Next week could get dicey for markets as earnings slow to a trickle and investors continue to go without government data. There was already more trepidation in the market this past week. On Friday, stocks are on pace to snap a three-week advance, with technology dragging all three major indexes into the red. The Nasdaq Composite, in particular, is about to post an ugly loss, sliding nearly 4%. Nvidia dropped more than 10% this week. Meta Platforms and Microsoft lost more than 6% and 4%, respectively. That volatility could continue in the week ahead in the absence of any major catalysts on the calendar. The bull case heading into year end holds for many investors, but even the most optimistic traders worry more volatility — maybe even a correction — is at hand. “There are people that are a little edgy over here,” said Mark Malek, chief investment officer at Siebert Financial. “And it could be that, we’re in this data blackout right now, that there’s just not enough wind to carry the boat forward in these sort of quiet times.” Choppy action Part of that nervousness is a result of this week’s choppy market action. Many investors worried the drop in artificial intelligence stocks such as Palantir , which was punished even after delivering stellar earnings, points to buyer exhaustion after this year’s rally. The S & P 500, up more than 30% from its April lows, hasn’t experienced much to throw it off its rally, with every dip used by retail traders as an opportunity to go longer still. On Wall Street, there are calls for vigilance. Breadth has become a growing concern, with a comparison of the market cap weighted S & P 500 (SPY) versus the equal-weighted index (RSP) showing breadth at its narrowest going back to 2003. With the Magnificent Seven stocks accounting for more than one-third of the S & P 500, many argue it’s time to be on guard for a pullback. “Investors should be cautious chasing extended upside in this concentrated rally,” Craig Johnson, chief market technician at Piper Sandler, wrote this week. “Reduce exposure to underperforming sectors and to those breaking key support levels. Be vigilant with large-cap tech stocks as a consolidation phase appears likely.” Still, if investors are able to get through a short-term consolidation phase, there could be more upside by year end. November is historically the best month for equities. The buildout of data infrastructure tied to artificial intelligence investment, strength of corporate earnings, easier monetary policy and stimulus from the One Big Beautiful Bill, all point to a constructive outlook heading into the end of the year. Although news is slowing, there are a few items on the calendar for next week. The third-quarter earnings season is just about over, but there are a smattering of notable companies scheduled to release their latest financials in the week ahead, including Walt Disney , Cisco Systems and Applied Materials . Nvidia, the next big report investors will watch, isn’t due until later this month. “We’ve seen this hangover recently, where you have a pretty good time during earning season, and then it takes a couple weeks for everybody to kind of reset the clock and resume to move higher,” said Mark Hackett, chief market strategist at Nationwide. “That’s kind of what we’re expecting.” Week ahead calendar All times ET. Monday, Nov. 10 Earnings: Paramount Skydance , Occidental Petroleum , Tyson Foods , Interpublic Group of Cos., Tuesday, Nov. 11 6 a.m. NFIB Small Business Index (October) Wednesday, Nov. 12 Earnings: Cisco Systems , TransDigm Group Thursday, Nov. 13 Earnings: Applied Materials , The Walt Disney Co. Friday, Nov. 14
Outlook for Nov. 10-14, 2025
