October 2026: two markets in one

October closed with an unusual divergence among the major indices. The Dow Jones gained 2.78% in the month and the S&P 500 added 0.70%, while the Nasdaq Composite fell 6.45% (WSJ Market Data, as of October 30, 2026) and Spain's Ibex 35 dropped 4.1% (El País).

The difference lies in each index's composition: the Nasdaq concentrates the big tech names, while the Dow carries more industrial and value stocks. In the final stretch of the month, results like Intel's (-28.6% on Friday the 30th, its worst daily drop since at least 1980, according to the WSJ) hit the former hard.

The practical takeaway: two 'US stock market' indices can tell opposite stories in the same month. What you invest in matters as much as whether you invest.

Sources: WSJ Market Data (US indices, data as of 10/30/2026); El País (Ibex 35); WSJ Data Talk (Intel). Also published on X (in Spanish): https://x.com/Stocksdam/status/2116488731020722633