Market Wrap: Stocks Down After Big Losses in Energy and Tech

Stock Market Performance Summary

Morningstar US Total Market Index Performance

• Week ended Nov. 6: -2.61%
• Quarter to date: -3.74%
• Year to date: 7.46%
• Trailing 12 months: 8.23%

Sector and Style Performance for the Week Ended Nov. 6

• The best-performing sectors were communication services, up 5.25%, and consumer cyclicals, up 2.36%.
• The worst-performing sectors were energy, down 12.32%, and technology, down 6.71%.
• Large-cap stocks fell 2.73%, mid-cap stocks fell 2.58%, and small-cap stocks fell 1.65%.
• Growth stocks fell 3.12%, blend stocks fell 2.61%, and value stocks fell 2.22%.

Other Key Stats

• The S&P 500 fell 2.68%, and the Nasdaq fell 3.37%.
• Of the 880 US-listed companies covered by Morningstar, 480, or 55%, were up, four were unchanged, and 396, or 45%, were down.

Bonds and Commodities

• Yields on 10-year US Treasury notes fell to 4.86% from 4.94%.
• Yields on 2-year US Treasury notes fell to 4.51% from 4.56%.
• West Texas Intermediate crude prices fell 12.07% to $90.52 per barrel.
• Comex Gold prices rose 4.88% to $4,065.90.

Top Stock Gainers

AppLovin APP, Clarivate CLVT, Nextpower NXT, Magnite MGNI, and Grab Holdings GRAB were the top performers among US-listed stocks covered by Morningstar analysts.

• AppLovin topped the list, rising 71.22% for the week, but it’s down 14.77% over the past three months. This narrow-moat company with a 4-star rating is down 42.29% over the past 12 months. The stock closed the week at $391.22, trading at a 24% discount to its fair value estimate of $470.00 per share.
• Clarivate was the second-best performer, gaining 41.82%. The 5-star stock has gained 20.1% over the last three months. Shares in this no-moat company are down 33.05% over the past 12 months. Clarivate stock wrapped up the week at $2.34, trading at a 58% discount to its fair value estimate of $5.50 per share.
• Nextpower came in third, rising 32.25%. The 2-star, no-moat stock fell 0.23% over the last three months and 10.96% over the past 12 months. Nextpower closed at $104.90, trading at a 42% premium to its fair value estimate of $70.00 per share.
• The fourth-best-performing stock was no-moat Magnite, which gained 27.47%. The 3-star stock is up 33.14% over the last three months and 60.94% over the past 12 months. Magnite finished the week at $27.41, trading at a 20% premium to its fair value estimate of $23.00 per share.
• Grab stock climbed 26.10% in the latest week. This no-moat company has decreased 6.95% over the last three months and 38.30% over the past 12 months. The 4-star stock ended the week at $3.43 per share, trading at a 38% discount to its fair value estimate of $5.60.

Top Stock Losers

Cogent Communications Holdings CCOI, Lumentum LITE, Stevanato Group STVN, Seagate Technology STX, and Marvell Technology MRVL did the worst among US-listed stocks covered by Morningstar analysts.

• Cogent was the worst-performing stock of the week, falling 41.16%. This 5-star, narrow-moat company is down 63.40% over the past three months and 87.55% over the past 12 months. The stock ended the week at $3.96, trading at a 72% discount to its fair value estimate of $17 per share.
• Lumentum was the second-worst performer this week, with a 35.96% price decline. The narrow-moat company, rated 5 stars, fell 38.31% over the past three months but rose 118.99% over the past 12 months. Closing at $538.44, the stock trades at a 59% discount to its fair value estimate of $1,255.00 per share.
• Stevanato came in third, down 29.98% this week. This 4-star, narrow-moat company fell 34.28% over the past three months and 46.91% over the past 12 months. The stock finished the week at $13.57, trading at a 27% discount to its fair value estimate of $18.00 per share.
• Next up is Seagate, which saw its stock price fall by 28.43% this week. The no-moat company with a 4-star rating is down 44.22% over the past three months but rose 70.25% over the past 12 months. At $461.23, the stock trades at a 33% discount to its fair value estimate of $700.00 per share.
• Marvell rounds out the list with a 28.12% decline this week. This 5-star, narrow-moat company fell 36.68% over the past three months but rose 44.02% over the past 12 months. The stock closed the week at $141.19, trading at a 59% discount to its fair value estimate of $326.00 per share.

Highlights of This Week’s Market and Investing Events

• Tuesday, Nov. 10: October Consumer Price Index report, earnings from CoreWeave CRWV, Groupon GRPN, Occidental Petroleum OXY
• Thursday, Nov. 12: October Existing Home Sales, earnings from Applied Materials AMAT, Cisco Systems CSCO, Nebius Group NBIS
• Friday, Nov. 13: October Producer Price Index report