The Week in Review for Friday, November 6, 2026
From the Trading Desk at Stipelis
Last week reminded investors that markets rarely move because of a single event. Instead, multiple forces often collide at the same time, creating a landscape where politics, economics, corporate developments, and investor sentiment all influence prices together. That dynamic was on full display as markets reacted to the midterm election results, renewed weakness in several major technology companies, and a sharp decline across much of the energy sector.
The result was a week marked by falling stock indexes, rising volatility, stronger precious metals, and one of the largest weekly declines in crude oil seen this year.
The political backdrop naturally attracted much of the attention. Investors spent the week assessing the implications of the midterm election results and considering what the new balance of power in Washington could mean for future legislation, spending priorities, regulation, energy policy, and economic growth. Markets often react less to the outcome itself and more to changing expectations. Throughout the week, investors appeared to be reassessing those expectations in real time.
While election headlines provided the backdrop, technology stocks played a major role in market performance.
The Nasdaq 100 fell 5.08% for the week, making it the weakest of the major stock indexes. The decline stood out not only because of its size but because it significantly exceeded the losses seen in the S&P 500, Russell 2000, and Dow Jones Industrial Average.
The difference suggests that weakness was concentrated within some of the market’s largest technology companies rather than being spread evenly across the market. Many of the companies that have been at the center of the artificial intelligence story over the past year faced notable selling pressure. Because these companies carry substantial influence within major indexes, declines in a relatively small group of stocks can have a significant effect on overall market performance.
The S&P 500 fell 2.78% while the Russell 2000 declined 2.16%. The Dow Jones Industrial Average held up somewhat better but still lost just over 1% for the week. Although losses were widespread, the technology-heavy Nasdaq was clearly under the greatest pressure.
The increase in volatility reinforced that picture.
The VIX rose more than 32% during the week, while the VVIX gained nearly 15%. These measures are often viewed as gauges of uncertainty. Their rise reflected an environment where investors were paying closer attention to risk and where day-to-day market swings became more pronounced.
The market’s behavior suggested caution rather than panic. However, the increase in volatility highlighted the degree to which sentiment shifted during the week as investors digested both political developments and weakness among market leaders.
One of the week’s most dramatic stories unfolded in the energy markets.
Crude oil fell 12.76%, marking one of the largest declines among the major markets tracked. The weakness extended beyond crude itself. Gasoline declined more than 12%, while heating oil fell more than 7%.
Considering that crude oil remains up nearly 60% year to date, the decline serves as a reminder that even strong trends can experience meaningful pullbacks. The selloff reflected changing perceptions regarding future demand, economic activity, and broader market conditions.
The weakness was also visible in the Stipelis SGTENG indicator, which declined 8.61% during the week. Among the firm’s indicators, SGTENG provided one of the clearest reflections of the broad-based softness that developed throughout the energy complex.
Natural gas took a different path, gaining 3.45% during the week. That divergence demonstrated once again that markets grouped under the same general category do not always move together. Different supply and demand drivers often create very different outcomes.
While energy struggled, precious metals experienced a strong week.
Gold gained 4.51%, and silver advanced 5.41%. Those moves made precious metals some of the strongest performers among the major markets tracked. The gains occurred during a period of rising volatility and declining stock prices, conditions that have historically drawn increased interest toward gold and silver.
The metals did not simply rise because stocks fell. Rather, both markets appeared to benefit from a combination of factors including uncertainty, changing expectations, and shifting investor preferences.
Treasury markets also attracted attention.
The 10-year note, 5-year note, 2-year note, and long bond futures all posted gains for the week. While the advances were modest compared to moves in equities and commodities, they pointed to increased interest in areas often viewed as relatively stable during periods of market uncertainty.
The U.S. Dollar Index finished the week slightly higher. Currency markets were generally less dramatic than equities and commodities, but the stronger dollar likely contributed to pressure on some internationally traded assets and commodity markets.
Agricultural markets also faced headwinds.
Corn, wheat, soybeans, soybean meal, and soybean oil all moved lower. The declines were not as dramatic as those seen in crude oil, but the breadth of weakness suggested a generally softer tone across much of the agricultural complex.
Several soft commodities experienced similar challenges. Sugar, cocoa, coffee, and lumber all posted losses. Cotton was among the few exceptions, recording a modest gain.
Livestock markets also struggled. Lean hogs posted one of the larger percentage declines of the week, while live cattle and feeder cattle moved lower as well. These markets often respond to changing demand conditions, feed costs, and broader economic developments, making them another area where multiple influences were evident.
One bright spot came from transportation activity.
The Baltic Dry Index gained 3.35% during the week. While often overlooked, the index is widely followed as a measure of shipping activity involving raw materials. Its advance suggested continued strength in certain areas of global trade despite weakness elsewhere.
Another interesting aspect of the week was the contrast between weekly performance and year-to-date performance.
Despite the Nasdaq’s difficult week, it remained higher for the year. The S&P 500, Dow Jones Industrial Average, Russell 2000, crude oil, and U.S. Dollar Index also maintained positive year-to-date gains. Looking at markets through both short-term and longer-term lenses provides additional perspective and helps place weekly moves into a broader context.
The first trading session following the reporting period offered another reminder of how quickly sentiment can shift. On Monday, stocks staged a significant rebound, with the Nasdaq 100 rising more than 3%, the Russell 2000 gaining just over 3%, and the S&P 500 advancing more than 2%. At the same time, the VIX fell nearly 21%. While those moves fall outside the review period itself, they illustrate how rapidly market participants can reassess conditions following a volatile week.
As the week came to a close, several themes stood out.
Election results dominated political discussion. Technology stocks led the market lower. Volatility rose sharply. Gold and silver strengthened. Treasury markets gained ground. Crude oil experienced a significant decline. Energy markets broadly weakened, a move reflected in the SGTENG indicator.
Taken together, these developments painted a picture of a market environment shaped by uncertainty, shifting expectations, and changing leadership. While individual sectors and asset classes moved in different directions, they collectively reflected a market working through new information and adjusting to a rapidly evolving landscape.
That process is rarely smooth. Last week served as a timely reminder that markets frequently move not because the future becomes clear, but because investors continue to reassess what that future might look like.
Stephen Coleman – Founder and Registered Commodity Trading Advisor