PUT IN WORK (10/19/2026)
We’re back with another issue! After a few weeks of decent performance, the market has finally decided to take a step back, with tech taking the brunt of the losses. The Nasdaq (QQQ) ended the week down a whopping 5.5%, while the S&P 500 (SPY) finished down 2%, all in the face of rising inflation, uncertainty surrounding the Fed's upcoming decision, and weakness in tech (AI) stocks, all of which—evidently—weighed heavily on investor sentiment.
Monday started the week slightly lower as investors prepared for a busy stretch of earnings and economic data, resulting in the Nasdaq and S&P 500 slipping 0.4% and 0.1% respectively. Chip and memory stocks struggled—which would end up being a common theme throughout the week—with companies such as Micron (MU) and Sandisk (SNDK) sinking lower. That being said, Meta (META) was one of the day's positive performers, climbing more than 3%.
Tuesday wasn’t much different; investors watched as several major banks, including JPMorgan (JPM) and Goldman Sachs (GS), reported earnings that brought their stock lower. Memory and semiconductor stocks continued their downward trajectory as momentum finally shifted in the other direction.
Wednesday was when stocks took their first larger dive. September's inflation report came in hotter than anticipated, resulting in concerns that the Fed might increase interest rates later this month. The Nasdaq fell 1.9% and the S&P 500 dropped 1.1%, continuing the trend of the previous days. Tech stocks were hit particularly hard once more.
Thursday brought a tiny bit of relief, with the S&P 500 climbing 0.3% and the Nasdaq managing to inch just slightly higher; however, wholesale inflation data came in higher than expected, adding to the growing uncertainty surrounding future rate decisions. Tech stocks remained largely negative, though other sectors helped keep the market afloat.
Friday ended the week on a rough note as investors pulled from sectors all across the market. The Nasdaq dropped 2.1%, while the S&P 500 fell 1.2%, all as a result of concerns surrounding AI spending and inflation. Memory and chip stocks continued to struggle, with Micron, Sandisk, and Western Digital (WDC) among the notable losers yet again.
(Nasdaq ETF (QQQ) price from October 2025 - 2026 — each candle is 1 week. Chart provided by tradingview.com.)
PORTFOLIO UPDATE
Our portfolio, unfortunately, fell alongside the greater market. Our stocks have already taken a bit of a beating over the last week or two—that said, they’ve held up slightly better than the market this time around. We’ll be keeping a close eye on the market going forward, but as of now, we plan to hold all currently owned stocks for the foreseeable future. As always, thank you for reading, and happy investing.