Chips Lift Wall Street Again, Boeing Sinks, and the Week Comes Down to Two Tests

Chips lifted the S&P 500 to a second straight gain as lenders lined up $63 billion for Anthropic's Broadcom chips, but more of its stocks fell than rose

The S&P 500 rose 0.60% on Tuesday to 7,722.60 and the Nasdaq Composite gained 1.18% to 26,477.81, both for a second straight day. CNBC's closing headline: "S&P 500 posts back-to-back winning days as chips rally and oil prices slide."

Why chips rallied

CNBC reported that Broadcom rose 4% after Bank of America, Citi, Morgan Stanley and Blackstone announced $63 billion in financing for the purchase of Broadcom's technology for Anthropic. "Other chipmakers rose in sympathy," CNBC wrote. AP said Broadcom and Nvidia were the major drivers of the S&P 500's gain.

• PHLX Semiconductor index: +3.60%
• VanEck Semiconductor ETF (SMH): +3.02%, after +2.74% on Monday (about 5.8% over the two days)
• AMD: +5.45%
• Broadcom: +4.00%
• Micron: +2.77%
• Nvidia: +0.90%

AI infrastructure names were among the Nasdaq 100's biggest gainers: Nebius (+11.22%) and Astera Labs (+10.47%) topped the index, and CoreWeave rose 7.94%. CNBC said AI infrastructure companies were helped by improved sentiment after Anthropic's filing and the Broadcom financing.

Under the index

The gain was narrow. Of the 503 S&P 500 stocks, 245 rose, 257 fell and one was unchanged. The median stock slipped 0.06%, and the equal-weighted average gained 0.15%, a quarter of the index's 0.60%. The typical technology stock in the index rose 2.48%, while the Energy fund (XLE) fell 2.05%, Consumer Staples (XLP) 0.92% and Real Estate (XLRE) 0.84%. The Dow finished up just 0.03%.

Jed Ellerbroek, portfolio manager at Argent Capital Management, as quoted by CNBC:

"The market has these kind of periodic interludes where it gets concerned about AI spending, and then we tend to go back and tech leads us higher."

He added: "The light switch has been off for the last two weeks, and it looks like the first two days this week, the switch has been flipped up again."

What it could mean

When a handful of large stocks carry an index while most of its members slip, the gain can fade quickly if those leaders stumble, and CNBC's Mike Santoli counts "narrower market leadership" among his "late-cycle tremors." It can also be how a recovery starts: the leaders move first, and the rest of the market follows if earnings and interest rates cooperate. This week's big tech earnings may show which reading holds.

Will the rest of the market catch up with the chip stocks, or will the chips come back to meet it?

Boeing fell almost 11%, to its lowest close since April 2025, after saying its next big 737 Max ramp waits until the second half of 2027

Boeing closed at $168.14, down 10.71% (Nasdaq.com official close), its lowest close since April 22, 2025. Seeking Alpha called it an 18-month low. Reuters reported that the shares fell 9.5% in early trading, "reaching April 2025 lows."

The production timeline

Boeing "doesn't expect to significantly ramp up output of its best-selling 737 Max aircraft until the second half of 2027 as it grapples with a slower-than-expected pace of wing production," CNBC reported. CEO Kelly Ortberg said on the earnings call that Boeing is targeting 52 planes a month in that period (CNBC). Reuters reported that Boeing will not reach its target of 47 jets a month until early 2027, and will not hit its goal of 500 deliveries this year.

Reuters and Seeking Alpha both reported that Boeing expects free cash flow of $3 billion next year and $6 billion in 2028, against LSEG consensus estimates of $5.6 billion and $9.6 billion.

Ortberg, in an interview with CNBC's Phil LeBeau:

"We're trying to stabilize. I know everybody wants us to go faster, but we're gonna do it right."

On the earnings call, as quoted by AFP: "It's more important that we do this ramp right than what particular month we achieve a rate break."

The quarter

• Adjusted loss of 34 cents a share, against 21 cents expected (CNBC, LSEG)
• Revenue of $24.19 billion, up 4% (CNBC)
• A record order backlog of $745 billion (Seeking Alpha, Stocktwits)
• Defense revenue up 15%, to $7.94 billion (CNBC)

There was good news too: the FAA signed off on the 737 Max 10 last week (CNBC), and the Navy picked Boeing to develop its next-generation fighter jet. Richard Aboulafia of AeroDynamic Advisory told AFP that Boeing is making "slow but steady" progress. "But the supply chain remains a major concern and one that's only partly in Boeing's control."

What it could mean

A slower ramp pushes cash further out, and if production slips again the stock and its suppliers could stay under pressure. A $745 billion backlog says demand is not the problem: if Boeing delivers steady progress through 2027, today's lower expectations could be easier to beat.

Is Boeing's slower, steadier plan a reason for patience or a reason for doubt?

Consumer confidence beat forecasts, while Robinhood and Seagate fell in early after-hours trading

The Conference Board's consumer confidence index rose 7.5 points to 91.7 in October, from 84.2 in September, and beat the Dow Jones consensus forecast of 81 (CNBC). AP noted that September's reading had been the lowest in the board's survey since April 2014. Views of the present situation rose 6.9 points to 72.6, and the short-term outlook climbed 8.6 points to 120.4 (AP).

"The recovery was in line with retail gasoline prices easing from September to October. Yet, despite the increase in October, consumer confidence remained on the long-term downward trend that's persisted over the past few years." - Fergus McCormick, the Conference Board's senior economist for global indicators, as quoted by CNBC

Regular gas averaged $4.27 a gallon on Tuesday, down from $4.48 a month earlier but up from $3.05 a year ago, according to AAA (via AP). CNBC reported that the gap between respondents saying jobs are "plentiful" and "hard to get" narrowed by 2.4 percentage points to 5.3 points. Separately, durable goods orders rose 1.8% in September, slightly better than the 1.7% consensus forecast (CNBC).

After the bell

Three companies reported after the 4 p.m. close. The moves below are early, thin after-hours trades (Yahoo Finance snapshot, 4:34 p.m. ET), not closes.

• Robinhood, down about 5%. "Both revenue and earnings missed Wall Street expectations," 24/7 Wall St. reported: revenue of $1.424 billion against $1.43 billion expected, and adjusted earnings of 51 cents a share against 55 cents. Revenue rose 12% from a year earlier.
• Seagate, down about 7%. CEO Dave Mosley said the company "delivered another quarter of record profitability and our highest ever free cash flow in the September quarter." Revenue was $4.2 billion and non-GAAP earnings $7.68 a share; Seagate guided fiscal second-quarter revenue to $4.8 billion, plus or minus $100 million (company release). No source we read explained the drop.
• Visa, down about 2%. Fiscal fourth-quarter net revenue rose 13% to $12.1 billion, earnings per share rose 22% to $3.19, and Visa raised its dividend 16% (company release). No source we read explained the move.

What it could mean

A rebound in confidence from its lowest level in over a decade could support holiday spending and the stocks tied to it. It could also give the Fed less reason to worry about the consumer, which may keep the case for a December hike alive and long-term yields near 5%. Seagate's early after-hours drop despite record results, which no source we read explained, is a reminder that strong numbers alone do not settle how a stock trades, and this week's Big Tech reports face the same test.

Is a more confident consumer good news for stocks this week, or one more reason for the Fed to stay firm?

The Fed decides Wednesday: a hold is expected, and the debate is about December

The Federal Reserve's two-day meeting began Tuesday, and its decision is due Wednesday at 2 p.m. ET (CBS News). The target range stands at 3.75% to 4%, set by September's quarter-point hike, the Fed's first in three years (CBS).

Futures give a hike this week only about a 10% chance, according to CME Group's FedWatch tool as cited by CNBC. The higher odds are for the December 8-9 meeting, but the figures vary by source and day: "better than 80%" (CNBC), 73% (Euronews) and 71% (CBS, Monday). In CNBC's Fed Survey, 93% of respondents expect a pause this week and 76% expect a hike in December; 30% say the Fed should hike now.

Why a hold, and why the midterms come up

September consumer prices rose 3.7% from a year earlier, with core inflation at 2.6% (CNBC, Euronews). Two quotes tie this week's meeting to the election:

"This feels like a rare Fed meeting non-event under Warsh." - Jed Ellerbroek, Argent Capital Management, as quoted by CNBC

He added that it "does look like we're going to get one here, mostly because the midterm election is next week."

"The Fed doesn't want to poke the White House in the eye six days before an election." - Joseph LaVorgna, SMBC, as quoted by Euronews

What to watch

Chair Kevin Warsh avoids "forward guidance," so the words matter. Deutsche Bank's Brett Ryan wrote that Warsh "is likely to signal that recent inflation data reinforce expectations from the September meeting that further tightening will likely be needed over time" (CNBC). CNBC's survey respondents expect at least two voters to dissent from a hold; Euronews names Cleveland's Beth Hammack and Dallas' Lorie Logan as possible votes for a hike.

The two camps, from the CNBC Fed Survey: Richard Bernstein of Janus Henderson: "Their hesitancy to raise rates is unfathomable ..." Mark Zandi of Moody's Analytics, on the other side, wrote: "This isn't the time for more Fed rate hikes."

On Thursday come the first estimate of third-quarter GDP and September's PCE inflation (Euronews).

What it could mean

With a hold almost fully priced, the market reaction may hinge on Warsh's words about December. A firm tone could keep the 10-year yield near 5% and weigh on rate-sensitive areas such as housing and small companies; a softer tone could ease that pressure and support the rally.

Will Warsh's message matter more than the decision itself?

Microsoft and Alphabet report Wednesday and Amazon Thursday, a week after Meta's cash-flow drop

Microsoft and Alphabet report after the close on Wednesday, Oct 28, and Amazon after the close on Thursday, Oct 29 (Saxo; CNBC). Around 160 S&P 500 companies report this week; as of Friday, about 83% of the more than 120 that had reported beat earnings estimates, according to FactSet as cited by CNBC.

Why the nerves

Meta's stock "sank almost 7% Thursday as free cash flow turned negative and the company raised the floor of its expected capex spend," CNBC reported on Oct 22; Meta now expects $135 billion to $145 billion of capital spending this year. On Monday Meta announced plans to raise up to $95 billion to fund its AI infrastructure, starting with $35 billion of underwritten stock offerings; Nvidia said it would invest $3 billion and AMD $1 billion (CNBC). Meta fell 1.64% on Tuesday.

Yahoo Finance's Jared Blikre, on record credit default swap spreads for Meta: "Either bonds are crying wolf, or stocks have some catching up to do."

What investors will look for

Saxo's preview puts the question plainly: "The trillion-dollar question is about returns, not revenue." Saxo notes that Microsoft's quarterly capital spending is expected to exceed $50 billion, and that Azure grew 43% in the June quarter. LSEG estimates cited by CNBC call for Microsoft revenue growth of 16.8%.

The bull case, from Deutsche Bank via CNBC's Mike Santoli: "the last two reversals higher in tech coincided with strong earnings releases."

What it could mean

Strong cloud growth alongside spending that looks under control could revive the AI trade beyond the chipmakers and broaden the rally. A repeat of Meta's pattern, rising spending and shrinking cash, could bring the AI-spending doubts back and hit the same stocks that led this week.

Which matters more to you this week: cloud growth, or how much is being spent to get it?

Anthropic filed for what could be the largest IPO ever, if it raises the reported $100 billion

Anthropic filed its public registration statement (S-1) on Monday. It plans to trade on the Nasdaq under the ticker ANT, and trading could begin "as soon as November 16" (CNN).

Would it be the biggest?

Not yet, and maybe not. AP reported that the offering "could bring in as much as $100 billion, according to reports," and that "the amount the company ultimately raises remains uncertain." The filing did not disclose the number of shares or a price (CNN).

The record belongs to SpaceX, whose June IPO "raised a record $86 billion" (AP). Fox Business put the initial sale at $75 billion at $135 a share; the total grew after underwriters bought extra shares. Before SpaceX, the record was Saudi Aramco's 2019 listing, about $29.4 billion including the extra shares (Fox Business).

The numbers in the filing

• Revenue grew 1,300% from a year earlier in the first six months of 2026, to $16.3 billion (CNN).
• Of its loss, more than $72 billion came from changes in the fair value of convertible notes, derivative liabilities and SAFEs, and just shy of $9 billion from spending on AI infrastructure and computing (CNN).
• Anthropic was valued at $965 billion in a May funding round; CNN wrote that the IPO could reportedly value the company at up to $2 trillion.

Two views

Santoli wrote that "AI-funding anxiety should arguably ease a bit" with the filing showing good operating metrics and $100 billion in cash before IPO proceeds, alongside Broadcom's $63 billion financing for Anthropic's chips. Broadcom rose 4.00% on Tuesday.

The skeptic: Roger McNamee, co-founder of Elevation Partners, called the IPO a "very dangerous thing for investors," as CNBC's headline on the interview put it. On "Squawk on the Street," he also argued that the filing leaves out its September numbers.

What it could mean

A strong listing could pull fresh money into AI stocks and support the chip rally, and it would set a value on a leading AI developer that investors can trade every day. It could also cut the other way: a very large new stock competes for the same investor dollars, and a weak debut could revive doubts about what AI businesses are worth.

Would a record IPO mark the start of a new leg for AI stocks, or a sign that enthusiasm for AI is near its peak?

Oil fell after Iran's Supreme Leader discussed the conditions for ending the war, and refiners slid

U.S. crude fell for a second day. The December WTI contract last traded at about $100 a barrel after the close, down nearly 2% (it settled at $99.90, down 1.83%, CNBC reported). December Brent was near $114, down about 1.5%.

"A decline in oil prices also supported sentiment Tuesday," CNBC wrote. "The moves came after Iranian Supreme Leader Mojtaba Khamenei and his top national security official Mohsen Rezaei discussed the country's conditions for ending the conflict." Iranian state media PressTV headlined the meeting: "Leader puts premium on fulfillment of Iran's conditions for ending war." No source we read spelled out what those conditions are.

The backdrop

The war is in its ninth month (CNBC). On Monday, officials from Saudi Arabia, Turkey and Pakistan held talks with Iranian officials (CNBC). Also on Monday, CNN reported, citing two U.S. officials, that U.S. forces could launch major new operations against Iran within 96 hours of an order from President Trump, most likely after the midterms. Oil fell on both days.

Refiners

The day's biggest energy losers were refiners (Nasdaq.com closes):

• Valero: -9.27%, its worst day since April 3, 2025
• Marathon Petroleum: -7.39%, its worst since April 10, 2025
• Phillips 66: -7.08%, its worst since May 21, 2025

TradingKey wrote that "easing geopolitical tensions between the United States and Iran weighed on crude oil benchmark prices, dragging down crack spreads," the refiners' profit margin. Valero had just reported a record quarter, the same source said. The Energy fund (XLE) fell 2.05%, the weakest sector.

What it could mean

Lower oil eases the inflation pressure the Fed is weighing, and gasoline was more than half of September's rise in consumer prices (CBS, Euronews); that tends to help consumers and stocks outside energy. The other way: no deal has been reported, and any strike on Iran or on Gulf energy sites could send oil, and refiners' margins, back up quickly.

Is the market right to treat the diplomacy as a step toward the end of the war?

Ukraine's drone strikes have cut Russia's diesel exports by more than 75%, Kpler data show

Ukraine's drone strikes on Russian refineries have "crippled the world's second-largest diesel exporter," CNBC reported on Oct 21. According to Kpler data cited by CNBC, Russia's diesel exports fell by more than 75%, to 141,000 barrels a day in September, from 608,000 a year earlier. More than 1,000 Ukrainian drones targeted Russia on Sunday, Oct 18 (CNBC).

The effect reaches U.S. pumps. Diesel averaged $6.32 a gallon on Oct 20, nearly 75% above a year earlier, according to AAA (via CNBC). "Global diesel exports have fallen about 1 million bpd due to lost supplies from Russia and the Middle East," Kpler's Matt Smith said, as quoted by CNBC.

The politics

• "Trump has blamed Ukraine for surging diesel prices that are jeopardizing Republicans' election chances," CNBC wrote.
• CNN reported on Oct 16 that the White House "has heaped pressure on Ukraine to halt strikes on Russian refineries as it seeks to ease oil prices ahead of midterm elections at home." The same day, President Trump waived new Russia energy sanctions days before they were set to take effect (CNN).
• Ukrainian President Volodymyr Zelensky said Ukraine was prepared to halt the refinery strikes if Russia stopped attacking Ukrainian energy infrastructure, the U.S. enabled Starlink coverage over Russia, or Washington supplied Patriot missiles (Kyiv Post, Oct 26).

The sources we read reported no new market-moving Russia-Ukraine news on Tuesday.

What it could mean

As long as the strikes continue, diesel supply stays tight, which can keep fuel and freight costs high and feed the inflation numbers the Fed is watching. A truce or sanctions relief could bring Russian fuel back to market and ease diesel prices, though it could also weigh on refiners that have benefited from wide margins.

Will diesel prices ease before the midterms, or stay a pressure point for the economy?

Midterms next Tuesday: Kalshi traders give Democrats 63% odds of winning both chambers

The U.S. midterm elections are Tuesday, Nov 3. On Kalshi, a prediction market, traders "place a 63% chance that Democrats win control of both the House and Senate," CNBC reported Tuesday, with "just under a 10% chance that Republicans sweep both chambers, and a 29% chance Democrats win the House while the GOP maintains its majority in the Senate." Those odds have been relatively stable since the start of October. They are traders' bets, not polls. (CNBC discloses a commercial relationship with Kalshi, including a minority investment.)

What analysts say about the outcomes

RBC Capital Markets' equity analyst survey points to a "modestly positive performance bias" if Republicans keep both chambers, neutral for a split, and a "modestly negative performance bias" if Democrats win both (RBC Wealth Management, Sep 9). JPMorgan's Meera Pandit: "Equity markets and economic growth have both performed well under all configurations of government."

What history shows

• Since 1950, the S&P 500 has gained an average of 6.6% in the fourth quarter of midterm-election years and risen 84% of the time (Truist's Keith Lerner, via Yahoo Finance). JPMorgan has the same 6.6% average.
• Rallies have tended to begin about a month before Election Day (JPMorgan; BlackRock).
• Midterm years have been weaker than other years on average, and JPMorgan notes that the selloffs in 2018 and 2022 were "triggered by the Fed hiking interest rates."

"The seasonal backdrop becomes more constructive as we head deeper into the fourth quarter," Lerner said.

What it could mean

Elections tend to remove uncertainty, and the historical pattern has been firmer stocks into year-end once the vote is behind the market. The other way: the outcome traders favor is the one RBC's survey sees as modestly negative, and this year's backdrop includes a Fed that has been raising rates, the condition JPMorgan linked to the weak midterm years.

Does the history of midterm years outweigh this year's Fed?

France's protests came as its 10-year bond yield climbed to its highest since 2002

France has seen mass protests this month over public services, the cost of living and education. France's Interior Ministry said 410,000 people took part in protests nationwide on Saturday, Oct 24; unions said the true figure was twice as high (CNBC). A union-backed national day of strikes and protests is set for Nov 5 (CNBC).

The market link

On Thursday, Oct 22, the yield on France's 10-year government bond rose 11 basis points, "hitting 5.113% and surpassing the yield on the 10-year U.S. Treasury for the first time since 2013," CNBC reported; Axios reported the same crossover. CNBC said the yield reached its highest level since 2002, and the spread over German Bunds reached its widest since November 2011. CNBC reported that the CAC 40 fell 4.5% over the month through Oct 24, and that Carrefour fell more than 14% on Oct 21 after cutting its outlook. On Tuesday, France's consumer confidence fell to its lowest since June 2013 (CNBC).

Two views

• ING's Charlotte de Montpellier said the market can look past short-lived disruption, but "a lasting loss of confidence can have a bigger impact" (CNBC).
• Natixis' Alain Durré said recent pressure on French debt has been driven primarily by tactical portfolio reallocations, and that pushing the budget through could help settle nerves (CNBC).

And the U.S.?

The "No Kings" protests in the U.S. took place on Oct 17. No source we found ties them to U.S. stocks.

What it could mean

The link to U.S. markets runs through bonds: with the U.S. 10-year yield also near 5%, rising European yields can add to the pressure on borrowing costs worldwide. If France pushes its budget through and the protests fade, that pressure could ease; if the unrest drags on, investors could demand still higher yields from France and other indebted governments.

Is France a local story, or an early warning for government debt markets everywhere?

Top or bottom: late-cycle tremors on one side, fear in the sentiment gauges on the other

The S&P 500 closed 1.23% below its Oct 6 record of 7,818.93; the Nasdaq Composite is 4.07% below its own Oct 6 record. Public indicators give two readings.

The topping case

• CNBC's Mike Santoli: "I think we're feeling late-cycle tremors – narrower market leadership, investors' unwillingness to pay up for fast earnings growth, a flattening yield curve, stingier credit markets."
• Tuesday's breadth fits the first item on that list: 257 S&P 500 stocks fell and 245 rose while the index gained 0.60%. (That is our reading of the data, not Santoli's comment on Tuesday.)
• Citadel Securities' Scott Rubner found retail investors buying heavily after last Thursday's selloff. Santoli: such buying "is not something that has typically coincided with important market lows."
• BTIG's Jonathan Krinsky says to fade the chip bounce, pointing to past cases when the semiconductor index fell 5% after rising 5%: "There have only been four prior occurrences. Three were in July – Sep. '95, and one was March 17th, 2000." Those are past cases, not a forecast.

The bottoming case

• CNN's Fear & Greed Index read about 33, still "fear," at 4:06 p.m. ET (previous close 27.1; it was in "extreme fear" on Oct 22).
• In the AAII survey for the week ending Oct 21, 45.8% of individual investors were bearish and 36.9% bullish.
• John Kolovos of Macro Risk Advisors, as quoted by Santoli: "Sentiment and breadth are finally giving us something to like, and a fat pitch may be approaching, but the macro needs to cooperate." He added that improving momentum amid tight financial conditions "has historically produced disappointing returns."
• Deutsche Bank (via Santoli): institutional tech positioning is "not far above the Iran-war lows."

The VIX, Wall Street's fear gauge, fell 4.73% to 17.52.

What it could mean

Very low sentiment has often come before rebounds, because many sellers have already sold. But an index near its high with fewer stocks rising than falling can mean the advance rests on too few shoulders, and such moves have sometimes faded. The two readings can both be true for a while; earnings and the Fed this week may tip the balance.

Which reading do you trust more: the narrow breadth or the fearful sentiment?

The close: the S&P 500 and the Nasdaq rose for a second day while the Dow ended flat

• S&P 500: 7,722.60, up 45.83 points (+0.60%)
• Nasdaq Composite: 26,477.81, up 308.43 (+1.18%)
• Dow Jones Industrial Average: 52,377.57, up 15.99 (+0.03%)
• Nasdaq 100: 29,651.44 (+1.29%)
• Russell 2000: 2,818.87 (+1.17%)
• VIX: 17.52, down 0.87 (-4.73%)

The day's shape

The index dipped early, with its low of 7,677.16 holding just above Monday's close of 7,676.77. Five-minute trading in the SPY fund shows the low came around 10:20 a.m. ET; prices then climbed into the last 15 minutes and gave a little back at the bell. The Nasdaq 100 fund (QQQ) traced the same shape.

Rates, oil, gold, bitcoin

The 10-year Treasury yield ended just under 5%. December WTI crude was about $100 a barrel, down nearly 2%, and December Brent near $114, down about 1.5%. December gold futures rose 0.86% to $4,073.20. Bitcoin was about $80,500. The dollar index rose 0.38% to 102.35.

Other movers

• Xylem -14.27%, the S&P 500's worst: it cut full-year guidance after a third-quarter miss (CNBC).
• Pentair +12.8%, the S&P 500's best: it lifted its full-year revenue guidance (CNBC).
• JetBlue about +19%, despite a larger-than-expected loss, as it said it expects further margin expansion (CNBC). The stock had lost nearly half its value this year (AP).
• SoFi up about 13% after beating estimates and raising its 2026 guidance (CNBC).
• UPS +5.81% after beating estimates and raising revenue guidance (CNBC).
• General Motors up about 5.5% (AP): it is moving its listing to the Nasdaq from Nov 17 (CNBC, AP).
• Nucor up more than 6% in afternoon trading (CNBC): CEO Leon Topalian said demand drivers are "stronger than any time I've seen in my 31 years at Nucor."
• Dell +7.38%: CNBC pointed to its expanded cybersecurity tools for AI environments.
• Tesla +4.04%, to its highest close since July 10.
• Paychex -5.57%, the Nasdaq 100's worst. No source we read gave a reason.

What it could mean

A second straight gain with a rising Nasdaq and a falling VIX suggests buyers are returning to the AI leaders, and stronger consumer confidence could support spending. But with the Dow flat, more S&P 500 stocks down than up, and the Fed and Big Tech earnings ahead, the next two days could either confirm the move or reverse it.

Is this two-day bounce the start of a run back to the record, or a pause before the week's big tests?