Big Tech is dragging down the Nasdaq, but the rest of the stock market is pushing back
Published . Updated .
Key takeaways
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Directly affected
- No company is named in this report.
Indirectly affected
- QQQ Invesco QQQ-9.8% 30d
Invesco QQQ: it holds the big tech and AI names. Linked by “big tech” (AI and big tech) in this story.
- AIQ Global X Artificial Intelligence & Technology ETF-0.1% 17d
Global X Artificial Intelligence & Technology ETF: it holds the big tech and AI names. Linked by “big tech” (AI and big tech) in this story.
- MSFT Microsoft+4.0% 30d
Microsoft (prepackaged software): big tech's AI spending and demand drive its shares. Linked by “big tech” (AI and big tech) in this story.
- GOOGL Alphabet-17.2% 30d
Alphabet (computer programming, data processing, etc.): big tech's AI spending and demand drive its shares. Linked by “big tech” (AI and big tech) in this story.
- AMZN Amazon.com+0.5% 30d
Amazon.com (catalog and mail-order houses): big tech's AI spending and demand drive its shares. Linked by “big tech” (AI and big tech) in this story.
- META Meta Platforms-16.6% 30d
Meta Platforms (computer programming, data processing, etc.): big tech's AI spending and demand drive its shares. Linked by “big tech” (AI and big tech) in this story.
Price reaction, T-5 to T+3
| Ticker | T-5 | T-3 | T-1 | T0 | T+1 | T+2 | T+3 |
|---|---|---|---|---|---|---|---|
| QQQ | +5.88% | +0.76% | base | after close | after close | after close | after close |
| AIQ | +8.17% | +0.96% | base | after close | after close | after close | after close |
| MSFT | +2.19% | +0.22% | base | after close | after close | after close | after close |
| GOOGL | +16.24% | -0.00% | base | after close | after close | after close | after close |
| AMZN | +1.58% | -4.14% | base | after close | after close | after close | after close |
| META | -1.33% | -0.97% | base | after close | after close | after close | after close |
Closing-price change versus T-1, the last close before the story. T0 to T+3 fill in after each market close. Prices: Alpaca IEX.
Big Tech is dragging down the Nasdaq, but the rest of the stock market is pushing back Business Insider
Source: Business Insider
How far Microsoft (MSFT) has moved since 4 Nov 2026
| Company | When | Move | Status |
|---|---|---|---|
| Global X Fds (AIQ) | three days earlier | +0.96% | final price |
| Global X Fds (AIQ) | five days earlier | +8.17% | final price |
| Amazon Com (AMZN) | three days earlier | -4.14% | final price |
| Amazon Com (AMZN) | five days earlier | +1.58% | final price |
| Alphabet (GOOGL) | three days earlier | -0.00% | final price |
| Alphabet (GOOGL) | five days earlier | +16.24% | final price |
| Meta Platforms (META) | three days earlier | -0.97% | final price |
| Meta Platforms (META) | five days earlier | -1.33% | final price |
| Microsoft (MSFT) | three days earlier | +0.22% | final price |
| Microsoft (MSFT) | five days earlier | +2.19% | final price |
| Invesco Qqq Trust, Series 1 (QQQ) | three days earlier | +0.76% | final price |
| Invesco Qqq Trust, Series 1 (QQQ) | five days earlier | +5.88% | final price |
Congressional trades in the stocks in this story
- Rep. Pete Sessions sold Microsoft (MSFT) (held by a spouse), worth $250,001 - $500,000 on 2 Oct 2026. That is 33 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Lisa McClain bought Microsoft (MSFT) (held by a spouse), worth $1,001 - $15,000 on 30 Sep 2026. That is 35 days before publication. Filed 12 Oct 2026. View the filing.
- Rep. Michael Rulli sold Microsoft (MSFT), worth $1,001 - $15,000 on 28 Sep 2026. That is 37 days before publication. Filed 2 Oct 2026. View the filing.
- Rep. Pete Sessions sold Alphabet (GOOGL), worth $15,001 - $50,000 on 14 Sep 2026. That is 51 days before publication. Filed 18 Sep 2026. View the filing.
- Rep. Rohit Khanna sold Alphabet (GOOGL) (held by a spouse), worth $1,001 - $15,000 on 4 Sep 2026. That is 61 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Thomas H. Kean Jr sold Alphabet (GOOGL), worth $1,001 - $15,000 on 27 Aug 2026. That is 69 days before publication. Filed 12 Sep 2026. View the filing.
- Rep. Pete Sessions sold Amazon Com (AMZN), worth $15,001 - $50,000 on 27 Oct 2026. That is 8 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Pete Sessions sold Amazon Com (AMZN) (held by a spouse), worth $100,001 - $250,000 on 2 Oct 2026. That is 33 days before publication. Filed 27 Oct 2026. View the filing.
- Rep. Michael T. McCaul sold Amazon Com (AMZN) (held by a spouse), worth $1,001 - $15,000 on 28 Aug 2026. That is 68 days before publication. Filed 14 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar sold Meta Platforms (META), worth $1,001 - $15,000 on 24 Sep 2026. That is 41 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Rohit Khanna bought Meta Platforms (META) (held by a dependent child), worth $1,001 - $15,000 on 23 Sep 2026. That is 42 days before publication. Filed 7 Oct 2026. View the filing.
- Rep. Maria Elvira Salazar bought Meta Platforms (META), worth $1,001 - $15,000 on 22 Sep 2026. That is 43 days before publication. Filed 7 Oct 2026. View the filing.
Public disclosure filings, not a recommendation. The filing link is the source document. News use of these reports still sits under 5 U.S.C. § 13107(c).
Who gains and who loses around Microsoft (MSFT)
Companies carried with this story
- MSFT Microsoft
In “Big Tech is dragging down the Nasdaq, but the rest of the stock market is pushing back,” Microsoft (MSFT) is linked, with no stored direction, medium confidence. Reason on file: Microsoft (prepackaged software): big tech's AI spending and demand drive its shares. Linked by “big tech” (AI and big tech) in this story
- GOOGL Alphabet
For “Big Tech is dragging down the Nasdaq, but the rest of the stock market is pushing back,” Alphabet (GOOGL) is linked, with no stored direction, medium confidence. Reason on file: Alphabet (computer programming, data processing, etc.): big tech's AI spending and demand drive its shares. Linked by “big tech” (AI and big tech) in this story
- AMZN Amazon Com
In “Big Tech is dragging down the Nasdaq, but the rest of the stock market is pushing back,” Amazon Com (AMZN) is linked, with no stored direction, medium confidence. Reason on file: Amazon.com (catalog and mail-order houses): big tech's AI spending and demand drive its shares. Linked by “big tech” (AI and big tech) in this story
- META Meta Platforms
In “Big Tech is dragging down the Nasdaq, but the rest of the stock market is pushing back,” Meta Platforms (META) is linked, with no stored direction, medium confidence. Reason on file: Meta Platforms (computer programming, data processing, etc.): big tech's AI spending and demand drive its shares. Linked by “big tech” (AI and big tech) in this story
- QQQ Invesco Qqq Trust, Series 1
Invesco Qqq Trust, Series 1 (QQQ) is linked, with no stored direction, medium confidence in the 4 Nov 2026 story “Big Tech is dragging down the Nasdaq, but the rest of the stock market is pushing back.” Reason on file: Invesco QQQ: it holds the big tech and AI names. Linked by “big tech” (AI and big tech) in this story
- AIQ Global X Fds
In “Big Tech is dragging down the Nasdaq, but the rest of the stock market is pushing back,” Global X Fds (AIQ) is linked, with no stored direction, medium confidence. Reason on file: Global X Artificial Intelligence & Technology ETF: it holds the big tech and AI names. Linked by “big tech” (AI and big tech) in this story
Microsoft (MSFT)
On 4 Nov 2026, “Big Tech is dragging down the Nasdaq, but the rest of the stock market is pushing back” is the story that connects Microsoft (MSFT) to this story.
What ties Microsoft (MSFT) to the headline is this: Microsoft (prepackaged software): big tech's AI spending and demand drive its shares. Linked by “big tech” (AI and big tech) in this story
Alphabet (GOOGL) is here too. Its reason reads: Alphabet (computer programming, data processing, etc.): big tech's AI spending and demand drive its shares. Linked by “big tech” (AI and big tech) in this story
The price range for Microsoft (MSFT), and the dates in the story
AMZN traded between 229.37 and 265.28 across 20 sessions. The latest close on file is 250.72. GOOGL traded between 276.93 and 359.38 across 20 sessions. The latest close on file is 279.90. MSFT traded between 505.00 and 551.08 across 20 sessions. The latest close on file is 520.81.
How strong the case is around Microsoft (MSFT)
46 out of 100
“Big Tech is dragging down the Nasdaq, but the rest of the stock market is pushing back” scores 46 out of 100. The score uses 1 sources, and 6 linked companies.