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The Thrift Savings Plan (TSP) stock funds spent November 2-6 on a roller coaster that ended lower. A sharp one-day plunge on Thursday erased the gains built earlier in the week, and a partial bounce on Friday still left the Common Stock Index Investment (C) Fund, the Small Capitalization Stock Index Investment (S) Fund and the International Stock Index Investment (I) Fund all down for the week. The Government Securities Investment (G) Fund and the Fixed Income Index Investment (F) Fund held steady to slightly higher.
The Thursday Drop
On Thursday, November 5, the C Fund fell 4.36%, the S Fund fell 4.57% and the I Fund fell 3.33% in a single session. Market reports described it as the steepest one-day decline for the Standard & Poor’s 500 Index (S&P 500) and the Dow Jones Industrial Average since April 2025, with the Nasdaq Composite falling more than 5%.
The selloff was tied to investor concern that the midterm election results could lead to tighter regulation of artificial intelligence (AI) and data center expansion. Chipmakers took the hardest hit. The Philadelphia Semiconductor Index dropped more than 12%, and Nvidia fell about 9%. Higher oil prices amid the U.S.-Iran conflict added pressure.
The decline came one day after a rally. The C Fund had gained 1.58% on Wednesday, so Thursday’s loss was nearly three times as large as the gain it followed. The F Fund rose 0.22% and the G Fund edged up 0.01% on the same day, which is the role those two funds are designed to play when stock prices fall.
The Lifecycle (L) Funds hold a blend of the five core funds, so the damage scaled with each fund’s stock exposure. On Thursday, the L 2055 through L 2075 Funds each fell 3.98%, the L 2040 Fund fell 2.88%, the L 2030 Fund fell 2.11% and the L Income Fund fell 1.13%.
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What Drove the Week
The week opened with the Nasdaq 100 more than 10% below its October 6 record, a correction driven by worries that heavy AI spending is running ahead of the cash it generates. The C Fund slipped 0.50% on Monday.
Tuesday, Election Day, brought a rebound led by chipmakers, even as Apple dropped after warning that rising memory-chip costs would pressure its holiday-quarter margins. Gains continued on Wednesday, when the C Fund rose 1.58% and the I Fund rose 1.65%.
Then came Thursday’s reversal. On Friday, technology shares bounced, with the Nasdaq up about 1.1% and the S&P 500 up about 0.3%. Oil eased, and the October jobs report from the Bureau of Labor Statistics came in well above forecasts, with reports citing 165,000 jobs added against expectations near 65,000 and an unemployment rate of 4.1%. The I Fund slipped 0.40% on Friday as U.S.-focused funds recovered.
For the full week, the S&P 500 fell about 2.7%, in line with the C Fund, while the Nasdaq Composite lost about 3.4%.
Core Fund Results
| Fund | Share Price (Nov. 6) | Weekly Change |
|---|---|---|
| G Fund | $20.3667 | +0.08% |
| F Fund | $20.8931 | +0.41% |
| C Fund | $119.1143 | -2.67% |
| S Fund | $109.0244 | -2.33% |
| I Fund | $61.1825 | -2.50% |
Lifecycle Fund Results
| Fund | Share Price (Nov. 6) | Weekly Change |
|---|---|---|
| L Income | $30.8155 | -0.65% |
| L 2030 | $62.1838 | -1.29% |
| L 2035 | $18.9948 | -1.64% |
| L 2040 | $73.0183 | -1.80% |
| L 2045 | $20.2491 | -1.93% |
| L 2050 | $44.9655 | -2.06% |
| L 2055 | $23.4274 | -2.54% |
| L 2060 | $23.4242 | -2.54% |
| L 2065 | $23.4209 | -2.54% |
| L 2070 | $13.8808 | -2.54% |
| L 2075 | $12.1249 | -2.54% |
Weekly changes compare Friday’s closing share price with the prior Friday’s close (October 30). Official share prices are posted each business evening on the TSP share price history page.
Where the Year Stands
Even after the week’s losses, the stock funds remain ahead for 2026. Measured from the last close of 2025 through November 6, the C Fund is up about 8.77%, the S Fund about 8.58% and the I Fund about 10.25%. The G Fund is up about 3.98%, and the F Fund is roughly flat at 0.05%.
Monthly and annual results for every fund are available on the TSP returns page, and participants who want to test how a different allocation or contribution level might play out can use the TSP calculators.
What the Drop Illustrates
A single session that takes more than 4% off the stock funds is a reminder of how much of an account depends on stock prices. Participants within a few years of retirement, or already taking withdrawals, generally have less time to recover from a decline than those with decades ahead. How much stock exposure fits depends on the timeline, other sources of income and comfort with swings like this one.
The L Funds adjust their mix automatically as the target date approaches, which is why the L Income Fund fell far less than the long-dated L Funds on Thursday. This is general information and not individualized investment advice. Participants can review fund descriptions and make allocation changes through tsp.gov.