MetraviseBig Tech slides, oil majors hit records as S&P 500 ends week lower
In brief
- Tech under pressure: The Nasdaq Composite fell -2.85% as Intel's weak guidance and Amazon's miss put AI spending back under scrutiny.1,2
- Oil majors shine: Chevron and ExxonMobil hit all-time highs on sharply higher profits, setting energy apart from the broad market.3
- Fed leans higher: Inflation stayed firm in September and Fed Chair Warsh signaled a lean toward higher rates, keeping policy in focus.4,5
What it means
The economy looked sturdy, as third-quarter GDP grew at a 3.4% annualized pace, above the estimate.4 Inflation stayed sticky, with annual PCE at 3.6% and core at 3.1%, while Fed Chair Kevin Warsh signaled his current lean is toward higher rates.5 Even so, the 10-year yield edged down -0.06 pts to 4.93% in the last session.
The week in review and where money is flowing
For the week, the S&P 500 slipped -0.56% and the Nasdaq 100 -1.97%, with worries over Big Tech's negative free cash flow weighing most.2 Energy led Metravise's sectors, beating the S&P 500 by +4.2 pts over a month, while Oil & Gas E&P and Oil & Gas Drilling were ahead by +14.1 pts and +12.7 pts.3 The Metravise Portfolio moved -6.17% in the last session, a sharper swing than the broad index.
Oil: majors at records
Shell announced a higher-than-expected $5 billion buyback for the next three months on record refining margins, and its shares hit an all-time high in London.6 WTI crude was nearly flat at +0.05%, near $102.91, so the energy rally rested on earnings rather than a fresh jump in oil prices.3
Market mood
The VIX rose +13.65% to 19.56 but stayed in its normal zone, a sign of caution rather than alarm. The equity put/call ratio was 0.58, close to its 5-day average of 0.60, showing no rush into protective options.
What to watch this week
Times are US Eastern (ET).
- MonApple Inc. (AAPL) earnings · after the closeBank of America removed Apple from its list of best investment ideas, adding interest to Monday's results.2
- Tue 10:00Job openings and labor turnover (JOLTS)A higher-than-expected job openings figure is generally read as a sign that the labor market remains tight.
- Fri 08:30Employment report (nonfarm payrolls, unemployment rate)An above-consensus payrolls print is generally read as support for the higher-rate lean Warsh signaled.5
- TueMidterm electionsInvestors, CNBC said, are not too worried that Tuesday's midterm vote will move the market.2
Metravise Portfolio
- PortfolioFriday change−6.17%
- —No entries or exits in the last session.
Metravise is an educational research platform — this bulletin is not investment advice. News summaries are based on the footnoted sources; numbers are Metravise data. Past performance is not indicative of future results.
Sources
- Nasdaq suffers worst month in over a year as AI nerves roil markets — CNN · Oct 31
- Midterms, Apple earnings, jobs report. Wall Street faces a big week ahead just as investors dump tech — CNBC · Oct 31
- Stock market rocked as investors dump tech shares; Nasdaq suffers worst day since June: Live updates — CNBC · Oct 31
- PCE inflation report September 2026 — CNBC · Oct 30
- Fed Chair Kevin Warsh is keeping Wall Street guessing. It may be his most powerful tool — CNBC · Oct 30
- Shell nearly doubles quarterly profit year-on-year as refining margins soar to record high — CNBC · Oct 30