After returning 17.5% during the first 10 months of 2025, with dividends reinvested, the S&P 500 index has declined modestly so far in November. But a closer look at the sectors and individual stocks shows a rotation away from Big Tech and a slew of double-digit percentage declines for individual stocks.

The S&P 500

SPX was down 1.5% from the end of October through Thursday, with dividends reinvested. Here is how the 11 sectors of the U.S. large-cap benchmark index have performed so far this month on the same basis, from best to worst: