U.S. stocks extended their advance last week, though gains were modest as investors balanced growing confidence in a December rate cut with a mixed run of economic data. The Dow added about 0.5%, the S&P 500 rose roughly 0.3%, the Nasdaq gained just under 1%, and the small-cap Russell 2000 also finished higher.

Markets finished November on a constructive note: the S&P 500 closed the holiday-shortened Friday session higher and finished the week up roughly 3.7%, while the Dow gained 3.1% and the Nasdaq gained 4.9%, capping a five-day rally that erased most of the month’s earlier drawdown.

Last week brought a marked uptick in volatility across equity markets, with sentiment challenged by a convergence of factors.

Markets wrapped up a volatile week with a mixed tone, as investors digested hawkish Federal Reserve commentary, lingering uncertainty from the recent government shutdown, and the tail end of earnings season.

Markets ended the week on a cautious note amid valuation concerns in technology, economic uncertainty, and the prolonged government shutdown.