October was an excellent month for the average S&P 500 stock. The artificial-intelligence trade carried the U.S. stock market in September, but it struggled during October, with the Nasdaq Composite down 1.4% as of Tuesday. Semiconductor shares, a core part of the artificial-intelligence trade, suffered much steeper losses, while investors also sold shares of some hyperscalers. Meanwhile, struggling software stocks and shares of consumer-staples and healthcare companies received a reprieve.
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