Tech stocks have been leading the market lower. Here's what may lie ahead.

By Philip van Doorn

Also: A bond-market indicator for AI, advice on travel during the government shutdown and a potentially lucrative tax tip for homeowners

The information technology sector of the S&P 500 was down 4.2% for the week through Nov. 6.

The S&P 500 was down 1.5% for one week through Thursday. That wasn't much of a decline, considering that it was still up 15.5% for 2025. But take a look at how the large-cap benchmark index's sectors performed:

The information technology sector led the S&P 500 down for one week through Thursday, although the sector had still returned 24.8% for 2025.

All returns in this article include reinvested dividends.

The IT sector has been red-hot this year, with a 24.8% return even after the above decline. Now take a look at how the largest 10 stocks in the S&P 500 SPX by market capitalization performed for one week through Thursday:

   Company                  Ticker    One week total return through Nov. 6  2025 total return 
   Nvidia Corp.             NVDA                                     -7.3%              40.1% 
   Apple Inc.               AAPL                                     -0.6%               8.1% 
   Microsoft Corp.          MSFT                                     -5.5%              18.6% 
   Alphabet Inc. Class A    GOOGL                                     1.2%              50.9% 
   Amazon.com Inc.          AMZN                                      9.1%              10.8% 
   Broadcom Inc.            AVGO                                     -5.5%              54.5% 
   Meta Platforms Inc.      META                                     -7.1%               6.0% 
   Tesla Inc.               TSLA                                      1.3%              10.4% 
   Berkshire Hathaway Inc.  BRK.B                                     3.1%               8.8% 
   Eli Lilly & Co.          LLY                                      11.0%              22.1% 
                                                                                 Source: LSET 

Click on the tickers for full coverage of each company. And check out Tomi Kilgore's detailed guide to the wealth of information available on the MarketWatch quote page.

These companies have a strong effect on the performance of the broad market. Together they make up 40.8% of the SPDR S&P 500 ETF Trust SPY, which tracks the index by holding all of its stocks weighted by market capitalization.

Here is coverage of this week's selloff and various looks at what may lie ahead for investors and traders, from Joy Wiltermuth, Joseph Adinolfi and Gordon Gottsegen:

-- Why this often-overlooked report on the state of the labor market contributed to Thursday's stock selloff

-- Stocks are falling for reasons that go beyond AI jitters

-- As speculative corners of the market tumble, some investors are cheering

-- This chart shows the risk of an AI bubble is growing, says a stalwart stock-market bull

Companies

Here is a sampling of this week's coverage of the big movers on the above list of the 10 largest companies in the S&P 500:

-- Microsoft's stock is suffering its longest losing streak in years. What gives?

-- Google may be Nvidia's biggest rival in chips - and now it's upping its game

-- Amazon's new OpenAI deal offers further proof the stock has become an AI winner

-- Michael Burry challenges the AI trade with big short bets on Nvidia and Palantir

-- Meta's stock is the new 'Magnificent Seven' doormat. Should you buy the dip?

-- Trump rolls out pricing deal with weight-loss-drug giants Eli Lilly, Novo Nordisk. Analysts say the pact raises more questions than it answers.

For market timers

Some investors don't bother trying to time markets. If you are contributing regularly to a broadly invested retirement account with the objective of building a nest egg over several decades, you can take comfort that during periods of weakness, you are paying lower prices as you keep pouring money in. But if you move to the sidelines when anticipating a market crash, you might return well after a recovery has started. This pattern can hurt your long-term investment returns.

Other investors and traders want to make rapid moves based on the price movements they anticipate. Here are some market-timing items from this week's MarketWatch coverage:

-- Why a little-known link between gold and platinum should worry stock investors

-- Gold has a shot at $5,000 if investors rekindle this popular trade

-- A cluster of ominous stock-market signals hints at a rocky year ahead for investors

-- Where next for Big Tech stocks? Pay attention to bitcoin, says Citi.

The bond market's indicator for Big Tech

The bond market tends to signal broad economic developments well in advance. Emily Bary and Tomi Kilgore explained how the bond market has been indicating that the build-out of generative artificial intelligence technology and resulting bubble for tech stocks could continue for years.

Maybe you didn't think flying in the U.S. could get any worse

Getting there is half the fun.

Charles Passy shared advice on what to do if you have to travel this weekend, since up to 40% of flights in the U.S. may be delayed because of the Federal Aviation Administration's reduction of service at various airports. Much of his advice about flying will still apply even after the federal shutdown ends.

Related:

-- Expedia says people are still making travel plans - and it's not just the wealthy

-- Airbnb suggests consumers are starting to feel better about taking vacations. Here's why profits could still take a hit.

How Elon Musk will have to work for his trillion dollars

One of the milestones Tesla is required to achieve in order for Elon Musk to receive his full compensation package is for the company to launch ride-sharing services with at least 1 million robotaxis.

On Thursday, Tesla (TSLA) shareholders voted in overwhelming numbers to approve a compensation package for the company's chief executive, Elon Musk, that could eventually be worth up to $1 trillion. William Gavin broke down the milestones Tesla must hit for Musk to get that trillion.

Read on: Trump renominated a tech billionaire to lead NASA. That's good news for Elon Musk.

The state of the U.S. housing market

At a time of softening demand for housing, prices have been declining in some markets, inventories of new homes have been increasing and builders have been offering incentives to make it easier for prospective buyers to secure financing. But this type of slowdown may lead to a return to rising prices at the lower end of the housing market, as Aarthi Swaminathan explained.

More housing market coverage:

-- The age of the typical home buyer is at an all-time high - 59. Here's how that's reshaped demand in the housing market.

-- Home buyers are being left in limbo as the shutdown brings these parts of the housing market to a halt

Don't waste your Medicare Advantage perks

Medicare Advantage plans offer services that aren't covered under traditional Medicare. But many people don't make use of benefits they are eligible for. Beth Pinsker interviewed people who are thrilled with their Medicare Advantage plans, and not only because of health coverage.

Related: Mamdani's election is another headache for Medicare Advantage

A tax-season celebration

Even if you have gotten used to taking the standard deduction, new tax rules might compel you to itemize your expenses when preparing your 2025 federal income-tax return, which could save you a lot of money.

In the TaxWatch column, Andrew Keshner explained why homeowners might be in for a huge windfall during the coming tax season.

Biotech stock picks

After several years of underperforming the broad stock market, biotechnology stocks as a group have perked up this year. Michael Brush shared four biotech stocks for long-term investors.

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-Philip van Doorn

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11-07-25 1310ET

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