Week in Review: QQQ Falls 5.52% in Week Ended Oct. 16
For the week ended Oct. 16, QQQ fell 5.52%, IWM 3.05% and SPY 1.97%, while DIA rose 0.58%; the 10-year Treasury yield fell 15 basis points to 5.09%.
Three of the four major U.S. index ETFs ended the week of Oct. 12 through Oct. 16 lower, with the technology-heavy Nasdaq-100 fund posting the largest decline. QQQ fell 5.52% for the week, from 751.27 at the Oct. 9 close to 709.80 on Oct. 16. The small-cap IWM declined 3.05% to 270.44 from 278.94, and SPY lost 1.97% to 763.25 from 778.57. The exception was DIA, which tracks the Dow Jones Industrial Average: it rose 0.58% to 519.10 from 516.11.
In price terms, QQQ shed 41.47 over the five sessions, SPY gave up 15.32 and IWM lost 8.50, while DIA gained 2.99.
Treasury yields moved lower over the same period. Measured over the same window as the funds, FRED's 10-year yield fell from 5.24% on Oct. 9 to 5.09% on Oct. 16, a decline of 15 basis points. The VIX stood at 19.99 as of Oct. 16.
Weekend coverage focused on technology shares. Bloomberg Markets and Finance carried the headline "AI Selloff Tests Investor Confidence," and FXEmpire reported that the AI selloff deepened as chips and CoreWeave broke. A Seeking Alpha commentary noted that yields and stocks were dropping together. On monetary policy, Fox Business reported that Warsh keeps Wall Street guessing on the October rate move.
The calendar for the week of Oct. 19 includes September housing starts on Oct. 20, weekly jobless claims on Oct. 22 and October Michigan consumer sentiment on Oct. 23. Large-cap companies scheduled to report include META and TSLA on Oct. 21 and PG on Oct. 22, according to FMP.
Data
| Instrument | Oct. 9 close | Oct. 16 close | Weekly change |
|---|---|---|---|
| SPY | 778.57 | 763.25 | -1.97% |
| QQQ | 751.27 | 709.80 | -5.52% |
| IWM | 278.94 | 270.44 | -3.05% |
| DIA | 516.11 | 519.10 | +0.58% |
| 10-Year Treasury | 5.24% | 5.09% | -15 bp |
Data: FMP, FRED. Figures are close-to-close unless stated.
In the news
- Bloomberg Markets and Finance: AI Selloff Tests Investor Confidence
- FXEmpire: Nasdaq Index: AI Selloff Deepens as Chips and CoreWeave Break
- Seeking Alpha: S&P500: Yields And Stocks Are Dropping Together, It Has A Dangerous Precedent
- Fox Business: Warsh keeps Wall Street GUESSING on October rate move
Neutral market summary for information only; not investment advice.
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