Market Summary

U.S. stocks closed a volatile week on a mostly lower note on Friday, Nov. 6. An afternoon retreat left the major averages near their session lows despite a rebound in semiconductor and AI-related names. The S&P 500 gained 0.31% to 7,376.93 and the Nasdaq Composite rose 1.09% to 24,599.81. The Dow Jones Industrial Average fell 0.46%, or 237.33 points, to 51,285.94. The rebound followed Thursday’s steep selloff, in which the Nasdaq fell 5.5% into correction territory, the S&P 500 dropped 4.4%, and the PHLX Semiconductor Index plunged 12.3%. All three indices finished the week with sizable losses: S&P 500 -2.7%, Nasdaq -3.4%, DJIA -0.9%.

The key theme was a partial recovery in AI infrastructure names. The information technology sector rose 1.3% after plunging 7.3% on Thursday, and the semiconductor index rebounded 4.2% but still ended the week down 12.2%. Comments from Texas Governor-elect Gina Hinojosa, who said she does not oppose data centers outright, and President Trump’s reiterated support for their development helped sentiment. Participation faded through the session, and only four S&P 500 sectors finished in positive territory. The S&P 500 Equal Weighted Index fell 0.5%, while the Russell 2000 gained 0.9% and the S&P Mid Cap 400 gained 0.6%.

The October jobs report was stronger than expected, and San Francisco Fed President Mary Daly said further tightening will likely be needed. The CME FedWatch probability of a 25-basis-point December hike rose to 79.1% from 66.9%. The VIX fell 8.9% to 25.67 but remained well above 20 and finished the week up 32%.

Market Snapshot

Dow: 51,285.94, -237.33 (-0.46%)
Nasdaq Composite: 24,599.81, +264.43 (+1.09%)
S&P 500: 7,376.93, +23.13 (+0.31%)
NYSE: Advancers 1,461, decliners 1,243, volume 1.41 bln
Nasdaq: Advancers 2,891, decliners 1,982, volume 10.69 bln
VIX: 25.67 (-8.9% on the day, +32% for the week)

Weekly performance: S&P 500 -2.7%, Nasdaq -3.4%, DJIA -0.9%, Russell 2000 -2.1%, S&P Mid Cap 400 -1.6%, S&P 500 Equal Weight -1.1%.

Year to date: Russell 2000 +11.0%, S&P Mid Cap 400 +9.0%, S&P 500 +7.8%, DJIA +6.7%, Nasdaq +5.8%.

WaveFinder breadth (Nov. 6):

Primary sentiment is Bearish, with 787 bulls versus 1,479 bears.
The 4% sentiment is Bullish, with 259 bulls versus 155 bears.
The 40 SMA sentiment is Bearish.
73% of stocks are above their 20 SMA and 52.28% are above their 40 SMA.
9M bulls number 18 versus 9 bears, with a bull follow-through of 17.02%.

Sector Performance

Ranked by Friday’s performance using the data provided. Briefing.com gave percentages only for some sectors, and the rest are placed by its Strong/Weak grouping.

1. Information Technology: +1.3% (week -6.9%)
2. Communication Services: +0.5% (week +2.3%)
3. Consumer Discretionary: +0.1% (week +2.7%)
4. Industrials: +0.1% (week -2.8%)
5. Real Estate: -0.6% (week +1.9%)
6. Financials: -0.7%
7. Consumer Staples: -1.2%, the biggest laggard
8. Utilities, Materials, Energy, Health Care: Weak per Briefing.com, with no daily percentages given. Energy fell 11.9% for the week.

WaveFinder sector ATR readings:

Technology: -2.62% (falling, P5)
Consumer Discretionary: 1.34% (rising, P74)
Communication Services: -0.46% (rising, P89)
Financials: -0.40% (rising, P79)
Industrials: -1.46% (flat, P16)
Health Care: 2.11% (flat, P37)
Energy: -2.07% (falling, P0)
Consumer Staples: 2.10% (rising, P58)
Materials: 0.68% (flat, P47)
Utilities: 2.73% (rising, P63)
Real Estate: 1.03% (rising, P89)

Key Earnings & Movers

AMD (AMD): $449.04, +$44.64 (+11.04%), a standout in the semiconductor rebound.
Airbnb (ABNB): $189.99, +$19.86 (+11.67%), after an earnings beat and stronger-than-expected Q4 revenue guidance.
Cloudflare (NET): $268.75, +$24.24 (+9.91%), on accelerating revenue growth and upbeat Q4 guidance.
AppLovin (APP): $391.22, +$35.12 (+9.86%), extending its post-earnings rally.
Lam Research (LRCX): $200.44, +$16.24 (+8.23%), after a $25 billion buyback authorization and a $0.33 quarterly dividend. Briefing.com’s own figures give the move as +$15.24 on the day.
Moderna (MRNA): $254.19, +$12.73 (+5.27%), after an earnings beat and a raised FY26 revenue outlook.
Tesla (TSLA): $358.22, +$14.53 (+4.23%), on plans to wind down Cybertruck production around mid-2027 to expand Cybercab output.
NVIDIA (NVDA): $186.64, +$5.04 (+2.78%).
Meta (META): $610.15, +$5.07 (+0.84%).
Alphabet (GOOG): $283.93, +$2.19 (+0.78%).
Microchip (MCHP): $58.35, -$6.50 (-10.02%), a semiconductor laggard after largely in-line guidance disappointed.
Monster Beverage (MNST): Trading sharply lower after a mixed Q3 report, as margin pressure overshadowed strong sales.
Amazon (AMZN): +7.8% for the week.

Stock Spotlight

Cloudflare (NET) closed at $268.75, up 9.91%, after a beat-and-raise Q3 report. Adjusted EPS rose 40.7% year over year to $0.38, and revenue grew 39.2% to $782.51 million, its fastest growth in nearly four years. The company surpassed $3 billion in annualized revenue. Remaining performance obligations rose 34% to $2.88 billion, and current RPO growth accelerated to 37% from 35% in Q2. Q4 guidance calls for EPS of $0.43 and revenue of $845-846 million, both above expectations, with growth of roughly 38%.

Customer metrics were strong. Cloudflare added a record 308 customers spending more than $100,000 annually, bringing the total to 5,006, up 25%. Large customers account for 75% of revenue, and dollar-based net retention improved to 122% from 120%. The Workers developer platform passed 10 million active developers, more than double the start of 2026. Daily AI agent requests across the network rose more than 1,700% over the past year. Briefing.com noted that growth is not limited to AI-focused customers, as larger enterprises across industries are adopting more of the platform.

Bond Market & Treasuries

Treasuries finished the week lower on Friday, with losses concentrated in shorter tenors, but the complex still recorded its fifth consecutive weekly gain. Short-end yields rose after the jobs report beat expectations, while the long end resisted and rebounded into the early afternoon.

2-year: 4.53%, +4 bps (-6 bps for the week)
3-year: 4.59%, +5 bps (-6 bps for the week)
5-year: 4.65%, +4 bps (-7 bps for the week)
10-year: 4.86%, +2 bps (-7 bps for the week). The 10-year note was down 6/32 at a 4.859% yield.
30-year: 5.26%, +1 bp (-5 bps for the week)

The U.S. Dollar Index jumped 0.7% to 102.28, up 0.3% for the week. USD/JPY was 156.51 and EUR/USD was 1.1139. Daly’s comments on additional tightening lifted rate hike expectations, and the market is fairly certain a December increase will be announced. Bank of England Governor Bailey said another hike would be possible if energy prices remain high.

Commodities

Crude oil edged up toward $91 per barrel on Friday but gave up more than $13 per barrel for the week, a decline of roughly 13%. The drop came on indications the U.S. could pursue a diplomatic resolution with Iran rather than military action. For context, WTI settled Monday at $96.51, down $7.55 (-7.3%). The energy sector fell 11.9% for the week. Data on gold, silver, and copper was not provided.

Overseas Markets

Index levels for Asia and Europe were not provided. Briefing.com noted continued volatility in global tech stocks overnight, with sentiment improving by the U.S. session. Key items from the bond market update:

Japan: September average cash earnings rose 4.6% year over year (expected 3.8%, prior 3.9%), and overtime pay rose 3.6% (prior 4.9%). Prime Minister Takaichi said the government may issue support payments to more than 30% of workers.
China: The Ministry of Industry and Information Technology will tighten rules on network access for AI agent devices.
South Korea: It will waive the requirement that brokerages hold collateral equal to 140% of margin loans for three months, starting Monday.
Eurozone: September retail sales fell 0.7% month over month (expected -0.1%) and rose 0.4% year over year (expected 0.6%).
Germany: September industrial production rose 0.7% month over month (expected 0.0%).
France: The September trade balance was EUR -7.3 billion (expected -5.8 billion).
U.K.: The October Lloyds House Price Index fell 0.6% month over month (expected 0.0%) and 1.2% year over year.
Spain: September industrial production rose 2.0% year over year.
Switzerland: The Q4 SECO Consumer Climate was -43 (expected -35).

Economic Data

October employment report:

Nonfarm payrolls rose 165,000 versus a consensus of 65,000. September was revised to 60,000 from 29,000 and August to 186,000 from 133,000. The three-month average rose to 137,000 from 79,000.
Private payrolls rose 159,000 versus a consensus of 50,000. September was revised to 78,000 from 46,000 and August to 142,000 from 89,000.
The unemployment rate fell to 4.1% (consensus 4.2%) from 4.2%. U6 rose to 7.9% from 7.6%, and long-term unemployment was 27.6% of the unemployed.
Average hourly earnings rose 0.4% (consensus 0.3%), with September revised up to 0.3% from 0.1%. Year-over-year growth was 3.1%, down from 3.2%. That is below CPI inflation of 3.7% and PCE inflation of 3.6%, so real wages are negative.
The average workweek was 34.4 hours. Labor force participation rose to 61.9% and the employment-population ratio rose to 59.3%.

University of Michigan Consumer Sentiment (preliminary November): 51.0 versus a consensus of 47.2 and 48.0 in October. Cost-of-living concerns remain the biggest drag.

Market impact: The report was strong enough to keep a December hike on the table, lifting the probability to 79.1% and capping equity gains.

Macro backdrop: Democrats won the midterms, taking at least 54 Senate seats and 253 House seats. September core CPI was 2.6% and total CPI was 3.7%. Core PCE is 3.1%, and the personal savings rate is 3.8%, near a 15-year low.

Looking Ahead

The data provided does not include a calendar of next-session releases or earnings. Key themes to watch:

Whether the semiconductor and AI infrastructure rebound holds after the group’s 12.2% weekly loss, with the VIX at 25.67.
Developments on data center restrictions, including Texas policy under Governor-elect Hinojosa.
Fed commentary and December hike pricing, currently near 80%.
Oil and Iran diplomacy, given crude’s 13% weekly decline.
Continued post-election policy signals on affordability and the cost of living.