Dashboard Investments Portfolio Insight Fund Compare Viewpoints Resources About us Non-U.S. investors LOG IN Weekly Market Recap Week ended November 26 Market-moving news Investment returns U.S. economy Ex-U.S. Fund industry overview Capital market performance report Detailed weekly data on equities and fixed income—factors, fundamentals, styles/sizes, sectors/industries/stocks DOWNLOAD THE LATEST REPORT Market-moving news Pandemic sell-off The discovery of a new highly transmissible coronavirus variant in South Africa upended what had been a fairly quiet week for financial markets. A steep sell-off on Friday left U.S. large-cap stock indexes with weekly declines ranging from around 2.0% to 3.5%; a small-cap benchmark dropped 4.1%. Oil slick Fears stemming from the new coronavirus variant sent U.S. crude oil prices down 12% on Friday. The price fell to around $69 per barrel—the lowest level in more than two and a half months—as several nations banned air travel from countries in Southern Africa in hopes of containing the variant’s spread. Rough ride ahead? A measure of investors’ expectations of short-term U.S. stock market volatility surged 54% on Friday amid news about yet another coronavirus variant. The Cboe Volatility Index—also known as the VIX—jumped to nearly 29, the highest level in nine months. Yield volatility Yields of government bonds sharply reversed course in response to the emergence of a new coronavirus variant and its potential impact on the outlook for interest rates. Bond prices fell early in the week, pushing the yield of the 10-year U.S. Treasury bond up to 1.65% on Wednesday. On Friday, prices surged, and the yield tumbled to 1.48%. Fed chair renominated President Biden nominated Federal Reserve Chair Jerome Powell to serve a second four-year term as head of the nation’s central bank, lifting expectations of policy stability as the Fed seeks to contain rising inflation. The nomination is widely expected to be approved by the Senate, and Powell’s new term would begin in February 2022. Healing labor market The number of Americans applying for unemployment benefits fell to the lowest weekly total since 1969, marking the eighth consecutive weekly decline. The 199,000 filings in the latest weekly count was down from 270,000 the previous week and was far below economists’ expectations. Fed's rate outlook At their meeting earlier this month, Federal Reserve officials expressed concern about the persistence of rising inflation and discussed whether they should prepare to raise interest rates in the first half of next year. The release on Wednesday of minutes from the early November meeting showed that some officials wanted to end the Fed’s asset purchase program sooner than June 2022 in case they feel greater urgency to raise rates once the program wraps up. Jobs ahead A monthly labor market update due out on Friday is likely to be the week’s most closely watched economic report. The data will show whether November maintained the pace of job growth seen in October, when the economy generated 531,000 new jobs—the biggest gain in three months—and unemployment fell to 4.6% from 4.8%. The week ahead: November 29-December 3 Monday Pending home sales, National Association of Realtors Tuesday S&P/Case-Shiller 20-City Composite Home Price Index Consumer Confidence Index, The Conference Board Wednesday ADP National Employment Report, ADP Institute for Supply Management’s manufacturing index Construction spending, U.S. Census Bureau Thursday Weekly unemployment claims, U.S. Department of Labor Friday Jobs and unemployment, U.S. Bureau of Labor Statistics Factory orders, U.S. Census Bureau Institute for Supply Management’s nonmanufacturing index Important disclosures Investment returns Equities U.S. equity size and style total returns as of 11/26/21 (%) 1 WEEK -1.2 -2.3 -3.3 Large -2.0 -2.5 -3.5 Mid -3.3 -4.1 -4.9 Small Value Core Growth YTD 20.1 22.5 24.6 Large 23.5 20.2 14.1 Mid 26.5 14.7 4.0 Small Value Core Growth Index/market total returns as of 11/26/21 (%) CLOSE WEEK YTD Dow Jones Industrial Average 34,899.3 -2.0 15.9 NASDAQ Composite Index 15,491.7 -3.5 20.9 S&P 500 Index 4,594.6 -2.2 23.9 MSCI EAFE Index 2,305.5 -3.7 7.9 Cboe Volatility Index 28.6 59.8 25.4 International/developed (%) 1 WEEK YTD EAFE -3.7 7.9 Europe -4.4 10.6 France -4.9 13.5 Germany -5.6 1.9 Italy -4.4 9.3 Japan -2.3 3.4 Spain -4.2 -2.9 Switzerland -2.6 12.5 U.K. -3.2 11.0 Emerging markets (%) 1 WEEK YTD EM -3.6 -3.2 Brazil -0.4 -19.7 China -3.6 -17.8 India -4.8 23.0 Indonesia -2.4 2.6 Korea -1.7 -11.4 Mexico -6.2 5.9 Russia -7.7 18.0 Taiwan -3.1 20.0 S&P 500 sectors (%) 1 WEEK YTD S&P 500 Index -2.2 23.9 Communication services -3.3 20.9 Consumer discretionary -3.6 24.5 Consumer staples -0.2 9.9 Energy 1.7 52.8 Financials -0.6 33.5 Healthcare -0.8 17.6 Industrials -2.4 17.7 Information tech -3.2 28.0 Materials -2.2 20.6 Real estate -0.9 33.7 Utilities -0.9 8.9 Fixed income, currencies, and commodities U.S. fixed-income style total returns as of 11/26/21 (%) 1 WEEK 0.0 0.2 1.3 High 0.1 0.0 -0.1 Med QUALITY -0.5 -1.2 -2.0 Low Ltd Int Long INTEREST-RATE SENSITIVITY YTD 0.0 -1.5 -3.9 High -0.4 -1.3 0.2 Med QUALITY 4.8 3.2 6.1 Low Ltd Int Long INTEREST-RATE SENSITIVITY U.S. Treasury bond yields as of 11/26/21 (%) END OF WEEK PRIOR YEAR END YTD CHANGE (BPS) 2 Yr 0.50 0.12 38 10 Yr 1.48 0.92 56 30 Yr 1.83 1.65 18 2-10 spread 0.98 0.80 18 10-30 spread 0.35 0.73 -38 U.S. bond sector total returns (%) 1 WEEK YTD Aggregate 0.1 -1.5 Bank loans -0.2 2.0 Convertible -1.2 7.3 Corporate -0.2 -2.3 High yield -1.2 3.2 MBS -0.1 -1.1 Municipal 0.1 1.2 Preferreds -1.1 -1.3 TIPS -0.3 5.8 Treasury 0.4 -2.0 Global bond total returns (%) 1 WEEK YTD EM Local -1.9 -11.7 EMD USD -1.7 -3.2 Global Agg 0.0 -4.6 Global Agg Ex-U.S. -0.1 -6.2 Multiverse -0.1 -4.5 Commodities (%) 1 WEEK YTD BBG Com Ind -2.2 28.3 Oil (WTI) -10.3 46.1 Gold -3.6 -6.4 Currencies (USD) (%) 1 WEEK YTD EM FX -1.2 -6.7 AUD -1.8 -7.6 CAD -1.1 -0.4 CHF 0.5 -4.2 EUR 0.0 -7.5 GBP -0.9 -2.4 JPY 0.6 -8.8 U.S. economy GDP Jobs Inflation Ex-U.S. Regions/countries GDP Growth (%) annualized Inflation Rate (%) CPI Unemployment Rate (%) 10-Year Government Bond (%) Sovereign Credit Rating Eurozone 3.7 4.1 7.4 _ _ China 4.9 1.5 4.9 2.87 A+ Germany 2.5 4.5 3.4 -0.34 AAA Japan 1.4 0.1 2.8 0.07 A+ U.K. 6.6 4.2 4.3 0.83 AA Fund industry overview Total net flows: open-end funds and ETFs as of 10/31/21 ($B) as tracked by ISS Market Intelligence SIMFUND MONTH 12 MONTH ASSETS U.S. Equity 26.5 109.1 13,016.9 Sector Equity 6.0 115.7 1,424.0 Allocation -1.0 -10.2 1,510.4 International Equity 13.8 215.3 4,257.9 Alternative 3.8 26.3 135.9 Commodities -0.6 -2.3 173.6 Taxable Bond 30.5 633.6 5477.8 Municipal Bond 3.0 116.3 1,043.5 Total all long-term funds 83.3 1180.5 27,178.1 Leading Morningstar fund categories by monthly net flows as of 10/31/21 ($B) MONTH 12 MONTH ASSETS Large Blend 22.6 83.5 6,003.3 Foreign Large Blend 11.6 73.9 1,437.9 Inflation-Protected Bond 8.7 70.7 276.7 Intermediate Core Bond 8.1 156.7 1,236.0 Long Government 4.5 9.0 78.8 Lagging Morningstar fund categories by monthly net flows as of 10/31/21 ($B) MONTH 12 MONTH ASSETS Intermediate Core-Plus Bond -2.4 68.0 857.0 Small Growth -2.2 -2.9 335.5 Trading--Leveraged Equity -2.0 -4.6 71.6 Corporate Bond -1.6 -6.5 213.4 Health -1.4 5.4 252.6 Important disclosures Get Weekly Market Recap delivered to your inbox Sign up to receive an email each Monday morning with top market news, data, and a calendar of the new week’s economic reports. SUBSCRIBE HERE Latest viewpoints All viewpoints November 30, 2021 Five things you may not know about 529 plans John Hancock Investment Management 529 education plans are 25 years old. Do you know about their many benefits? Read more November 22, 2021 Portfolio Intelligence podcast: what P/E ratios are saying about stocks John P. Bryson, Head of Investment Consulting John Hancock Investment Management Our strategists discuss current stock valuations and why overall market price-to-earnings (P/E) ratios have been steady due to strong earnings growth. Read more November 22, 2021 What are CBDCs⁠—central bank digital currencies? John Hancock Investment Management Many of the world's central banks are developing central bank digital currencies (CBDCs). Here's what you need to know about these new types of regulated, government-issued electronic money. Read more From Twitter MORE TWEETS What are central bank digital currencies (CBDCs)? Our latest insight on the history and increasing relevance of CBDCs: https://bit.ly/3d5Vb4g #digitalcurrency #investing101 #centralbanks @JH_Investments Dec 1, 2021 Is the worst still to come? Join us for a 2022 macroeconomic outlook with @francesdonald , global chief economist at Manulife Investment Management. https://bit.ly/3liMyHY #macroeconomics #centralbanks #supplychains @JH_Investments Nov 29, 2021 Co-Chief Investment Strategists @emilyrroland , CIMA, and @matthew_miskin , CFA, discuss why earnings growth is keeping a lid on P/E ratios and valuations. https://bit.ly/30YsoMg #jobsreport #inflation #supplychains @JH_Investments Nov 24, 2021 @JH_Investments johnhancockinvestmentmgt john-hancock-investment-management John Hancock Investment Management Careers Contact us Legal Privacy policy Accessibility Site map Manulife, Manulife Investment Management, Stylized M Design, and Manulife Investment Management & Stylized M Design are trademarks of The Manufacturers Life Insurance Company and are used by it, and by its affiliates under license. John Hancock Investment Management LLC is the investment advisor for the closed-end funds. 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Click here to view a prospectus or summary prospectus. You may also request one from your financial professional or by calling us at 800-225-5291. The prospectus includes investment objectives, risks, fees, expenses, and other information that you should consider carefully before investing. 529 If your state or your designated beneficiary’s state offers a 529 plan, you may want to consider what, if any, potential state income-tax or other state benefits it offers, such as financial aid, scholarship funds, and protection from creditors, before investing. State tax or other benefits should be one of many factors to be considered prior to making an investment decision. Please consult with your financial, tax, or other professional about how these state benefits, if any, may apply to your specific circumstances. You may also contact your state 529 plan or any other 529 education savings plan to learn more about their features. Please contact your financial professional or call 866-222-7498 to obtain a Plan Disclosure Document or prospectus for any of the underlying funds. The Plan Disclosure Document contains complete details on investment objectives, risks, fees, charges, and expenses, as well as more information about municipal fund securities and the underlying investment companies that should be considered before investing. Please read the Plan Disclosure Document carefully prior to investing. John Hancock Freedom 529 is an education savings plan offered by the Education Trust of Alaska, managed by T. Rowe Price, and distributed by John Hancock Distributors LLC through other broker-dealers that have a selling agreement with John Hancock Distributors LLC. John Hancock Distributors LLC is a member of FINRA and is listed with the Municipal Securities Rulemaking Board (MSRB). © 2021 John Hancock. All rights reserved. Information included in this material is believed to be accurate as of the printing date. 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