Weekly Market Movers | November 2, 2026

What This Video Is About

This edition of Weekly Market Movers reviews the final week and month of October, covering market performance, underlying trends, and year-to-date performance. The discussion focuses on the S&P 500, Dow, Nasdaq, and small caps, as well as commodities and fixed income.

Major Ideas Discussed

• The S&P 500 slipped 0.6% for the week, while the Dow fell 0.9%, and the Nasdaq Composite dropped 2%. Small caps were a bright spot, with the Russell 2000 gaining 1.3% for the week.
• The equal-weighted S&P 500 rose 4.9% during October, beating the traditional cap-weighted index by the widest margin in a single month since April 2009, indicating money rotated out of the largest tech names and into almost everything else.
• Year-to-date performance shows the S&P 500 up about 11%, small caps up 13%, and international developed stocks up about 9%.
• Commodities and fixed income saw Brent crude rise nearly 14% during the month, gold fell roughly 7%, and the 10-year Treasury yield fell about 7 basis points during the week and by 35 basis points during the month.
• Earnings reports from major tech companies, including Alphabet, Microsoft, Amazon, and Microsoft, showed robust revenue growth but high spending, leading to negative market reactions.
• The Fed held rates steady at 3.75% to 4%, and third-quarter GDP grew at a 3.4% to 4% pace, with core PCE inflation running at 3.1%.
• Geopolitics and energy markets continue to pressure energy prices, with oil hitting a six-month high.

What to Watch Next

The market is entering a seasonally strong period, with average returns of 1.85% in November and 1.39% in December. Upcoming earnings reports from Apple, Palunteer, AMD, Qualcomm, and ARM Holdings will provide insights into chip demand and the semiconductor market. The US midterm elections on November 3rd could shape fiscal policy and the path of the overall economy.