November Seasonality: Historical Data Point to a Favourable Month for Cyclical Stocks
October is drawing to a close with typically defensive signals, but the past 10 years of market history suggest that November tends to favour cyclical stocks. Let’s take a closer look at what the statistics tell us about the penultimate month of the year.
As of October 27, utilities had gained 8.65% and consumer staples 8.13%, while technology and semiconductors had fallen 3.20% and 8.38%, respectively. Over the past ten Novembers, from 2016 to 2025, the picture was the opposite. Financials, industrials, materials and consumer discretionary stocks posted average gains ranging from 4.92% to 6.64%, while utilities were the weakest-performing sector, with a gain of just 1.56%. The S&P 500 finished November higher in 9 out of 10 years, with an average return of +4.31%.
Starting Point: October 2026
October data run through October 27, with three trading sessions still remaining.
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