THE ONE THING
The Nasdaq-100 closed Monday more than 10% below its all-time closing high, which puts the tech-heavy index in a correction, while the Dow finished higher as money rotated away from high-multiple tech. That split matters for client conversations today: a cap-weighted portfolio can feel a tech drawdown far more than the headline index level suggests, and QQQ fell 1.36% on the day while the S&P 500 slipped 0.51%. With midterm results arriving tonight and the VIX at 21.45, this is a good week to show clients how much of their equity risk sits in a handful of names.
MARKET SNAPSHOT
| S&P 500 | 7,541.40 | -0.51% vs prior close |
| Russell 2000 | 279.14 | -0.07% vs prior close |
| Nasdaq 100 (QQQ) | 681.09 | -1.36% vs prior close |
| Gold (GLD) | 361.65 | 1.65% vs prior close |
| High Yield (HYG) | 76.89 | -0.18% vs prior close |
NEXT BIG NUMBER
Friday, November 6 at 8:30 a.m. ET: the October jobs report. Consensus compiled by Newsquawk looks for about 55,000 payrolls against 29,000 in September, with unemployment expected to hold at 4.2%. It is the last payrolls print before the Fed’s December 9 decision, and Wednesday’s Treasury quarterly refunding plus ISM services come first.
ADVISOR TIP OF THE DAY
Election nights tend to produce dramatic overnight futures moves that often fade by the close. Send clients a short note before the results come in that explains what your process does and does not react to, so a volatile Wednesday morning reads as expected rather than alarming.