AJ Tiarsmith
6 min read
Quick Read
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QQQ dropped 7% in October, making it the worst month since March 2025, as Tom Lee says institutional investors are holding off until November 3rd.
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Intel (INTC) crashed 29% on weak Q4 guidance and a factory incident in Israel, dragging QQQ down 3% on Oct. 30.
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RSP fell 1% on Oct. 30 versus SPY’s 2% drop, as Lee said there’s still ‘plenty of money sloshing around.’
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Fundstrat’s Tom Lee believes dip buyers are waiting for a specific date. “I think people are going to plan to buy the dip,” Lee said. “But as strange as it sounds, I think people are marking their calendar until November 3rd.” He made the comment to CNBC on Friday, Oct. 30, according to Stocktwits’ account of the interview. Stocktwits describes Lee as Fundstrat’s managing partner, and he is one of Wall Street’s most closely followed equity bulls. The midterm elections take place Tuesday, Nov. 3.
Nasdaq-100 Investors Just Had Their Worst Month Since March 2025
The Invesco QQQ Trust (NASDAQ:QQQ), which tracks the Nasdaq-100 Index, fell 6.66% in October. That was its worst month since March 2025, when it dropped 7.72%. October narrowly beat July 2026’s 6.57% drop for that title. Stocktwits reported that the index itself fell 6.65% in October, compared with 7.69% in March 2025. The broader market held up better: the Fidelity Nasdaq Composite Index ETF (NASDAQ:ONEQ) fell 5.28%.
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On Oct. 30, QQQ fell 3.47% after Intel (NASDAQ:INTC) dropped 28.58%. Intel’s third-quarter numbers had beaten estimates. Revenue came in at $16.51B, and non-GAAP EPS was $0.52, ahead of the $0.40 consensus, according to Intel’s earnings release filed with the SEC. Data Center and AI revenue rose 78%. The guidance is what hurt the stock. Intel forecast fourth-quarter revenue of $15.0-$16.0B and non-GAAP EPS of $0.25. It also said a factory incident in Israel would cut revenue by about $300 million. Intel made up 3.04% of QQQ’s net assets as of June 30, so a drop that large moved the whole fund.
