After a euphoric October crescendo, the first week of November saw Wall Street lurch into retreat. Big Tech, which had been the backbone of 2025’s rally, cracked under new doubts about AI valuations, while labor data and GDP signals stoked fears of a genuine economic slowdown. The CNN Fear & Greed Index plunged toward “Extreme Fear,” recasting the Q4 narrative from “melt-up” to “defensive reset.” With macro clarity elusive and leadership uncertain, investors enter November asking whether this is just a healthy correction—or the first act of a tougher winter.
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