The chart details the 24-8 score for the broader mix of benchmarks and ETFs we monitor. The tech-heavy NASDAQ and S&P 500 are in the bottom quartile in the red with negative returns. We see Midcaps, the Russell 2000, and the Equal Weight S&P ETF (RSP) in positive range.
All 7 bond ETFs are in positive range on the latest UST rally that has rolled in despite higher inflation and sharply rising oil. AI anxiety and tech equity pain have been the leaders in the headlines and on the scoreboard. That has flowed into the UST curve. We already posted on the weekly Tech Check returns with its score of 8-24 as it flipped the broad asset line score of 24-8 (see Weekly Asset Returns: Teck Check 10-31-26).
The Communications Services ETF (XLC) at -5.32% is the bottom-dwelling outlier based on the high mix of Alphabet (GOOGL) and Meta (META) with both in the red and given the scale of the GOOGL beatdown. Other notable negative returns from tech in the bottom quartile include the Equal Weight NASDAQ 100 (QQEW), the Tech ETF (XLK), NASDAQ, and the tech-heavy S&P 500.
The S&P 500 had 9 of its 11 sectors in positive range, but the two major tech-based sectors were negative. We saw Info Tech (37.4% of S&P 500 index) and Communications Services (8.4% of index) both in the red.
Among the winners, we see the BDC ETF still making a comeback at #1 as another earnings season and some strong macro numbers keep the more extreme private credit bears at bay.
The GDP lines and PCE outlays numbers were solid with a large share of consumers healthy and outspending their income growth (lower savings rates do have risks). The 3Q26 GDP also showed the fixed investment numbers still powering ahead (see 3Q26 GDP: Happy Days? 10-29-26m PCE Sept 2026: Inflation, Income & Outlays 10-29-26).
Defensive stock such as the Health Care ETF (XLV) and higher quality dividend stocks such as Utilities (XLU) are in favor. Lower UST rates on the long end have propped up the Homebuilder ETF (XHB) while Materials (XLB) are benefitting from the fixed investment multiplier effects.