Wall Street is going through one of its most delicate moments of the fall and Alberto Iturralde warns that falls can hide opportunities, but also important traps for small investors. The Nasdaq has closed a week marked by strong technological sales, while the S&P 500 and the Dow Jones cannot escape the turbulence either. In an interview with Negocios TV, the analyst examines the risks of a deeper correction, the resistance of the Ibex 35 and the role that Anthropic’s upcoming IPO may play. The big question is whether fear anticipates a collapse or prepares the ground for a recovery.
The Nasdaq loses 3.4% and sets off alarms
The last week has left especially sharp movements in the main US indices. He Nasdaq Composite closed on Friday, November 6 at 24,579.42 pointswith a daily recovery of 1.09%, although it accumulated a weekly loss of 3.4%.
The S&P 500 ended in 7,376.86 pointsafter losing approximately 2.7% during the week. The Dow Jones, for its part, fell 0.9% in the same period.
These figures reflect a relevant correction, but still insufficient to confirm a structural change in trend.
Iturralde considers that violent movements can generate hasty decisions among individual investors. In his analysis, he highlights the importance of differentiating between a fall driven by fear and a sustained loss of stock market strength.
The risk lies not only in the market continuing to fall, but in interpreting any rebound as a definitive recovery.
The 26,000 points monitored by Iturralde
One of the levels highlighted by the analyst is in the area of 26,000 Nasdaq pointsa reference that he considers relevant to identify possible support areas.
The Nasdaq 100 ended the last session near 26,990 points, after recovering 1.35%.
From a technical perspective, a drop towards support zones can attract buyers who consider the previous punishment excessive. However, a breakout can also occur, triggering new sales.
Iturralde insists that volatility requires patience and discipline, especially when daily fluctuations are high.
His analysis does not presuppose an inevitable collapse. On the contrary, it contemplates that an episode of nervousness can precede a subsequent stabilization. This is an interpretation of the market, not a guarantee on its behavior.
The Ibex 35 resists while Wall Street trembles
The behavior of the Spanish stock market offers a significant contrast. He Ibex 35 closed on Friday at 19,369.50 pointswith a fall of 0.60%, but managed to end the week with a revaluation of close to 3.8%.
Iturralde considers that the Spanish market and other European markets present a less abrupt evolution than American technology.
The difference is partially explained by the sectoral composition. While the Nasdaq concentrates large technology companies, the Spanish selective maintains a significant presence of banks, electricity companies and infrastructure.
However, increased recent resistance does not equate to immunity from an international correction. The rising cost of financing and the economic deterioration can also affect Spanish companies.
Santander and Iberdrola, under the magnifying glass
Within the Spanish market, Iturralde pays special attention to Banco Santander and Iberdrola, two companies representative of very different business models.
Santander maintains a significant exposure to credit and international economic activity. Its behavior depends, among other factors, on interest rates, delinquencies and the growth of the markets where it operates.
Iberdrola, for its part, offers exposure to the electricity sector and investments in energy networks, although it is also sensitive to the cost of financing.
The analyst considers it interesting to observe both values in periods of volatility.
The main difference with respect to American technology companies lies in their sources of income and the factors that determine their valuations.
Anthropic prepares a historic IPO
One of the events that focuses Iturralde’s attention is the upcoming IPO of Anthropic, developer of the artificial intelligence assistant Claude.
The company filed its documentation with the SEC on October 26, 2026 and updated the brochure on November 2. It intends to be listed on the Nasdaq under the symbol ANT, although it has not yet officially set the final listing price.
According to data published in its financial documentation, Anthropic registered $17 billion in quarterly revenueaccompanied by significant losses.
Iturralde considers that this operation can influence investor sentiment towards artificial intelligence.
The IPO has not yet occurredso its definitive impact on the market remains uncertain.
Trump and China add pressure to markets
Financial uncertainty is also related to international politics.
Trade tensions between the United States and China, along with tariff decisions pushed by Donald Trump, keep important questions open about industrial costs and supply chains.
For technology companies, any restrictions on advanced components or semiconductors can modify growth expectations.
Added to this scenario is the new American political balance after the legislative elections.
Iturralde examines these events as factors capable of temporarily altering stock market confidence, although it is difficult to attribute each movement of the indices to a specific political decision.
The combination of demanding valuations and international uncertainty increases the market’s sensitivity to any unexpected news.
Liquidity, the weapon against new falls
The main lesson of Iturralde’s analysis is found in risk management.
In a market subject to strong fluctuations, having liquidity allows one to maintain the ability to act without depending on immediate movements in prices.
The analyst advocates avoiding hasty decisions and paying attention to technical levels before increasing stock market exposure.
His approach also warns against the risk of remaining completely out of the market waiting for a correction that may not come.
The difference between taking advantage of a decline and getting caught in it depends on capital management, time horizon, and the ability to withstand losses.
The Nasdaq will continue to concentrate much of the international attention, but the behavior of the Ibex, expectations about Anthropic and trade tensions will also have weight in the coming sessions.
For Iturralde, the fundamental thing is not to anticipate each turn, but to understand when volatility responds to economic changes and when it reflects transitory movements of investors.
Source: www.negocios.com
