The pandemic returned as a key issue for global equity markets, as markets are concerned that the new highly mutated Omicron variant could once again cause a global lockdown, hindering economic growth. US equities retreated late in the month, the NASDAQ was the sole index ending in the green, ending 0.25% higher in November, while the S&P 500 and Dow Jones lost 0.83% and 3.73% respectively.