2 Events This Week Could Decide a Record for the S&P 500

Without its AI stocks, the S&P 500 has beaten the full index by 6.4 percentage points this October. Chipmakers slid on AI spending and financing worries, putting that lead on pace for a record month. That swing came one month after ex-AI stocks trailed by 5.1 points. AI-linked firms make up about 45% of the S&P 500, a weight that became a drag this month. 3 Weeks of Selling Built the Widest Gap on Record Most of that lead built up over the past three weeks, when ex-AI stocks outperformed by 7.4 points. Bloomberg data shared by The Kobeissi Letter shows no wider three-week spread on record. October’s margin also sits well above the previous monthly record of 3.6 points, set in July.

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