Despite this year's losses, many stocks are likely to outperform in November due to tax-loss harvesting strategies, with historical data supporting a potential rebound for underperformers after October. The article highlights the importance of stock-specific analysis and the impact of tax strategies on market movements, especially in a year where a significant portion of stocks are down but overall indices are up.
U.S. stock futures opened higher as the Dow Jones Industrial Average nears a new 2023 high, with futures for the Dow, S&P 500, and Nasdaq 100 all showing gains. Salesforce, Snowflake, and Nutanix were among the top gainers in extended trading, driven by better-than-expected earnings. Despite a slight dip in the tech-heavy Nasdaq Composite, all three major indexes are close to their year-to-date closing highs. November is on track to be a strong month for the markets, with the S&P 500 and Nasdaq posting their best monthly performances since July 2022. The Dow is also set for its best month since October 2022. Strategists remain optimistic, citing positive price action and supportive economic data as factors that could sustain the market's momentum.
