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Megacaps Weigh Heavily But Nasdaq Still Gains ~10% In Nov

US STOCKS
  • The S&P e-mini was lifted slightly off lows of 4544.75 but remains underwater today, with a headwind from higher Treasury yields following US data and Fedspeak from Daly and Williams.
  • The day’s earlier gains to 4578.25 struggled to get close to yesterday’s high of 4597-00 that stopped fractionally short of key resistance at 4597.50 (Sep 1 high).
  • The S&P e-mini tracking at -0.1% heavily outperforms the Nasdaq 100 (-0.8%), whilst underperforming the Dow (+0.9%) and Russel (+0.3%). Nasdaq monthly gains are trimmed to just under 10% vs 8% for the S&P 500.
  • In cash space, multiple major names are under pressure today, with Nvidia (-3.2%), Alphabet (-2.7%), Meta (-2.7%), Tesla (-2.1%), Amazon (-1.3%) and Microsoft (-0.8%) all seeing heavy declines.
  • Within the S&P 500, those names see communication services lag heavily (-1.6%), followed by consumer discretionary (-0.8%) and tech (-0.6%), whilst health care, industrials and materials all lead (+0.8%).
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