The S&P 500 ended Friday at 7,376.86, up 0.31% but down 2.68% for the week. The Nasdaq Composite closed at 24,579.42, gaining 1.09% Friday while losing 3.37% over five sessions. Was the rebound stabilisation or a pause after Thursday’s repricing of technology and growth shares?
Where the index stands
Friday recovered only a fraction of Thursday’s losses: the S&P 500 fell 4.4%, the Nasdaq 5.5% and the Dow 3.4%. Futures edged higher before Monday’s open, but that does not establish that buyers have returned in size. Traders are assessing whether AI-linked positions and high valuations can withstand a more demanding rate outlook.
TheStreet called it the S&P 500’s worst week since the April 2025 tariff shock. The present pressure centers on technology leadership, rates and whether AI spending can produce earnings. A prior Wall Street sell-off showed how quickly mega-cap concentration can amplify index declines.
Thursday’s damage and Friday’s bounce
The Nasdaq’s 5.5% fall on Thursday was the most severe of the three major index declines, consistent with its greater concentration in large technology and growth companies. Friday’s 1.09% recovery was stronger than the S&P’s 0.31% rebound, suggesting some dip buying in the same area. Yet a single session cannot distinguish tactical short-covering from a renewed willingness to own risk. The distinction will depend on follow-through, market breadth and whether the largest technology companies can hold the gains.
Long-term AI infrastructure demand can coexist with near-term multiple compression if rates stay high or spending slows. Nvidia’s steep fall was a focal point; its results will shape expectations across chips, cloud and data centres. The Nvidia sell-off raises valuation and positioning questions beyond one company.
Tuesday’s CPI has a measurement caveat
The October CPI release is scheduled for Tuesday, November 10, at 8:30 a.m. ET. There is an unusual complication: the Bureau of Labor Statistics says it will not publish 12-month percentage changes for most CPI series for October 2026 because October 2025 survey data were not collected during the federal shutdown, as explained in its shutdown FAQ. BLS carried forward some prior-month price data to maintain index continuity, but that does not create a normal October 2025 comparison base. Consequently, a widely repeated 3.9% year-over-year forecast should not be presented as the headline CPI comparison for this release.
Tuesday’s report still matters. Monthly price movements, core components and available index series can inform the inflation picture, but readers must distinguish them from a normal annual headline. With rate expectations sensitive, the release could move Treasury yields and the implied December policy path despite the missing comparison.
Earnings and levels to watch
Cisco and Applied Materials report on November 12, followed by Nvidia on November 17. Their updates test networking demand, chip-equipment orders and AI spending. Palantir shows how repricing extends beyond chipmakers, while Nvidia’s results remain a central catalyst. Nebius is another AI infrastructure name reporting this week.
At 7,376.86, Friday’s close is the reference. Reclaiming ground lost Thursday with broader participation would strengthen the stabilisation case; a break below Friday’s low after a failed bounce would show sellers remain in control. Breadth, Treasury yields and the CPI response matter more than a single round number.
The S&P 500 begins the week with two competing signals: a modest rebound and a sharp weekly drawdown. Tuesday’s release will be unusually difficult to summarise because the year-over-year comparison is missing for most series. That makes careful reading of the monthly details essential. Until the index can reclaim lost ground and earnings support the AI investment case, Friday’s rise alone does not settle whether the correction has run its course.
