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Post-market report · Friday, October 30

Tech Falls 4.90% and Drags Nasdaq 100 Down 3.48%

The Nasdaq 100 fell 3.48% and the S&P 500 lost 1.79% on Friday, with tech down 4.90% as the weakest sector. Energy, staples and utilities finished higher, and the VIX proxy VIXY jumped 10.47%.

S&P 500
-1.79%
SPY 755.72
Nasdaq 100
-3.48%
QQQ 690.54
Dow
-1.10%
DIA 517.00
Russell 2000
-1.63%
IWM 279.37
Average S&P stock (RSP) -0.78%

What mattered

Megacaps drove the index losses

Equal-weight RSP fell 0.78% against a 1.79% drop in SPY. The 1.01-point gap means the largest names, tech-heavy, did most of the damage while the average stock held up better.

Defensive rotation, with bonds bid

Staples rose 1.44% and utilities 0.71% while TLT gained 0.45% and yields fell. Money moved toward defensive sectors and Treasuries as tech sold off.

Gold fell with risk assets

GLD dropped 3.47% and IBIT fell 5.14% on a day Treasuries rose and the dollar slipped 0.09%. Gold did not act as a haven here, and the data gives no cause for the move.

Prepare for tomorrow

  1. 1

    INO is up 216.67% after hours

    The move is large against the close, though the data gives no reason for it. Check for a catalyst and whether volume holds into the open, since a gap this size often fades or extends on thin liquidity.

  2. 2

    Does tech keep sliding at the open?

    Tech lost 4.90% Friday, the widest gap against any sector. A further drop would extend the rotation. A rebound would suggest Friday's selling was a one-day flush.

  3. 3

    Check VIXY and TLT for follow-through

    VIXY rose 10.47% and TLT gained 0.45% with yields lower. If volatility stays elevated and Treasuries hold the gain, the defensive tone carries into Monday. A reversal in both would weaken that read.

  4. 4

    No scheduled catalysts on the calendar

    Nothing notable is listed for Monday, November 2, so price action in tech, energy and staples will set the tone. Energy rose 1.87% and is worth watching for a second day of leadership.

Moving after hours

Under the hood

  • Energy+1.87%
  • Staples+1.44%
  • Utilities+0.71%
  • Health care+0.46%
  • Materials+0.44%
  • Real estate+0.24%
  • Discretionary-0.69%
  • Financials-0.71%
  • Comms-1.28%
  • Industrials-1.58%
  • Tech-4.90%
Treasuries
+0.45%
yields lower
Dollar
-0.09%
Gold
-3.47%
Oil
+0.39%
Bitcoin
-5.14%
Volatility
+10.47%

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Indexes, sectors and cross-asset moves use ETF proxies. Regular-session closes. Not investment advice.

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