The Nasdaq-100 index has declined by 3.07% this week, although it remains up 18% year-to-date. In contrast, the iShares MSCI South Korea ETF, which is technology-heavy, has dropped about 12% this week and is down 29% from its June peak. The Dow Jones Industrial Average has seen a 1% increase this week and is up 8.6% for the year.
Notably, consumer staples are gaining traction, with Coca-Cola's stock rising nearly 7% in October and 31% year-to-date, while Kimberly-Clark and Nike have also posted gains of 7% and 6.6%, respectively. Jim Cramer highlighted the importance of diversification during this period.
Apple is preparing for pre-orders of its new foldable phone, with its stock up 1.6% in four days and nearly 26% year-to-date. Charles Schwab's stock is currently down 5.8% this year, but Cramer sees potential due to a 38% increase in core net new assets in the last quarter. Other financial stocks like M&T Bank and Citizens Financial have faced declines over the past three months.
Additionally, weather patterns related to El Niño are expected to impact commodity prices, particularly sugar, copper, and wheat, which could influence market dynamics moving forward