S&P 500
Red7,429.41 -3.37%
Today
1 month
Sellers in control today.
As of 10:51 AM ET. Chart follows the SPY fund. Checked against SPY.
Macro
Why is the market moving?
The numbers that move stocks, what each one means today, and possible reasons.
Red
Right now: S&P 500 -3.37%, a very big move.
Updated 10:51 AM ET. Refreshes every minute.
What is moving
Measured from the numbers below. These are facts, not causes.
- The tech-heavy Nasdaq 100 is doing worse (-5.67%) than the Dow (-2.22%).
- 71% of the 1,842 stocks we track are down today.
- Largest drags by company size: NVDA -8.9% TSM -10.2% SPCX -10.6% TSLA -10.9% MU -16.1%
- Weakest groups: Semis -10.5%, Quantum -8.1%, Technology -7.4%. Strongest: Consumer Staples +1.3%, Gold +0.8%, Energy +0.7%.
- The VIX is up 60% to 26.5.
- The 10-year yield is down 5 basis points to 4.84%.
- US crude oil is up 2.4%.
- Gold is up 1.0%.
- Bitcoin is down 5.2%.
Possible reasons from today's news
Stories that could be related. A headline at the same time as a move does not prove it caused the move.
- Microsoft reportedly cuts Neocloud spending due to data center delays
- AI infrastructure stocks fall as investors rotate to hyperscalers
- Semiconductor stocks slump as AI infrastructure worries mount
- Micron reportedly pauses Taoyuan chip plant construction over labor dispute
- Wedbush analyst sees political risks slowing US AI data center buildout
- Keel Infrastructure starts Moses Lake data center build
Fear and Greed Index
25 Fear
0 Extreme fear100 Extreme greed
Yesterday 27 · A week ago 31 · A month ago 43. Source: CNN.
Last 30 days
Investors are scared. Many stay away now and come back after prices have risen, which is how people end up buying high. Fear alone is not a signal to buy: prices can keep falling.
Hour by hour today
| From (ET) | S&P 500 | Nasdaq 100 | VIX | 10-yr yield | Read |
|---|---|---|---|---|---|
| 9:30 | -1.06% | -1.59% | 20.59 | n/a | Selling, fear rising |
| 10:00 so far | -1.37% | -1.66% | 23.44 | 4.84% | Selling, fear rising |
Hourly moves follow the SPY and QQQ funds. VIX from Cboe, delayed 15 minutes.
Day by day
| Day | S&P 500 | Nasdaq 100 | VIX | 10-yr yield | Fear/Greed | Read |
|---|---|---|---|---|---|---|
| Thu Nov 5 so far | -3.21% | -5.46% | 26.5 | 4.84% | 24 | Down day, VIX nervous |
| Wed Nov 4 | +1.65% | +0.97% | 16.61 | 4.90% | 25 | Up day, VIX normal |
| Tue Nov 3 | +0.30% | +0.62% | 20.83 | 4.95% | 34 | Up day, VIX nervous |
| Mon Nov 2 | -0.48% | -1.36% | 21.15 | 4.91% | 24 | Down day, VIX nervous |
| Fri Oct 30 | -1.77% | -3.47% | 19.42 | 4.94% | n/a | Down day, VIX normal |
| Thu Oct 29 | -0.38% | -1.42% | 17.2 | 4.98% | 26 | Down day, VIX normal |
Daily moves follow the SPY and QQQ funds. The current day keeps moving until the close.
Stock indexes
Nasdaq 100
Red26,824.03 -5.67%
Today
1 month
Sellers in control today.
As of 10:51 AM ET. Chart follows the QQQ fund. Checked against QQQ.
Dow Jones
Red52,171.94 -2.22%
Today
1 month
Sellers in control today.
As of 10:51 AM ET. Chart follows the DIA fund. Checked against DIA.
Small caps (Russell 2000)
Being checked. This number did not match our second source, so it is hidden for now.
Fear and volatility
VIX fear gauge
Hurts stocks26.50 +59.54%
Today
1 month
26.5 is in the nervous range (under 15 calm, 15 to 20 normal, 20 to 30 nervous, over 30 fearful). Traders are paying up for protection.
As of 10:51 AM ET. Cboe, 15 minutes delayed. Checked against Cboe.
VVIX (swings in the VIX)
Hurts stocks124.7 +37.87%
Chart fills in as the day goes
Today
Chart fills in as the day goes
1 month
Prices how much the VIX itself may swing. A jump means traders expect a bumpy few days.
As of 10:51 AM ET. One source right now.
Interest rates
10-year minus 2-year: +33 basis points. The 10-year pays more than the 2-year, the normal shape.
2-year Treasury yield
Helps stocks4.512% -6.9 bp
Today
1 month
The 2-year follows what traders expect the Fed to do. Lower yields ease borrowing costs.
As of 10:51 AM ET. Month: US Treasury daily yields. Checked against US Treasury data.
10-year Treasury yield
Helps stocks4.839% -5.3 bp
Today
1 month
Lower yields ease borrowing costs.
As of 10:50 AM ET. Month: US Treasury daily yields. Checked against US Treasury data.
30-year Treasury yield
Neutral5.254% -2.6 bp
Today
1 month
Rates are steady today.
As of 10:51 AM ET. Month: US Treasury daily yields. Checked against US Treasury data.
The dollar
US dollar index
Neutral101.46 -0.10%
Today
1 month
The dollar is steady today.
As of 10:51 AM ET. Chart follows the UUP fund. Checked against UUP.
Dollar vs yen
Neutral157.77 -0.41%
Chart fills in as the day goes
Today
Chart fills in as the day goes
1 month
Steady today.
As of 10:51 AM ET. One source right now.
Gold, silver and copper
Gold
Neutral$4,114.80 +1.03%
Today
1 month
Gold is rising. Metals often draw money when investors want safety or fear inflation.
As of 10:40 AM ET. Chart follows the GLD fund. Checked against GLD.
Silver
Neutral$52.35 +0.14%
Today
1 month
Silver is little changed.
As of 10:41 AM ET. Chart follows the SLV fund. Checked against SLV.
Copper
Hurts stocks$6.32 -1.68%
Today
1 month
Copper goes into building and factories, so a drop hints at softer demand.
As of 10:41 AM ET. Chart follows the CPER fund. Checked against CPER.
Oil and gas
US crude oil (WTI)
Hurts stocks$90.24 +2.41%
Today
1 month
Higher oil lifts inflation worries and costs for airlines and shippers, and helps energy stocks.
As of 10:41 AM ET. Chart follows the USO fund. Checked against USO.
Brent crude oil
Hurts stocks$97.08 +2.60%
Today
1 month
Higher oil lifts inflation worries and costs for airlines and shippers, and helps energy stocks.
As of 10:41 AM ET. Chart follows the BNO fund. Checked against BNO.
Natural gas
Neutral$2.956 -0.10%
Today
1 month
Moves with weather and supply. Matters most for utilities and energy.
As of 10:40 AM ET. Chart follows the UNG fund. Checked against UNG.
Credit: are lenders nervous?
Junk bonds (HYG fund)
Hurts stocks$77.18 -0.44%
Today
1 month
Junk bonds falling: lenders are pulling back from risk. It matters more when the drop is large.
As of 10:51 AM ET. Checked against HYG.
Investment-grade bonds (LQD fund)
Neutral$104.52 +0.02%
Today
1 month
Safer corporate bonds. These react mostly to interest rates.
As of 10:50 AM ET. Checked against LQD.
Crypto
Bitcoin
Hurts stocks$75,889 -5.23%
Today
1 month
Crypto falling: traders are cutting risk.
As of 10:51 AM ET. Chart follows the IBIT fund. Checked against IBIT.
Ether
Hurts stocks$2,256 -6.57%
Today
1 month
Crypto falling: traders are cutting risk.
As of 10:51 AM ET. Chart follows the ETHA fund. Checked against ETHA.
Coming up
- Fri Nov 6, 8:30 AM ET: Jobs report (October). Hiring and wages; a hot number can push rates up.
- Tue Nov 10, 8:30 AM ET: CPI inflation (October). The inflation reading the Fed watches most.
How we check: 20 of 23 numbers agree with a second source right now, 2 have one source at the moment, 1 hidden because they did not match. "Helps" and "hurts" follow fixed rules on today's move, not a forecast. Quotes can be delayed up to 15 minutes. For education, not personal advice.