{"id":219250,"date":"2026-11-02T10:15:00","date_gmt":"2026-11-02T15:15:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/campus\/uncategorized\/weekly-market-recap-week-of-november-2-2026\/"},"modified":"2026-11-05T10:00:28","modified_gmt":"2026-11-05T10:00:28","slug":"weekly-market-recap-week-of-november-2-2026","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/macro\/weekly-market-recap-week-of-november-2-2026\/","title":{"rendered":"Weekly Market Recap: Week of November 2, 2026"},"content":{"rendered":"\n<h2 id=\"h-the-week-in-review\" class=\"wp-block-heading\">The week in review<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>FOMC kept rates unchanged at 3.75-4.00%<\/li>\n\n\n\n<li>GDP grew by 3.4% in 3Q<\/li>\n\n\n\n<li>Headline and core PCE rose by 3.6%\/3.1% y\/y<\/li>\n<\/ul>\n\n\n\n<h2 id=\"h-the-week-ahead\" class=\"wp-block-heading\">The week ahead<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>October jobs report<\/li>\n\n\n\n<li>PMIs<\/li>\n<\/ul>\n\n\n\n<h2 id=\"h-thought-of-the-week\" class=\"wp-block-heading\">Thought of the Week<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Last week\u2019s 3Q26 GDP print and earnings reports from three of the major hyperscalers provided investors with an updated temperature check on the AI trade. The U.S. economy grew at a 3.4% annualized pace, powered by 9.4% growth in business fixed investment, the strongest quarterly growth figure since 4Q20, and resilient consumer spending. The vast sums of money spent on materials, equipment and data center construction are showing up throughout economic data, cementing this capex super cycle as a significant driver of economic activity. This week\u2019s chart shows nonresidential business fixed investment as a share of nominal GDP, highlighting how few parallels there are for the AI buildout\u2019s contribution to economic growth. Its share of nominal GDP has already surpassed the telecom buildout of the 1990s and is exceeded only by the high inflationary period of the late 1970s and early 1980s, which may have been more reflective of a government and consumer spending slump than a capex boom. For now, economic growth continues to be all about the AI buildout. But while the AI buildout\u2019s impact on economic growth is evident, the payoff for the hyperscalers making the investments is less clear. The three major hyperscalers that reported earnings last week each described strong AI demand and growth in their cloud businesses, but much of that growth may already be priced in. Investors are focused not only on whether these companies can beat earnings expectations, but also on how quickly they can monetize their investments and generate positive cash flow. Their ability to do so will shape how the market views them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With both the economy and markets riding on the same AI theme, it\u2019s increasingly important for investors to reduce concentration in their portfolios and diversify into less AI-exposed areas, such as Europe or real assets.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1009\" height=\"406\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/11\/Screenshot-2026-11-02-100418.png\" alt=\"spx returns chart for the week\" class=\"wp-image-219252 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2026\/11\/Screenshot-2026-11-02-100418.png 1009w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2026\/11\/Screenshot-2026-11-02-100418-700x282.png 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2026\/11\/Screenshot-2026-11-02-100418-300x121.png 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2026\/11\/Screenshot-2026-11-02-100418-768x309.png 768w\" data-sizes=\"(max-width: 1009px) 100vw, 1009px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1009px; aspect-ratio: 1009\/406;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Chart of the Week: Source: BEA, FactSet, J.P. Morgan Asset<br>Management.<br>Thought of the week: Source: BEA, FactSet, J.P. Morgan Asset<br>Management<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2014<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted November 2, 2026 \u2013&nbsp;<a href=\"https:\/\/am.jpmorgan.com\/us\/en\/asset-management\/adv\/insights\/market-insights\/market-updates\/weekly-market-recap\/\">Weekly Market Recap<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Past performance does not guarantee future results.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Diversification does not guarantee investment returns and does not eliminate the risk of loss.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be appropriate for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Market Insights program provides comprehensive data and commentary on global markets without reference to products. Designed as a tool to help clients understand the markets and support investment decision-making, the program explores the implications of current economic data and changing market conditions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The J.P. Morgan Asset Management Market Insights and Portfolio Insights programs, as non-independent research, have not been prepared in accordance with legal requirements designed to promote the independence of investment research, nor are they subject to any prohibition on dealing ahead of the dissemination of investment research.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be taken as advice or a recommendation for any specific investment product, strategy, plan feature<br>or other purpose in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any examples used are generic, hypothetical and for illustration purposes only. This material does not contain sufficient information to support an investment decision and it should not be relied upon by you in evaluating the merits of investing in any securities or products. In addition, users should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Investors should ensure that they obtain all available relevant information before making any investment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of production, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that investment involves risks, the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yields are not reliable indicators of current and future results.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">J.P. Morgan Asset Management is the brand for the asset management business of JPMorgan Chase &amp; Co. and its affiliates worldwide.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Telephone calls and electronic communications may be monitored and\/or recorded.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:\/\/www.jpmorgan.com\/privacy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This communication is issued in the United States, by J.P. Morgan Investment Management Inc. or J.P. Morgan Alternative Asset Management, Inc., both regulated by the Securities and Exchange Commission.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Copyright 2026 JPMorgan Chase &amp; Co. All rights reserved.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><sup>\u00a9<\/sup>JPMorgan Chase &amp; Co., November 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unless otherwise stated, all data is as of November 2 2026 or as of most recently available.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week&#8217;s chart highlights the AI buildout\u2019s record share of GDP, powering U.S. growth but raising questions about hyperscaler payoffs.<\/p>\n","protected":false},"author":186,"featured_media":219251,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[146,147,8,12,148,7],"tags":[],"contributors-categories":[429],"class_list":["post-219250","post","type-post","status-publish","format-standard","has-post-thumbnail","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","contributors-categories-j-p-morgan-asset-management"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Weekly Market Recap: Week of November 2, 2026<\/title>\n<meta name=\"description\" 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