Weekly Market Bullets

for the week ending 11/6/2026

• US Equity Markets tumbled last week as the AI-related sell-off intensified following the election of many anti-data center candidates. The S&P 500 dropped 2.7% for the week and is now up 7.8% for the year. The Nasdaq declined 3.4% for the week to bring its gains for the year to 5.6%, while the Russell 2000 (small cap stocks) was down 2.1% for the week and is now up 11.0% for the year.

• Global Equity Markets also declined last week, caught up in the AI and technology-related sell-off. Developed Markets were down 1.8% for the week and are now up 5.8% for the year. Emerging Markets tumbled 4.1% for the week to bring its gains for the year to 7.0%.

• The US posted strong Payroll gains, raising the likelihood of a Fed rate increase. Payroll gains in October came in at 165K, well above expectations and higher than the upwardly revised 60K gains in September. The Unemployment Rate ticked down to 4.1% from 4.2% in September, and average wage growth was up 3.1% from a year ago. As a result, investors are now placing a 76% probability that the Fed raises rates by another 0.25% at its meeting in December, up from 71% the prior week.

• Technology stocks are now cheaper than the S&P 500 for the first time since 2017. With the sell-off that the technology sector has experienced over the last few weeks, technology stocks as measured by the State Street Technology Sector ETF (XLK) are currently trading at 16.2x projected 2027 earnings per share (EPS). The S&P 500 is currently trading at 17.6x projected 2027 earnings per share. The last time technology stocks were cheaper than the S&P 500 on a projected EPS basis was in 2017.

Market Data

for the week ending 11/6/2026