The Northbound Wealth Podcast

Last week, challenging week for tech stocks.

Markets were mixed last week, though persistent pressure on technology stocks made the week feel more challenging for some investors.

The Standard & Poor's S&P 500 Index lost 0.47%, led by a slide in communication services amid worries over corporate spending and artificial intelligence.

While the NASDAQ Composite Index declined 0.71%, the Dow Jones Industrial Average gained 0.41%.

The MSCI IFA Index, which tracks developed overseas stock markets, fell 1.58%.

Well, tech leads both ways, as the saying goes.

So the S&P 500 ended the week at 7,623.68. With just one week remaining in the month, the market benchmark is down 0.4% for October, but up 11% this year.

The week began with an AI-led rebound as investors looked ahead to a heavy slate of corporate earnings reports.

On Tuesday, investors cheered the first wave of corporate results and falling oil prices, which helped boost investor sentiment.

Tech swung back into favor during the midweek as investors applauded reports that two of the largest mega-cap tech firms formed a committee to evaluate a potential merger, lifting all three advantages.

The NASDAQ gained more than 1% while the S&P posted its third straight winning close.

Boomerang effects.

But the boomerang started to come back on Thursday as AI debt worries returned while oil prices rose again amid fresh geopolitical concerns the war in Iran.

The Nasdaq slid more than 2.5% over the session, while the S&P fell more than 1%, posting their steepest daily decline since June and July, respectively.

The week wrapped up with technology stocks again in the spotlight due to persistent AI-related worries.

The Dow closed Friday down more than 1% while the S&P 500 and Nasdaq were under pressure into the close.

Facebook parent meta platforms reported third quarter results above views and raised bottom end of its guidance range for 2026 capital expenses.

Tesla posted better than expected Q3 earnings, but elevated operating expenses for AI projects, quote, dragged meaningfully and quote on the electric vehicle makers operating profit margin, truest securities said in a note to clients.

The week's drop came on declines in just four of the S&P 500's 11 sectors.

Okay, communication services tumbled 6.2%.

Industrials fell 1.9%.

Technology and materials also edged lower as we talked about.

AT&T had the largest percentage drop in communication services falling 11%.

The telecom company raised its full year earnings outlook following stronger than expected third quarter results but its post-paid phone subscriber growth missed projections.

Meta was also hit hard, sliding 9.4% on the week.

Last week, challenging week for tech stocks.

Markets were mixed last week, though persistent pressure on technology stocks made the week feel more challenging for some investors.

The Standard & Poor's S&P 500 Index lost 0.47%, led by a slide in communication services amid worries over corporate spending and artificial intelligence.

While the NASDAQ Composite Index declined 0.71%, the Dow Jones Industrial Average gained 0.41%.

The MSCI IFA Index, which tracks developed overseas stock markets, fell 1.58%.

Well, tech leads both ways, as the saying goes.

So the S&P 500 ended the week at 7,623.68. With just one week remaining in the month, the market benchmark is down 0.4% for October, but up 11% this year.

The week began with an AI-led rebound as investors looked ahead to a heavy slate of corporate earnings reports.

On Tuesday, investors cheered the first wave of corporate results and falling oil prices, which helped boost investor sentiment.

Tech swung back into favor during the midweek as investors applauded reports that two of the largest mega-cap tech firms formed a committee to evaluate a potential merger, lifting all three advantages.

The NASDAQ gained more than 1% while the S&P posted its third straight winning close.

Boomerang effects.

But the boomerang started to come back on Thursday as AI debt worries returned while oil prices rose again amid fresh geopolitical concerns the war in Iran.

The Nasdaq slid more than 2.5% over the session, while the S&P fell more than 1%, posting their steepest daily decline since June and July, respectively.

The week wrapped up with technology stocks again in the spotlight due to persistent AI-related worries.

The Dow closed Friday down more than 1% while the S&P 500 and Nasdaq were under pressure into the close.

Facebook parent meta platforms reported third quarter results above views and raised bottom end of its guidance range for 2026 capital expenses.

Tesla posted better than expected Q3 earnings, but elevated operating expenses for AI projects, quote, dragged meaningfully and quote on the electric vehicle makers operating profit margin, truest securities said in a note to clients.

The week's drop came on declines in just four of the S&P 500's 11 sectors.

Okay, communication services tumbled 6.2%.

Industrials fell 1.9%.

Technology and materials also edged lower as we talked about.

AT&T had the largest percentage drop in communication services falling 11%.

The telecom company raised its full year earnings outlook following stronger than expected third quarter results but its post-paid phone subscriber growth missed projections.

Meta was also hit hard, sliding 9.4% on the week.