November has historically been the best month for the S&P 500, which gains an average of 1.8% during this period, according to the Stock Trader’s Almanac. However, the first full trading week of the month saw stocks caught in November rains. The S&P 500 and Dow Jones Industrial Average each lost more than 1%, while the Nasdaq Composite shed around 3%—its largest weekly loss since the tech-heavy index slumped 10% in the week ended April 4.
A few months ago, tariffs were the shadows stalking stocks. Now, fears have shifted to artificial intelligence-related stocks, which some believe are trading at prices disconnected from the actual worth of the firms.
“You’ve got trillions of dollars tied up in seven stocks, for example. So, it’s inevitable, with that kind of concentration, that there will be a worry about, ‘You know, when will this bubble burst?’” Tan Su Shan, CEO of DBS Southeast Asia’s largest bank, told CNBC.
Goldman Sachs’ CEO David Solomon also anticipates choppy waters ahead. “It’s likely there’ll be a 10 to 20% drawdown in equity markets sometime in the next 12 to 24 months,” Solomon said Tuesday at the Global Financial Leaders’ Investment Summit in Hong Kong.
That said, a pullback isn’t necessarily bad for stocks. It could even present “buying opportunities” for investors, according to Glen Smith, chief investment officer at GDS Wealth Management. After all, earnings have been “reassuring” despite worries about tech stocks’ high valuations, Kiran Ganesh, multi-asset strategist at UBS, told CNBC.
This suggests the rain might not last, and the rally could find a way to run a little longer.
**Market Snapshot**
Major U.S. indexes were mixed on Friday stateside. The S&P 500 and Dow Jones Industrial Average inched up more than 0.1%, while the Nasdaq Composite closed 0.21% lower. Meanwhile, the pan-European Stoxx 600 lost 0.55%. U.S. futures rose Sunday evening ahead of the new trading week.
**China Consumer Prices Pick Up in October**
The consumer price index (CPI) released Sunday showed a 0.2% growth year-on-year, beating analysts’ expectations of zero growth. This marks the first month since June that prices rose in China.
**U.S. Government on Track to End Shutdown**
A person familiar with the deal told CNBC that enough Democratic senators have agreed to vote for a deal funding the U.S. government through the end of January. This development may bring an end to the longest-ever government shutdown.
**Another Missed Jobs Report**
Due to the ongoing U.S. government shutdown, the Bureau of Labor Statistics could not release its monthly employment data. Economists had expected the report to show moderate job growth had it been published.
**Stocks That Could Bounce After the Sell-Off**
Using CNBC Pro’s stock screener tool, several names have been identified as oversold based on their 14-day relative strength index (RSI). This implies they could be due for a recovery in prices, potentially presenting buying opportunities for investors.
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*CNBC’s Lee Ying Shan, Hugh Leask, and Lim Hui Jie contributed to this report.*
https://www.cnbc.com/2025/11/10/cnbc-daily-open-too-early-to-fret-about-tech-pullback.html