THE ONE THING
Thursday split the tape in two: QQQ fell 1.42% as Alphabet’s quarterly results revived questions about AI spending, while the Russell 2000 (IWM) gained 0.97%. The S&P 500 slipped only 0.30% to 7,720.39, which tells you this was a rotation inside equities rather than a broad retreat from risk. VIX rose 7.56% to 18.50, so clients who only watch the headline index may be surprised by how much the mega-cap complex is moving underneath it. This is a good week to check how concentrated client portfolios really are in the largest technology names.
MARKET SNAPSHOT
| S&P 500 | 7,720.39 | -0.3% vs prior close |
| Russell 2000 | 284.01 | 0.97% vs prior close |
| Nasdaq 100 (QQQ) | 715.34 | -1.42% vs prior close |
| Gold (GLD) | 368.57 | -1.32% vs prior close |
| High Yield (HYG) | 77.58 | -0.01% vs prior close |
NEXT BIG NUMBER
The next Fed decision lands December 8-9. The Fed held at 3.75% to 4% this week on a 10-2 vote, with two dissents in favor of a hike, and CME FedWatch pricing cited by Yahoo Finance put the odds of a December quarter-point increase near 85%. The 10-year Treasury yield sits at 4.99%.
ADVISOR TIP OF THE DAY
When a single mega-cap stock drops sharply on earnings, pull a look-through holdings report before the client calls. Many clients hold the same name through an S&P 500 fund, a Nasdaq 100 fund and a growth fund at once, and showing them their total exposure in one number turns an anxious conversation into a planning conversation.