Brent topped $116 and stocks pulled back on fears of renewed U.S.-Iran hostilities after the midterm elections. For the week, small caps led with the Russell 2000 up 2% while the S&P 500 and Nasdaq slipped.
The action on Friday made it difficult to put much money to work.
Final October University of Michigan read improved but remained at a five-month low. Buying conditions for durables hit a record low and inflation expectations rose to the highest since May with the report warning against them becoming ‘entrenched.’
October flash composite PMI eased to 57.6 on services deceleration but stayed close to September’s five-year high, with new orders at a 4.5-year high.
Is the housing market close to a bottom? Let’s take a look.
As more and more funds are raised for the AI buidout, is there a scarcity of capital?
Thursday’s selloff isn’t a signal to cut exposure. It is a signal to look where the money is going.
The market was down today, but the selling was orderly and concentrated in tech and the mega caps.
Worries about the sustainability of the AI trade surfaced once again, driving down a swath of related stocks, but other stocks rallied as Treasury yields dropped the most since August 2025, seeing equal-weight vs cap-weight the most extreme since 2024.
The gap is closing, but the opportunity is in new leaders, not broken AI names.
