Market Update Into November 10th: Tech Stocks Tank

3 mins read

Markets stumbled last week as a mix of earnings-season volatility and deteriorating consumer sentiment spooked traders. Despite $AMD and $PLTR reporting strong earnings on paper, both saw sharp post-earnings sell-offs. Meanwhile, U.S. consumer sentiment fell to levels not seen since 2008, fueling fears of a deeper economic slowdown. Semiconductors led last week’s decline, while defensive sectors like healthcare and energy finished the week in the green.

Looking ahead, all eyes turn to whether this week’s scheduled CPI and PPI data will be released, as the ongoing government shutdown threatens to delay key economic reports. Traders will also be watching earnings from $CRVW, $CSCO, and $OKLO as the Q3 season rolls on. Let’s jump into the charts.

Weekly Analysis

SPY (SPDR S&P 500)

SPY closed the week lower at $670.97 (-1.60%), breaking decisively below all three bands of the Chande FAMA Indicator. This marks the first full candle close beneath the lower FAMA band, signaling a potential loss of trend structure. Meanwhile, the Chande Ishaan oscillator is curling lower, showing weakening internals. Start a trial for $1 this weekend and get 6 months of free access to one of Chande’s premium indicators.

QQQ (Invesco QQQ Trust)

The Nasdaq had its worst week since April, with QQQ closing below its lower FAMA band at $609.74 (-3.07%). However, the Chande Ishaan oscillator remains steady and has yet to curl, suggesting internal strength may still be present within the Nasdaq-100. With most major tech earnings now behind us, traders are watching closely to see whether QQQ’s lower FAMA band is reclaimed or turns into resistance.

IWM (iShares Russell 2000)

Small caps pulled back last week, with IWM closing at $241.61 (-1.86%). While momentum on the Ishaan Oscillator is beginning to cool, price managed to close above the lower Chande FAMA band, thanks to a late-week rally into Friday’s close. The key test now is whether the oscillator can remain above its lower zone as IWM attempts to base around this critical lower FAMA band support level.

Earnings

Notable Results

SPOT (Spotify)

EPS: $3.83 vs $1.87 est
REV: $4.99B vs $4.92B est

ARM (Arm Holdings)

EPS: $0.39 vs $0.26 est
REV: $1.14B vs $1.07B est

PLTR (Palantir Technologies)

EPS: $0.21 vs $0.15 est
REV: $1.18B vs $1.09B est

NVO (Novo Nordisk)

EPS: $1.03 vs $0.77 est
REV: $11.75B vs $11.88B est

TM (Toyota Motor)

EPS: $4.85 vs $3.67 est
REV: $83.96B vs $76.26B est

UBER (Uber Technologies)

EPS: $0.81 vs $0.68 est
REV: $13.47B vs $13.26B est

HOOD (Robinhood)

EPS: $0.61 vs $0.53 est
REV: $1.27B vs $1.21B est

SHOP (Shopify)

EPS: $0.34 vs $0.30 est
REV: $2.84B vs $2.76B est

BAM (Brookfield Asset Management)

EPS: $0.44 vs $0.39 est
REV: $1.25B vs $1.34B est

QCOM (Qualcomm)

EPS: $3.00 vs $2.66 est
REV: $11.27B vs $10.76B est

AMGN (Amgen)

EPS: $5.64 vs $5.01 est
REV: $9.56B vs $8.96B est

AMD (Advanced Micro Devices)

EPS: $1.20 vs $1.09 est
REV: $9.25B vs $8.74B est

ANET (Arista Networks)

EPS: $0.75 vs $0.69 est
REV: $2.31B vs $2.26B est

RACE (Ferrari)

EPS: $2.50 vs $2.35 est
REV: $2.07B vs $1.98B est

AZN (AstraZeneca)

EPS: $1.19 vs $1.14 est
REV: $15.19B vs $14.81B est

APP (AppLovin)

EPS: $2.45 vs $2.38 est
REV: $1.41B vs $1.34B est

MCD (McDonald’s)

EPS: $3.22 vs $3.34 est
REV: $7.08B vs $7.08B est

ABNB (Airbnb)

EPS: $2.21 vs $2.31 est
REV: $4.10B vs $4.08B est

What’s Happening Now

COST Costco Wholesale Corporation
Costco’s November streak is unmatched. Seventeen straight years of gains averaging nearly six percent. The last loss occurred during the 2008 financial crisis. Now it’s barely up one percent as the longest U.S. government shutdown tests its momentum. History leans bullish, but patterns that last this long rarely stay unbroken forever. Can Costco keep the dream alive?

PLTR Palantir
Palantir crushed Q3 expectations with revenue up 63% and EPS up 110% year over year. Margins hit record highs, and free cash flow topped $800 million. However, the stock sold off over 13% as investors balked at 500x earnings and rationalized 100x sales. Stellar execution, but perfection is already priced in.

OKLO OKLO Inc.
OKLO reports Monday with no revenue, no license, and no powerhouses built. Yet it trades near $17 billion, up more than 400% this year. The bull case leans on AI power demand and a nuclear revival. The bear case centers on execution risk and regulation. Monday’s report will show which side the market still believes.

Believe it or not, this is just a fraction of what happened in the markets this week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!