Expert Insights
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As stock indexes moved lower last week, with U.S. monetary policy on hold, thousands of financial advisors gathered at the annual Charles Schwab IMPACT conference in Boston.
With significant selling pressure Friday, here's how the week went: The S&P 500 (SPX) was down 0.57% for the week. With significant pressure on AI and tech stocks after earnings reports from Magnificent 7 companies, the Nasdaq-100 (NDX) declined nearly 2% for the week. The Dow Jones Industrial Average ($DJI) was down 0.85%. The Federal Open Market Committee (FOMC) kept interest rates steady Wednesday, and the 10-year Treasury yield moved lower to end the week near 4.929%, helping rate-sensitive small caps outperform. The Russell 2000 (RUT) index was up 1.29% for the week.
The U.S. crude oil futures benchmark (/CL) was at a still-elevated price near $103 per barrel.
Expectations for a December rate hike, and lingering questions about the return on investment (ROI) in AI infrastructure, made for some great live discussions at IMPACT 2026, which drew roughly 6000 attendees including a record number of registered investment advisors (RIAs). Here are five IMPACT video clips addressing the artificial intelligence trade, market volatility, and investment strategy.
Rick Wurster, president and CEO at Charles Schwab, discusses why roughly 17,000 RIAs are using the Schwab platform, why it handles millions of trades daily, and how retail customers are interacting with artificial intelligence in their financial life. He also talks about why AI technology and human advisors are a winning combination to grow wealth. See Schwab IMPACT 2026: Charles Schwab CEO on AI's Value for Clients & Advisors
Liz Ann Sonders, Chief Market Strategist at the Schwab Center for Financial Research (SCFR), discusses the mechanics of performance and rotation, and how credit risk is factoring in. She said “there is a record high share of the S&P 500 right now trading with a negative Beta, meaning on a day-to-day basis, moving in the complete opposite direction of the index. You see very low correlations, very wide dispersion ... work its way into factors that tie directly into that question about credit availability and the cost of credit. You don't necessarily pick this up if you look at the capitalization-weighted index performance." Sonders also discussed the Fed's mandate and the U.S. economy. See Schwab IMPACT 2026: Liz Ann Sonders on Finding AI Winners, Fed's Rate Path
Jim Ferraioli, Director of Digital Currencies Research and Strategy with SCFR, discusses how cryptocurrencies are acting ahead of midterm elections and potential changes in U.S. Congress leadership. For Bitcoin, Ethereum, and other cryptocurrencies, the election may be "noise," and any selloff could create a "buyable dip." He also discusses the Clarity Act and how new policy could affect crypto into the end of 2026. See Midterm Election Noise & Bitcoin, Ethereum's Potential Dip Buying Opportunity
Jeff Mortimer, Chief Investment Officer at Elyxium Wealth, says he remains constructive on markets, but highlighted that "even though the indexes continue near record levels, underneath, the rotation has been significant.” With AI company debt and ROI under the microscope, "markets are rotating from that" because portfolios need “broader diversification." Especially for investors who made money in AI investments, he says, "we are in a mid-cycle bull market where growth and value do well.” He says investors can find diversification within large-cap growth and with smaller companies and international exposure. See Schwab IMPACT 2026: Positioning for AI Diversification Shift
Matt Tuttle, CEO of Tuttle Capital Management, said Alphabet (GOOGL) shares are attractive despite the company reporting earnings that missed expectations. On the greater technology trade, he is cautious about the Anthropic IPO, with the SpaceX (SPCX) debut as a guide. He also discusses Oracle (ORCL)’s cash flow prospects. See Schwab IMPACT 2026: Matt Tuttle Sees GOOGL as a Buy, ORCL Guidance 'Huge'
For many more video clips from the conference, see IMPACT 2026 here on the Schwab Network website.
Stocks tumbled Friday as a ferocious tech selloff, fueled by disappointing earnings from Intel (INTC) and Amazon (AMZN), that erased October gains and intensified AI spending scrutiny.
The S&P 500 (SPX) was down 1.8%, the tech-heavy Nasdaq-100 (NDX) fell 3.46%, and the Dow Jones Industrial Average ($DJI) moved lower by 1%. The Russell 2000 (RUT) fell 1.66%. For the week, each index moved lower except the Russell.
The PHLX Semiconductor Sector Index (SOX) plunged more than 7%, its worst session in months, as Intel's cash-burn warning rippled across chip stocks. The CBOE Volatility Index (VIX) surged to 19.42, while gold (/GC) dropped more than 3% to roughly $3,885 per ounce. The U.S. WTI crude futures contract (/CL) was trading near $103 late Friday.
Three things to watch from Friday's market:
Intel Shares Plunge 29%
Intel had its worst day since 1974 after forecasting fourth-quarter adjusted EPS of 25 cents on revenue of $15–$16 billion, which was below the $17.1 billion analysts expected. CEO Lip-Bu Tan blamed a prolonged PC slowdown and a factory explosion in Israel that caused a two-week shutdown. D.A. Davidson downgraded the stock to Neutral, writing "Not fixed yet." The factory disruption is expected to cost roughly $600 million in revenue over two quarters, adding to concerns about cash burn, weaker PC demand and supply constraints. See INTC Hits 6-Month Lows: Why Earnings Sparked Stock Selloff
Amazon (AMZN) Revenue and EPS Miss as AI Spend Saps Cash Flow
Amazon missed revenue and EPS estimates, sending shares down about 1.35% in today’s session despite AWS growth accelerating to 39%, its fastest pace in nearly five years. Investors focused on surging AI-related spending, with Q3 capex reaching $77.3 billion and trailing 12-month free cash flow falling to negative $42.4 billion. Q4 revenue guidance was also slightly soft, while management expects capex to increase meaningfully again in 2027. With some hyperscalers burning cash, investors are questioning when AI investment translates into earnings. See The Big 3: NDAQ, AMZN, SNDK | Trading 360
Binance Is Victim of Record $6.3B Crypto Hack
Binance suffered a record $6.3 billion cryptocurrency theft, with crypto-tracing firms citing Blockchain evidence that the attack is linked to North Korean hackers, according to multiple media reports. The exchange suspended some activity and pledged to cover customer losses using company resources and its SAFU emergency fund. Reports indicated some of the stolen assets have been located, but some moved beyond issuers’ reach. See Crypto Heist Costs Binance $6.3B, Bitcoin Sells as Investors Question Crypto Safety
