The S&P 500 has gone nowhere since August, but there’s been some real carnage in parts of the market. Underneath the surface, one of the biggest rotations in decades has protected the index. The economy keeps beating expectations, housing being the notable exception. China is still in a funk. Foreign ownership of Treasuries. Batteries.
1. The S&P 500 has moved sideways for months:
Source: Edward Harrison, The Everything Risk on 11/11/2026
2. It’s remarkable how well the index has held up despite steep declines in its largest components:
Source: Scott Rubner, Citadel Securities
3. Strength in defensive areas of the market has offset weakness in technology:
Source: Edward Harrison, The Everything Risk on 11/11/2026
4. However, the flight to safety has made defensive stocks quite expensive:
Source: Brian Garrett, Goldman Sachs, @blakemillardcfa via the Daily Chartbook on 11/2/2026
5. The U.S. economy keeps beating expectations:
Source: State Street Investment Management Chart Pack, November 2026 edition
6. A strong October ADP report showed hiring at private employers of all sizes:
Source: ADP via the Daily Chartbook on 11/4/2026
7. Housing is an exception, with existing-home sales breaking below their recent floor:
Source: @NAR_Research
8. China has been a drag on emerging markets:
Source: Bloomberg Markets Daily
9. The story of China’s economic funk is the weak consumer, but it seems clear Beijing’s priority is still investment:
Source:
10. The share of Treasuries held by foreign central banks has become quite low:
Source: Bloomberg Evening Briefing
11. Batteries appear to have tamed some of Texas’ grid issues:
Source: @cremieuxrecueil
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