Market Summary

U.S. equities closed a volatile week on a mostly lower note on Friday, November 6. The S&P 500 gained 0.31% (+23.13) to 7376.93 and the Nasdaq Composite rose 1.09% (+264.43) to 24599.81, while the Dow slipped 0.46% (-237.33) to 51285.94. A rebound in semiconductor and AI-related stocks led the session, but an afternoon retreat left the major averages near their lows. The PHLX Semiconductor Index rose 4.2% after a 12.3% plunge Thursday, and the information technology sector gained 1.3% after falling 7.3% the day before. Even so, all three indices posted sizable weekly losses: S&P 500 -2.7%, Nasdaq -3.4%, DJIA -0.9%.

The rebound drew support from Texas Governor-elect Gina Hinojosa’s comments that she does not oppose data centers outright, along with President Trump’s reiterated support for their development. Semiconductors recovered only a fraction of Thursday’s losses and finished the week down 12.2%. Thursday’s selloff was the worst day for the Nasdaq 100 since March 2020 and for the S&P 500 since April 2025. The Nasdaq Composite fell 5.5% and entered correction territory.

Breadth and rotation were weak beneath the surface. Only four S&P 500 sectors finished higher (Information Technology, Communication Services, Consumer Discretionary, Industrials), and the S&P 500 Equal Weighted Index fell 0.5%. Small and mid caps held up better, with the Russell 2000 +0.9% and the S&P Mid Cap 400 +0.6%. Defensives that held up Thursday gave back ground, with Consumer Staples -1.2% the biggest laggard. The VIX fell 8.9% to 25.67 but rose 32% for the week.

Market Snapshot

Index	Level	Change	%
Dow	51285.94	-237.33	-0.46%
Nasdaq	24599.81	+264.43	+1.09%
S&P 500	7376.93	+23.13	+0.31%

Weekly: DJIA -0.9%, S&P 500 -2.7%, Nasdaq -3.4%, Russell 2000 -2.1%, S&P 400 -1.6%.
YTD: Russell 2000 +11.0%, S&P 400 +9.0%, S&P 500 +7.8%, DJIA +6.7%, Nasdaq +5.8%.
Exchange breadth: NYSE advancers 1,461 vs. decliners 1,243, volume 1.41 bln. Nasdaq advancers 2,891 vs. decliners 1,982, volume 10.69 bln.
WaveFinder breadth (11/6): Primary sentiment Bearish, with 787 bulls vs. 1,479 bears. 4% sentiment Bullish (259 bulls vs. 155 bears). 40 SMA sentiment Bearish. 73% of stocks are above the 20 SMA and 52.28% above the 40 SMA. 9M bulls 18 vs. bears 9, with bull follow-through at 17.02%.
VIX: 25.67 (-8.9%).

Sector Performance

Ranked by Friday’s performance where the data gives a figure. Sectors without a stated figure are grouped by the Briefing Industry Watch classification, and weekly moves are shown where available.

1. Information Technology: +1.3% (week -6.9%). WaveFinder ATR -2.62%, falling, P5.
2. Communication Services: +0.5% (week +2.3%). ATR -0.46%, rising, P89.
3. Consumer Discretionary: +0.1% (week +2.7%). ATR 1.34%, rising, P74.
4. Industrials: +0.1% (week -2.8%). ATR -1.46%, flat, P16.
5. Real Estate: -0.6% (week +1.9%). ATR 1.03%, rising, P89.
6. Financials: -0.7%. ATR -0.40%, rising, P79.
7. Consumer Staples: -1.2%. ATR 2.10%, rising, P58.
8. Utilities: weak, no figure given. ATR 2.73%, rising, P63.
9. Materials: weak, no figure given. ATR 0.68%, flat, P47.
10. Health Care: weak, no figure given. ATR 2.11%, flat, P37.
11. Energy: weak, no figure given (week -11.9%). ATR -2.07%, falling, P0.

Note: the order of Utilities, Materials, Health Care and Energy is not supported by daily data. Energy was the weekly laggard on a roughly 13% drop in crude.

Key Earnings & Movers

AMD (AMD) 449.04, +44.64 (+11.04%): Standout in the semiconductor rebound.
Airbnb (ABNB) 189.99, +19.86 (+11.67%): Earnings beat and stronger-than-expected Q4 revenue guidance.
Cloudflare (NET) 268.75, +24.24 (+9.91%): Accelerating revenue growth and upbeat Q4 guidance.
AppLovin (APP) 391.22, +35.12 (+9.86%): Extended its post-earnings rally despite software weakness.
Lam Research (LRCX) 200.44, +15.24 (+8.23%): $25 bln buyback authorization and a $0.33 quarterly dividend.
Moderna (MRNA) 254.19, +12.73 (+5.27%): Earnings beat and a raised FY26 revenue outlook.
Tesla (TSLA) 358.22, +14.53 (+4.23%): Plans to wind down Cybertruck production around mid-2027 to expand Cybercab output.
NVIDIA (NVDA) 186.64, +5.04 (+2.78%): Participated in the chip rebound.
Meta (META) 610.15, +5.07 (+0.84%) and Alphabet (GOOG) 283.93, +2.19 (+0.78%): Mega-cap recovery.
Microchip (MCHP) 58.35, -6.50 (-10.02%): Largely in-line guidance disappointed.
Monster Beverage (MNST): Trading sharply lower (no price given) after margin pressure overshadowed Q3 sales growth.
Amazon (AMZN): +7.8% for the week.

Stock Spotlight

Cloudflare (NET) closed at 268.75, up 9.91%, after a beat-and-raise Q3. Adjusted EPS rose 40.7% y/y to $0.38, and revenue grew 39.2% to $782.51 mln, its fastest growth in nearly four years. Annualized revenue surpassed $3 bln. Remaining performance obligations rose 34% to $2.88 bln, with current RPO growth accelerating to 37% from 35%. Q4 guidance calls for EPS of $0.43 and revenue of $845-846 mln, both above expectations, with growth near 38%.

Customer metrics were strong. A record 308 customers spending over $100,000 were added, bringing the total to 5,006 (+25% y/y), and large customers now make up 75% of revenue. Dollar-based net retention improved to 122% from 120%. The Workers developer platform topped 10 mln active developers, more than double the start of 2026, and daily AI agent requests across the network rose more than 1,700% y/y. Briefing.com noted the 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, with Friday’s losses concentrated in shorter tenors, but still posted a fifth consecutive weekly gain. The strong jobs report pressured the short end, while the long end resisted and rebounded into the afternoon.

2-yr: 4.53%, +4 bps (-6 bps on the week; one source cites +6, but the Bond Market Update shows -6)
3-yr: 4.59%, +5 bps (-6 bps on the week)
5-yr: 4.65%, +4 bps (-7 bps on the week)
10-yr: 4.86% (4.859%), +2 bps (-7 bps on the week)
30-yr: 5.26%, +1 bp (-5 bps on the week)

Drivers: CME FedWatch put the probability of a 25-bp December hike at 79.1%, up from 66.9% the day before. SF Fed President Daly (2027 FOMC voter) said further tightening will likely be necessary. The Dollar Index rose 0.7% to 102.28 (+0.3% on the week). USD/JPY was 156.51 and EUR/USD 1.1139. BoE Governor Bailey said another hike is possible if energy prices stay high.

Commodities

Crude oil (WTI): Edged up toward $91/bbl on Friday but fell more than $13/bbl (about 13%) on the week, on prospects for a diplomatic resolution with Iran. On Monday, WTI settled at $96.51 (-$7.55, -7.3%).
Gold, silver, copper: No data provided.

Overseas Markets

No index-level data for Asia or Europe was provided. Overnight commentary noted continued volatility in global tech stocks before sentiment improved by the U.S. session. Key items:

Japan: September average cash earnings +4.6% y/y (expected +3.8%). Prime Minister Takaichi said support payments may go to more than 30% of workers.
China: The Ministry of Industry and Information Technology will tighten network access rules for AI agent devices.
South Korea: Will waive the 140% margin-loan collateral rule for three months starting Monday.
Eurozone: September retail sales -0.7% m/m (expected -0.1%).
Germany: September industrial production +0.7% m/m (expected 0.0%).
France: September trade balance EUR -7.3 bln (expected EUR -5.8 bln).
U.K.: October Lloyds House Price Index -0.6% m/m.
Switzerland: Q4 SECO Consumer Climate -43 (expected -35).

Economic Data

October nonfarm payrolls: +165K (consensus 65K). September was revised to 60K from 29K and August to 186K from 133K. The 3-month average rose to 137K from 79K.
Private payrolls: +159K (consensus 50K). September was revised to 78K and August to 142K.
Unemployment rate: 4.1% (consensus 4.2%; prior 4.2%). U6 rose to 7.9% from 7.6%. Long-term unemployed were 27.6% of the unemployed.
Average hourly earnings: +0.4% m/m (consensus 0.3%), +3.1% y/y, below CPI at 3.7% and PCE at 3.6%, so real wages are negative.
Other labor data: Workweek 34.4 hours, participation rate 61.9%, employment-population ratio 59.3%.
UMich preliminary November sentiment: 51.0 (consensus 47.2; prior 48.0). Cost-of-living concerns remain the main drag.
Market impact: The report was strong enough to keep a December hike on the table, which capped post-report enthusiasm and pressured short-dated Treasuries.

Context from The Big Picture: September core CPI was 2.6% y/y and total CPI 3.7%. PCE was 3.6% overall and 3.1% core. 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 events, data releases, or earnings. Themes to watch:

Whether the semiconductor and AI rebound holds after Thursday’s 12.3% SOX plunge and Friday’s 4.2% bounce.
Texas data center policy developments following Hinojosa’s comments.
Rate-hike pricing for the December FOMC (about 79%) and further Fed commentary.
Oil and U.S.-Iran diplomacy, which drove the energy sector’s 11.9% weekly decline.
VIX, which sits above 20 at 25.67.
Positioning after the midterms, in which Democrats won control of both chambers of Congress.
WaveFinder shows Bearish primary sentiment but Bullish 4% sentiment, indicating a short-term bounce within a weak broader trend.