By Philip van Doorn
Chip makers including AMD and Nvidia rebound on expectations interest rates will rise more slowly
The rally in U.S. stocks accelerated on the last day of November as Federal Reserve Chairman Jerome Powell signaled policy makers might slow the pace of interest-rate increases soon.
The S&P 500 ended the day with a 3.1% gain, having risen 5.4% during November. The benchmark index is now down 14.4% for 2022. Below is a list of 20 stocks in the S&P 500 that were up at least 22% for the month.
The next decisive Fed meeting will take place Dec. 13-14, followed by a policy announcement on Dec. 14. When speaking at the Brookings Institution in Washington on Wednesday, Powell said: "The time for moderating the pace of rate increases may come as soon as the December meeting"
This means many investors will now expect a 0.5% increase for the federal funds rate from its current target range of 3.75% to 4%, following four straight increases of 0.75%.
Read:Treasury-bill market's march toward 5% gets interrupted by Fed's Powell
Powell's comments followed an interview with Federal Reserve Bank of St. Louis President James Bullard on Tuesday. When asked how quickly the central bank might reach its "terminal rate" (the peak federal funds rate for this cycle), Bullard said "sooner is better."
Best-performing S&P 500 stocks in November
Among the S&P 500, 95% of member companies ended with gains on Wednesday, while 84% ended with gains for November. For all of 2022, precisely two-thirds of the S&P 500 have recorded declines.
Here are the 20 best-performing stocks in the S&P 500 for the month:
Company Ticker November price change Nov. 30 Price change 2022 price change Abiomed Inc. ABMD 49.9% 0.1% 5.2% Etsy Inc. ETSY 40.7% 8.4% -39.7% Wynn Resorts Ltd. WYNN 30.9% 4.2% -1.6% SolarEdge Technologies Inc. SEDG 29.9% 2.8% 6.5% Advanced Micro Devices Inc. AMD 29.3% 5.8% -46.1% Microchip Technology Inc. MCHP 28.3% 6.7% -9.0% Bath & Body Works Inc. BBWI 27.3% 6.8% -39.1% Meta Platforms Inc. Class A META 26.8% 7.9% -64.9% Freeport-McMoRan Inc. FCX 25.6% 6.1% -4.6% Boeing Company BA 25.5% 2.0% -11.1% Nvidia Corp. NVDA 25.4% 8.2% -42.5% Invesco Ltd. IVZ 24.7% 1.4% -17.0% Best Buy Co. Inc. BBY 24.7% 1.4% -16.0% KLA Corp. KLAC 24.2% 5.0% -8.6% Applied Materials Inc. AMAT 24.1% 6.2% -30.4% Air Products and Chemicals Inc. APD 23.9% 2.6% 1.9% DuPont de Nemours Inc. DD 23.3% 1.5% -12.7% Las Vegas Sands Corp. LVS 23.2% 4.9% 24.4% Ross Stores Inc. ROST 23.0% 0.8% 3.0% ON Semiconductor Corp. ON 22.4% 6.3% 10.7% Source: FactSet
Click on the tickers for more about each company. Read Tomi Kilgore's detailed guide to the wealth of information for free on the MarketWatch quote page.
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-Philip van Doorn
(END) Dow Jones Newswires
December 01, 2022 06:42 ET (11:42 GMT)
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