Blame the presidential election for hurting stock markets.
It's not just that this election is unprecedented in many ways — which it is — but it's also that every time Americans have voted for a new president in recent decades, markets tend to slog their way through November rather than climb.
In Novembers during presidential election years, the S&P 500 falls short of the overall November average, rising 56 percent of the time with an average* return of about half a percent, according to analysis of the last nine presidential elections using Kensho. That's a little better than a coin-flip chance for a slight monthly gain.
In contrast, the average return more than doubles to 1.7 percent and the market rises nearly three-fourths of the time in non-U.S. presidential election years, the data showed.
"There's a lot of fear and there's a lot of angst and there's a lot of uncertainty," said Brad McMillan, chief investment officer at Commonwealth Financial Network. "Once the election is over, people are going to feel better regardless of the outcome."