THE ONE THING
Friday’s tech selloff was a rotation tell as much as a drawdown: QQQ fell 3.47% while the Russell 2000 (IWM) lost 1.65% and high yield (HYG) slipped only 0.19%. Credit staying calm while mega-cap tech reprices suggests the stress is concentrated in AI valuations rather than in funding markets. For client conversations this week, the question is less about whether to own equities and more about how much of a portfolio’s risk budget sits in a single theme.
MARKET SNAPSHOT
| S&P 500 | 7,580.07 | -1.82% vs prior close |
| Russell 2000 | 279.33 | -1.65% vs prior close |
| Nasdaq 100 (QQQ) | 690.49 | -3.47% vs prior close |
| Gold (GLD) | 355.78 | -3.47% vs prior close |
| High Yield (HYG) | 77.43 | -0.19% vs prior close |
NEXT BIG NUMBER
The October jobs report lands Friday, November 6 at 8:30 a.m. ET, after September payrolls rose just 29,000 with unemployment at 4.2%. It is the last employment report before the Fed’s December 9 decision, and it caps a week that also brings today’s ISM manufacturing release and Tuesday’s midterm elections.
ADVISOR TIP OF THE DAY
Use this week’s event cluster to revisit rebalancing bands before volatility arrives rather than after it. A client who watches the S&P 500 fall 1.82% in a single session will hear a pre-agreed plan very differently from an improvised one. Write the plan into the client file so the next conversation starts from it.