the bull market enters its fifth year, the next phase will depend on the economic and earnings conditions beneath it. For now, both remain supportive. Real GDP expanded at a 3.4% annualized rate in the third quarter of 2026, accelerating from 2.2% in the second quarter [\[3\]](https://blog.clarendonprivate.com/novemeber-market-review#_ftn3). Meanwhile, the S&P 500 is reporting blended earnings growth of approximately 30% for the third quarter, with 60% of companies having reported. If sustained, this would mark the third consecutive quarter of earnings growth above 25% and the eighth consecutive quarter of double-digit growth [\[4\]](https://blog.clarendonprivate.com/novemeber-market-review#_ftn4).

However, strong fundamentals do not eliminate the risk of setbacks. Elevated market expectations leave less room for disappointment, particularly among companies whose valuations hinge on the continued pace of the AI buildout. The market also remains heavily influenced by a relatively small group of leading companies, magnifying the potential effect if their results fall short of expectations. With the shift in Congressional power, rising geopolitical tensions, and renewed inflation, economic conditions could further challenge the advance.

Hindsight is 20/20, and neither the market’s current strength nor the risks surrounding it can tell us when this bull market will end. Rather than trying to time the turning point, investors should focus on what they can control: their behavior and the composition of their portfolios.

Diversification can be difficult to appreciate when the market appears to have already identified the “winners.” Investors naturally want more exposure to what is working and less to what is not, but following recent leaders can leave a portfolio increasingly dependent on the conditions that fueled their success. The historical data offers a valuable reminder that no asset class remains on top indefinitely, and there is no reliable pattern for when leadership will change. Just as a bull market’s age cannot tell us when it will end, recent returns cannot tell us what will lead next.

Sources

 [\[1\]](https://blog.clarendonprivate.com/novemeber-market-review#_ftn1) Morningstar Direct. As of October 12, 2026. 

[\[2\]](https://blog.clarendonprivate.com/novemeber-market-review#_ftnref2) Yardeni Research, Morningstar Direct. As of October 12, 2026. Bull markets defined as gains between bear markets of 20% or more. 

[\[3\]](https://blog.clarendonprivate.com/novemeber-market-review#_ftn3) U.S. Bureau of Economic Analysis. As of 10/29/2026.

[\[4\]](https://blog.clarendonprivate.com/novemeber-market-review#_ftnref4) FactSet Earnings Insight. As of 10/30/2026.

Disclosures

The information provided is illustrative and for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.

The views expressed in this commentary are subject to change based on market and other conditions. This document may contain certain statements that may be deemed forward looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur. Certain targets within the presentation are estimates based on certain assumptions and analysis made by the advisor. There is no guarantee that the estimates will be achieved.

All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.

No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. All investments include a risk of loss that clients should be prepared to bear. The principal risks of Clarendon Private’s strategies are disclosed in the publicly available Form ADV Part 2A.

Diversification does not ensure a profit or guarantee against loss. Asset Allocation may be used in an effort to manage risk and enhance returns. It does not, however, guarantee a profit or protect against loss. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.

Comparisons to any indices referenced herein are for illustrative purposes only and are not meant to imply that actual returns or volatility will be similar to the indices. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income. You cannot invest directly in an Index.

• S&P 500 is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

• Russell 2000 consists of the 2,000 smallest U.S. companies in the Russell 3000 index.

• MSCI EAFE is an equity index which captures large and mid-cap representation across Developed Markets countries around the world, excluding the U.S. and Canada. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

• MSCI Emerging Markets captures large and mid-cap representation across Emerging Markets countries. The index covers approximately 85% of the free-float adjusted market capitalization in each country.

• Bloomberg U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

• Bloomberg U.S. Corporate High Yield Index covers the universe of fixed rate, non-investment grade debt. Eurobonds and debt issues from countries designated as emerging markets (sovereign rating of Baa1/BBB+/BBB+ and below using the middle of Moody’s, S&P, and Fitch) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included.

• FTSE NAREIT Equity REITs Index contains all Equity REITs not designed as Timber REITs or Infrastructure REITs.

• Bloomberg Commodity Index is calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually weighted 2/3 by trading volume and 1/3 by world production and weight-caps are applied at the commodity, sector and group level for diversification.

Clarendon Private, LLC (“Clarendon Private”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where Clarendon Private and its representatives are properly licensed or exempt from licensure. For additional information, please visit our website at https://www.clarendonprivate.com or the Investment Adviser Public Disclosure website at www.adviserinfo.sec.gov by searching with Clarendon’s CRD # 316616

---

###### Clarendon | PRIVATE

## Leave A Comment

### Related Articles

### Related Programs

![Clarendon Private icon](https://blog.clarendonprivate.com/hubfs/clarendon-private-icon-183b60.jpg)

### Clarendon Private

131 Clarendon Street  
Boston, MA 02116  
(617) 927-7999

### Stay Connected

[Follow us on Linkedin](https://www.linkedin.com/company/clarendon-private/)

### [About Us](https://clarendonprivate.com/about/)

- [Our Team](https://clarendonprivate.com/about/our-team/)
- [Contact Us](https://clarendonprivate.com/contact/)

### [Who We Serve](https://clarendonprivate.com/who-we-serve/)

- [Families & Individuals](https://clarendonprivate.com/who-we-serve/families-and-individuals/)
- [Endowments & Foundations](https://clarendonprivate.com/who-we-serve/endowments-and-foundations/)

### [Services](https://clarendonprivate.com/services/)

- [Investments](https://clarendonprivate.com/services/investments/)
- [Wealth Planning](https://clarendonprivate.com/services/wealth-planning/)
- [Private Banking](https://clarendonprivate.com/services/private-banking/)

### [Insights](https://blog.clarendonprivate.com/our-insights)

- [Our Insights](https://blog.clarendonprivate.com/our-insights/)
- [Thought Leadership](https://clarendonprivate.com/thought-leadership/)
- [News & Commentary](https://blog.clarendonprivate.com/our-insights-news-and-commentary)

© 2024 Clarendon Private

[Privacy Policy](https://clarendonprivate.com/wp-content/uploads/2026/05/Clarendon-Private-Privacy-Policy-March-2026.pdf) · [Disclosures](https://clarendonprivate.com/disclosures/) · [Client Relationship Summary](https://clarendonprivate.com/wp-content/uploads/2024/10/Clarendon-Private-Form-CRS-March-2023.pdf) · [Investor Relations](https://www.beaconfinancialcorporation.com/)

```json
{
  "@context" : "https://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Clarendon | PRIVATE",
    "url" : "https://blog.clarendonprivate.com/author/clarendon-private"
  },
  "dateModified" : "2026-11-10T20:29:47.253Z",
  "datePublished" : "2026-11-10T20:29:47.000Z",
  "headline" : "Novemeber Market Review",
  "mainEntityOfPage" : {
    "@id" : "https://blog.clarendonprivate.com/novemeber-market-review",
    "@type" : "WebPage"
  },
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "url" : "https://blog.clarendonprivate.com/hubfs/clarendon-private-logo.webp"
    }
  }
}
```