The Nasdaq 100 shed 7% in October as investors rotated into defensive and real-economy sectors, with Health Care at record highs and Consumer Staples posting their best month since 2000
With Q3 numbers in hand, conference commentary is the next catalyst: CEOs have just weeks to set the tone before sell-side 2027 outlooks, with Microsoft Ignite, NVIDIA earnings, and Anthropic’s IPO all ahead
Capex trends and consumer health are the key themes to watch, as hyperscaler debt financing could pressure rates and negative real income trends raise the risk of a holiday spending pullback
The AI trade came under attack in October. The Nasdaq 100 shed 7% as investors flocked to real-economy stocks and defensive sectors. Health Care notched record highs, while Consumer Staples put up their best monthly return since 2000. The bond market had its say as Q4 got going, too. Credit default swap spreads were constantly quoted in the financial press, even before outright post-earnings crashes in stocks like Alphabet (GOOGL) and Intel (INTC).
Explain Yourselves
Q3 numbers are in hand. Now, it’s all about the commentary and path forward. That’s what makes the upcoming conference stretch so crucial. CEOs have just weeks to properly set the tone before the sell side litters the street with its 2027 outlooks. Meanwhile, many volatility catalysts lie directly ahead. Even beyond the midterms, tech investors look forward to Microsoft Ignite, NVIDIA earnings, and Anthropic’s IPO , potentially before Thanksgiving.
Curious Cross-Asset Connections
Are AI stocks at risk of further declines? That’s the big question asset allocators ponder. Perhaps good news can be gleaned from the bond market. Globally, borrowing costs have eased after governing part of the data center buildout theme in October. But the hyperscalers continue their debt-financing binge, leaving the door open to another leg higher in the rates markets. As analysts, investors, and executives gather around the world, clues on capex trends will not only be closely monitored but will potentially drive markets as we put the bow on 2026.
Still Strong Spending, Eyes on the Holidays
And then there’s the consumer, who collectively faces a higher cost of living and wage gains that simply don’t keep up with inflation. Indications are that gas prices are dipping, but at a seemingly snail’s pace. True, it has been foolish to doubt the power of household spending, but the longer negative real income trends persist, the greater the chance of a more protracted purse-string pullback. Consumer company and bank leaders’ commentary at investor conferences will be particularly revealing ahead of the holidays.
There’s lots to learn in the weeks to come. Our team finds that the November-December conference stack is loaded. Here are the ones to watch:
Information Technology & Communication Services
November 4: Financial Times Future of AI Summit
November 10: Bank of America’s A Transforming World Conference
November 12: BMO Technology Conference
November 16: JP Morgan Global Technology, Innovation and Growth Conference
November 17: ROTH MKM 15th Annual Technology Conference
November 17: RBC Capital Markets Global Technology, Internet, Media and Telecommunications (TIMT) Conference
November 17: Microsoft Ignite
November 30: UBS 30th Annual Global Technology and AI Conference
December 2: Morgan Stanley Data Center & AI Summit
December 7: Wells Fargo 10th Annual TMT Summit
December 9: Barclays 24th Annual Global Technology, Media, and Telecommunications Conference
Health Care
November 6: American Heart Association (AHA) Scientific Sessions
November 9: Guggenheim 3rd Annual Global Healthcare Innovation Conference
November 9: UBS Global Healthcare Conference
November 10: Wolfe Research 8th Annual Healthcare Conference
November 10: Stifel Healthcare Conference
November 11: Canaccord Genuity 20th Annual (MedTech) Medical Technologies & Diagnostics Forum
November 12: Truist Securities BioPharma Symposium
November 16: UBS Global Biopharma Conference
November 16: Jefferies 17th Annual London Global Healthcare Conference
November 18: Needham & Co. 7th Annual Tech Week
December 1: Citi Global Healthcare Conference
December 1: Piper Sandler 38th Annual Healthcare Conference
Consumer Discretionary & Consumer Staples
November 17: JP Morgan Global Luxury & Brands Conference
November 17: Jefferies Miami Consumer Conference
November 18: Bank of America EMEA Consumer and Retail Conference
November 19: Deutsche Bank Gaming, Lodging & Leisure One-On-One Conference
November 23: Citi Business Services, Leisure & Transport (BLT) Conference – London
December 1: Morgan Stanley Global Consumer and Retail Conference
December 8: Citi Consumer Conference
Financials & Real Estate
November 8: Raymond James Insurance Conference
November 8: BMO Financials Conference
November 9: Citi 15th Annual FinTech Conference
November 10: KBW Fintech Ecosystem Conference
November 17: Citizens Financial Services Conference
November 17: TD Cowen Financials & Fintech Conference
November 19: Deutsche Bank Financial Services IRO Summit
December 1: Bank of America Securities Leveraged Finance Conference
December 8: Goldman Sachs U.S. Financial Services Conference
Industrials
November 7: NASA MAX POWER Airshow
November 10: Baird 56th Annual Global Industrial Conference
November 12: AI and the Future of Education Conference
November 16: RBC Global Industrials Conference
November 17: Deutsche Bank Global Space and Defense Tech Summit
November 18: Barclays Global Automotive and Mobility Tech Conference
November 24: Deutsche Bank dbAccess Business Services, Leisure, and Transport (BLT) Conference
November 24: Bernstein Industrials & Infrastructure Conference
November 24: Jefferies Paris Industrials Summit
December 1: UBS Global Industrials and Transportation Conference
December 3: Morgan Stanley Business Services, Leisure and Transport Conference
December 3: Bank of America Defense Technology Forum
December 8: Oppenheimer Winter Industrial Summit
Energy & Utilities
November 8: Edison Electric Institute Financial Conference
November 10: Goldman Sachs 7th Annual Carbonomics Conference
November 16: Macquarie Energy Transition & Commodities Conference
November 17: Wolfe Research Global Oil & Gas Conference
November 18: Wolfe Research Annual Energy Conference
November 23: Barclays Sustainable Future Forum
November 30: J.P. Morgan Global Energy Conference
December 7: Mizuho Power, Energy & Infrastructure Conference
December 8: Wells Fargo 25th Annual Energy and Power Symposium
Materials
November 9: D.A. Davidson Critical Minerals Conference
November 10: RBC Capital Markets Precious Metals Conference
November 10: Morgan Stanley Global Chemicals Conference
December 1: Citi Global Basic Materials Conference
Regional
November 9: UBS Australasia Conference
November 10: UBS European Conference
November 11: Citi’s China Conference
November 12: Bank of America MENA & ASEAN Conferences
November 18: Morgan Stanley European Technology Media and Communications Conference
November 18: Morgan Stanley 25th Annual Asia Pacific Summit
November 19: JP Morgan European Financials Conference
November 23: Jefferies GEMS Conference
November 25: Goldman Sachs European AI & Semis Symposium
November 30: Goldman Sachs 18th Annual European Industrials and Autos Week Conference
Investor-Specific & Multi-Sector
November 10: Cantor Convergence Conference
November 11: Cantor Fitzgerald Crypto, FinTech, AI & Energy Infrastructure Conference
November 12: JP Morgan U.S. Opportunities Forum
November 16: DSW Retail Investor Forum
November 17: JP Morgan Ultimate Services Investor Conference (USIC)
November 18: NYSE Industrials Investor Access Day
November 25: UBS BB Rio Commodities, Financial & Utilities Conference
December 1: Wolfe Research 4th Annual Small and Mid-Cap Conference
December 2: Goldman Sachs Industrials & Materials Conference
December 7: Raymond James TMT and Consumer Conference
December 8: Melius Research Conference
December 10: Deutsche Bank C-Suite Call Series
Twitter: @ChristineLShort
The author may hold positions in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity .
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