November 5, 2026

The S&P 500 fell 1% in October, even though 72% of the stocks in the index finished the month higher. The Fed held rates steady, which was a positive, but geopolitical tensions continued to push oil prices higher. However, the bigger story was the rotation out of AI stocks and into more defensive areas of the market. The Magnificent Seven fell nearly 5% in October as the major tech companies signaled they’ll need to spend even more on AI data centers. Investors started to take a harder look at how much cash these companies will have to put up, how much revenue that spending can generate, and how long it’ll take to see a return. The selloff then picked up again today as investors weighed whether the election results could lead to tighter restrictions on data centers and push those returns further out. As we’ve seen, a handful of AI stocks have done much of the heavy lifting for the S&P 500 this year. If investors continue to rethink what they’re willing to pay for those companies, we could see more days like today, even if most stocks hold up.

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