Tech stocks rarely falter in November unless major disruptions hit the market, and this year, troubling signals are already starting to emerge.

November has historically been the best-performing month for the Nasdaq 100, averaging gains of 2.64% since 1985 and closing higher 70% of the time.

But 2025 is breaking that pattern. As of nearly mid-month, the index, as tracked by the Invesco QQQ Trust (NASDAQ:QQQ), is down 2.9%, on pace for its worst November since the 7.9% drop in 2008.

From 2012 to 2024, the tech-heavy benchmark closed green every November except for a negligible 0.26% dip in 2018.

It's also worth noting that steep November declines in tech are highly unusual, with the Nasdaq 100 falling more than 5% only four times in the last 40 years, in 1987, 2000, 2007 and 2008, each triggered by major market disruptions.

So what’s happening this year?

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