RBC strategist Lori Calvasina says the 10 largest S&P 500 stocks, including Apple, Nvidia, Amazon, Alphabet, Meta, Microsoft and Tesla, have started to falter again relative to the rest of the market, weighing on the broader index. Nvidia is about 13% below its all-time high and Tesla is off 26%, with Amazon and Alphabet also in double-digit declines from their peaks. Calvasina downgraded tech to Market Weight earlier this month, and the article notes that investor doubts about the timing of AI returns have driven rotation and pullbacks in megacap tech. HSBC strategist Max Kettner wrote that he is moving to the sidelines on stocks in the near term, citing midterm election uncertainty, possible AI regulation and Middle East geopolitical concerns.
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S&P 500tech stocksNvidiaartificial intelligencemidterm elections
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 704.40 |
| Change that session | -0.01% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.97 |
| Change that session | -0.52% |
AAPL
▼ Likely negativeApple Inc.
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.1T |
| Close on 10/23/2026 | 347.73 |
| Change that session | -0.14% |
AMZN
▼ Likely negativeAmazon
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Broadline Retail |
| Market cap | $2.7T |
| Close on 10/23/2026 | 248.00 |
| Change that session | -0.95% |
GOOGL
▼ Likely negativeAlphabet Inc. (Class A)
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.0T |
| Close on 10/23/2026 | 320.21 |
| Change that session | -1.24% |
META
▼ Likely negativeMeta Platforms
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $1.7T |
| Close on 10/23/2026 | 642.62 |
| Change that session | -0.96% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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