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The Trading Day · Friday, October 30, 2026

AI Trade — Japan, Korea, Taiwan fall, India rises; Bitcoin under 80,000, gold under 4,000, TLT above 81.50

The money left the AI trade, not the stock market. On Thursday the S&P 500 slipped 0.30% to 7,720.39 and the Nasdaq-100 fell 1.38% to 29,402.51, but the equal-weight S&P 500 fund RSP rose 1.20% and small caps gained 0.97%, so the average stock went up. Health care (XLV +2.40%), real estate (XLRE +2.21%), staples (XLP +1.54%), utilities (XLU +1.53%) and financials (XLF +1.44%) led, while communications (XLC −1.87%), technology (XLK −1.18%) and software (IGV −3.52%) trailed. The low-volatility fund SPLV rose 1.67% as the momentum fund SPMO fell 1.73%.

The Morning 10

AI Trade — Japan, Korea, Taiwan fall, India rises; Bitcoin under 80,000, gold under 4,000, TLT above 81.50

  1. 1 Asia — Japan, Korea and Taiwan fall with the AI trade, India and Hong Kong rise
  2. 2 Bonds — TLT back above 81.50 as the 10-year yield falls to about 4.91%
  3. 3 Bitcoin and Gold — Bitcoin back under 80,000, gold under 4,000
  4. 4 Wall Street — the average stock rose 1.2% while the S&P 500 fell; futures down 1.9%
  5. 5 Sectors and Factors — health care, real estate and staples up, software and communications down
  6. 6 AI Indices — Rubin +6.6% on the week, but most of its names are still losing strength
  7. 7 Earnings — Intel −23% and Amazon −7% after hours put a price on the AI bill
  8. 8 Earnings Week — where the grades stand before Monday and Tuesday
  9. 9 Today — euro-area GDP, Chicago PMI, Exxon Mobil and Chevron before the open
  10. 10 Gene Munster · Deepwater Asset Management

The full Morning 10 →

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