Indexes Research and Insights

Nasdaq Index Performance: November 2023

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November 2023 index performance chart

Performance was overwhelmingly positive for the month of November across the 107 indexes tracked in this report, with all but four finishing in positive territory. The average return across all 107 indexes was 9.6%, which was the best average monthly performance since the start of the year. The Nasdaq-100® (NDX®) was up 10.7%, its best monthly gain of the year. The best-performing index was the Nasdaq CTA Global Digital Payments™ (WALLET™), which gained 23.0%, while the worst-performing index was the Credit Suisse Nasdaq WTI Crude Oil FLOWS 106 TR™ (QUSOITR™) which declined by 5%. Overall, there was strength across all areas, with some of the most significant gains within the Nasdaq Green Economy Indexes, Nasdaq Featured Indexes and Nasdaq Crypto Indexes with double-digits gains, on average.

Within the Nasdaq Featured Index lineup, the Nasdaq-100 Dorsey Wright Momentum™ (NDXDWA™) was the relative outperformer, up 15.1%. It was followed closely by the KBW Nasdaq Bank™  (BKX™), which gained 14.9%, breaking a streak of declines. The Nasdaq 100 Ex-Tech Sector™ (NDXX™) was the relative underperformer, gaining 7%. On average, the Nasdaq Featured Indexes registered average gains of 11.5%.

The Nasdaq Europe™ (NQEU™) was the relative outperformer of the nine Nasdaq Global Indexes, up 9.8%, while the second-best outperformer, the Nasdaq US Mid Cap™ (NQUSM™) was up 9.6%.  The Nasdaq Emerging Markets™ (NQEM™) and Nasdaq ASPA Ex Japan™ (NQASPAXJP™) were the relative underperformers, down 7.1% and 7.4%, respectively. On average, the Nasdaq Global Indexes registered average gains of 8.9%.

The Nasdaq OMX Nordic Index suite gained 6.9% on average. The OMX Stockholm 30™ (OMXS30™) was the relative outperformer, up 7.5%. The group’s laggard was the OMX Helsinki 25™ (OMXH25™), up 6.3%.

The Nasdaq Thematic Tech Indexes posted impressive double-digit gains of 13%, on average. As highlighted earlier, the Nasdaq CTA Global Digital Payments™ (WALLET™) gained 23% and was the relative outperformer. Artificial Intelligence, which has dominated within the suite of Nasdaq Thematic/Tech Indexes thus far this year posted impressive double-digit gains. The Nasdaq CTA Artificial Intelligence™ (NQINTEL™) was the second-best performer within the thematic lineup, registering gains of 16.2%. Semiconductors, as a theme, also gained favor among investors, with PHLX Semicondutor™ (SOX™) and Nasdaq US Smart Semiconductor™ (NQSSSE™) registering gains of 15.8% and 15.6%. The relative underperformer of the thematic lineup was Nasdaq Biotechnology™ (NBI®), which registered gains of 4.9%.

All but one index in the relative-strength driven suite of Nasdaq Dorsey Wright Indexes were up. The Dorsey Wright Consumer Cyclicals Technical Leaders™ (DWCC™) was the relative outperformer, up 18.4% while the Nasdaq Dorsey Wright DALI1™ (NQDALI™) was the relative underperformer, down -1.7%.  On average, the Nasdaq Dorsey Wright index suite was up 8.9%.

All Nasdaq Dividend and Income Indexes were up for the month of November. The Nasdaq Technology Dividend™ (NQ96DIVUS™) was the relative outperformer, up 11.1% while the Nasdaq US Multi-Asset Diversified Income™ (NQMAUS™) was the relative underperformer, up 5.8%. On average, the Dividend and Income index suite was up 8%, on average.

All but one index in the Nasdaq Options Suite finished in the green with an average gain of 4.7%. The Nasdaq-100 Quarterly Protective Put 90™ (NQTRI™) was the relative outperformer, registering gains of 9.4%, while the Credit Suisse Nasdaq WTI Crude Oil FLOWS106 TR™ (QUSOITR™) was the relative underperformer of the group, registering losses of 5%.  

The Nasdaq Thematic ESG Indexes suite posted average gains of 6.8%. The Nasdaq OMX Clean Edge Smart  Grid Infrastructure™ (QGRD™) and the ISE Clean Edge Water™ (HHO™) were the relative outperformers each registering gains of 12.0%. The Nasdaq Sprott Lithium Miners™ (NSLIPT™) was the relative underperformer, registering a loss of 1.2%

The Nasdaq Green Economy Indexes registered average gains of 12.3%. The Nasdaq OMX Global Water™ (GRNWATERL™)  was the relative outperformer up 15.2% while the Nasdaq OMX Green Economy™ (QGREEN™) was the relative underperformer up 10.8%.

Finally, all four of the Nasdaq Crypto Indexes posted gains, registering an average gain of 11.3%. The relative outperformer was the Nasdaq Ethereum™ (NQETHS™), up 13% while the relative underperformer was the Nasdaq Bitcoin™ (NQBTCS™) up only 9.7%.

The Nasdaq-100 recorded a gain of 10.7% in November, breaking three consecutive months of losses and registering its best performance since the beginning of the year. Stocks rallied as market participants digested fresh economic data of cooling inflation, supporting the notion that the Federal Reserve will loosen monetary policy sooner than expected. This rally was a stark reversal from the recent sell-off, which saw investors weighed down by concerns surrounding higher Treasury yields, a drop in consumer confidence and a conflict in the Middle East. Notably, most of the big technology companies continued to register solid gains suggesting that the rally earlier this year is supported by strong fundamentals. As the year draws to a close, investor sentiment appears to be cautiously optimistic as a soft-landing narrative continues to gain traction and the technology sector continues to be well-positioned for growth. On a rolling one-year basis, the Nasdaq-100 is up 32.6%.


Disclaimer:

Nasdaq®, Dorsey Wright®, DWA® are trademarks of Nasdaq, Inc., and its licensors (which with its affiliates is referred to as the "Corporations").

Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Nasdaq Index Research Team

Nasdaq

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