After the best October in decades, November is off to a lousy start. The S & P 500 has been down every day this week, falling 4.6%. The Nasdaq-100 is down 7.3% and roughly 2% from a new low. Several key sectors — communication services and consumer discretionary — are sitting at 52-week lows. Technology isn't any better, only 1% from a new low. All of the largest tech stocks in the S & P have had a horrendous week, with double-digit declines: Big cap tech this week Amazon - 13.
The underperformance of the big cap tech stocks is the main reason the equal-weighted S & P 500 is only down 3.1% this week, versus the 4.6% decline in the S & P 500, which is weighted by market capitalization. Bulls can take some comfort in the fact that the bulk of the blame for the weakness in the S & P 500 this week has been a re-rating of the 2023 earnings growth for technology stocks, especially the biggest names. Many feel it is long overdue.
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