A losing week with very uneven damage
Each of the four major U.S. stock index exchange-traded funds tracked in the weekly chart ended lower between the October 30 and November 6 closes. The Nasdaq 100 fund (QQQ) suffered the steepest fall at 4.98%, followed by the S&P 500 fund (SPY) at 2.70%. The Russell 2000 fund (IWM) slipped 2.03%, and the Dow fund (DIA) recorded the mildest decline at 0.95%.[S1]
The ordering of those figures is the story. Small-cap stocks, represented by the Russell 2000, held up better than the large-cap S&P 500 benchmark, while the price-weighted Dow, whose constituents are older industrial and financial names, lost roughly a third as much as the S&P 500 fund. The technology-heavy Nasdaq 100 sat at the opposite end, absorbing the heaviest selling of the four.[S1]
The worst S&P 500 week since April 2025
The S&P 500's retreat was severe enough to be described as its weakest week since the tariff-driven market crash of April 2025, according to 24/7 Wall St. That comparison places the latest pullback alongside one of the sharpest recent episodes of selling pressure rather than among ordinary down weeks.[S2]
Understand this article deeper
What the evidence does not establish is why the selling concentrated where it did. No cause is given for the divergence between technology and the other indexes, and no explanation is offered for the timing of the move. Readers should treat the rotation itself as the confirmed fact and any account of its drivers as still open.[S1][S2]
