What a remarkable session on Friday, where the S&P 500 (SPX) seemed dead in the water by noon, only to reverse and climb higher, finishing in the plus column. It was even more improbable, considering that Technology (XLK) and Communication Services (XLC) were down during the session.

Eclectic Leadership

There was an eclectic group of names among the top gainers, powered mainly by reactions to earnings releases.

Heat Map

There has been so much handwringing over how much the top ten market cap names represent the overall market. Still, the eventual adjustment (which could be years away) will likely result in sessions, like Friday’s.

It’s a catch-22 of sorts: the market may appear flaccid, but it's actually much healthier.

Green Tide

Only growth stumbled on Friday.

Year-End Rally?

The market finished the week lower, and the Fear & Greed Index is nestled deep in “extreme fear.”  The market is 2.0% off the all-time high, and you must wonder where this gauge would go when the correction eventually happens.

For now, I think it's more of a buy signal. 

Shutdown the Shutdown

I think the market turned on Friday when Democrats made an offer to end the shutdown. The offer isn’t ideal, but it’s the first sign that Democrats are ready to end the shutdown.

More companies are mentioning the shutdown.

Today’s Session

Major indices are all indicating an open well into the green as the government shutdown finally looks to end.

Notably, as the demand for Blackwell and AI chips continues to accelerate, Nvidia (NVDA) is looking to boost output further.

This week, small-caps are set to take the earnings’ stage.

Comments

Like the use of the word flaccid.... David Moreno on 11/10/2025 10:54:02 AM

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