Market Summary

U.S. equities closed a volatile week on a mixed 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. Semiconductor and AI-related names rebounded after Thursday’s steep selloff, but gains faded through the afternoon and the averages finished near session lows. The weekly damage was sizable: the S&P 500 fell 2.7%, the Nasdaq 3.4%, and the Dow 0.9%.

The central theme was the AI infrastructure trade. The PHLX Semiconductor Index rebounded 4.2% after Thursday’s 12.3% plunge, but still finished the week down 12.2%. Information technology (+1.3%) led the session after a 7.3% drop on Thursday. Support came from comments by Texas Governor-elect Gina Hinojosa that she does not oppose data centers outright, and from President Trump’s reiterated support for their development. Thursday had been the worst day for the Nasdaq 100 since March 2020 and the worst for the S&P 500 since April 2025, with the Nasdaq Composite falling 5.5% into correction territory.

Participation was narrow. Only four S&P 500 sectors finished higher, and the S&P 500 Equal Weighted Index fell 0.5% while the cap-weighted index rose. The Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.6%) held up better. The October jobs report was stronger than expected and pushed the CME FedWatch probability of a 25-basis-point December rate hike to 79.1% from 66.9%. The VIX fell 8.9% to 25.67 but rose 32% on 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 performance: DJIA -0.9%, S&P Mid Cap 400 -1.6%, Russell 2000 -2.1%, S&P 500 -2.7%, Nasdaq -3.4%.
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%.
NYSE: Advancers 1,461, decliners 1,243, volume 1.41 bln.
Nasdaq: Advancers 2,891, decliners 1,982, volume 10.69 bln.
WaveFinder breadth: 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.
Moving averages: 73% of stocks are above the 20 SMA and 52.28% are above the 40 SMA.
9M signals: 18 bulls versus 9 bears, with bull follow-through at 17.02%.
VIX: 25.67 (-8.9% on the day, +32% on the week).

Sector Performance

Ranked by session performance (percentages as reported by Briefing.com). Briefing.com gave no figures for sectors without a percentage below. WaveFinder ATR is shown for context.

1. Information Technology: +1.3%. ATR -2.62% (falling, P5).
2. Communication Services: +0.5%. ATR -0.46% (rising, P89).
3. Consumer Discretionary: +0.1%. ATR 1.34% (rising, P74).
4. Industrials: +0.1%. ATR -1.46% (flat, P16).
5. Real Estate: -0.6%. ATR 1.03% (rising, P89).
6. Financials: -0.7%. ATR -0.40% (rising, P79).
7. Consumer Staples: -1.2%, the biggest laggard. ATR 2.10% (rising, P58).
8. Utilities, Materials, Energy and Health Care: classified as weak, with no session percentages provided.
- Utilities: ATR 2.73% (rising, P63)
- Materials: ATR 0.68% (flat, P47)
- Energy: ATR -2.07% (falling, P0)
- Health Care: ATR 2.11% (flat, P37)

Weekly standouts: Consumer discretionary +2.7%, communication services +2.3%, real estate +1.9%. Laggards were energy -11.9%, information technology -6.9% and industrials -2.8%.

Key Earnings & Movers

AMD (AMD): 449.04, +44.64 (+11.04%). Led the semiconductor rebound.
Airbnb (ABNB): 189.99, +19.86 (+11.67%). Beat earnings and gave 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.
Lam Research (LRCX): 200.44, +15.24 (+8.23%). $25 billion 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%).
Meta Platforms (META): 610.15, +5.07 (+0.84%).
Alphabet (GOOG): 283.93, +2.19 (+0.78%).
Microchip (MCHP): 58.35, -6.50 (-10.02%). In-line guidance disappointed.
Monster Beverage (MNST): Trading sharply lower on margin pressure despite a revenue beat (price not provided).
Amazon (AMZN): +7.8% for the week.

Stock Spotlight

Cloudflare (NET) rose 9.91% to 268.75 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 mln, the fastest growth in nearly four years. Annualized revenue passed $3 bln. Remaining performance obligations rose 34% to $2.88 bln, with current RPO growth accelerating to 37% from 35% in Q2. Q4 guidance calls for EPS of $0.43 on revenue of $845-846 mln, both above expectations, with growth of about 38%.

The customer metrics were strong. Cloudflare added a record 308 customers spending more than $100,000 annually, bringing the total to 5,006 (+25%). Large customers now make up 75% of revenue, and dollar-based net retention improved to 122% from 120%. The Workers developer platform passed 10 mln active developers, more than double the start of 2026. Daily AI agent requests across the network are up more than 1,700% over the past year. Briefing.com’s analyst view is that growth is broad-based and not limited to AI-focused customers, and that the Q4 outlook reinforces the momentum.

Bond Market & Treasuries

Treasuries finished lower on the day, led by weakness in shorter tenors after the jobs report. They still posted a fifth consecutive weekly gain.

2-year: 4.53%, +4 bps on the day, -6 bps on the week (per the Bond Market Update; the Briefing.com market wrap cites +6 bps for the week).
3-year: 4.59%, +5 bps (-6 bps on the week).
5-year: 4.65%, +4 bps (-7 bps on the week).
10-year: 4.86%, +2 bps (-7 bps on the week).
30-year: 5.26%, +1 bp (-5 bps on the week).

Drivers:

Payrolls, private payrolls and wage growth all beat expectations.
SF Fed President Daly said she expects additional tightening.
December hike odds rose to 79.1% from 66.9%.
The U.S. Dollar Index rose 0.7% to 102.28 (+0.3% on the week).
USD/JPY was 156.51 and EUR/USD was 1.1139.
Bank of England 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 on the week (about 13%), on prospects for a diplomatic resolution with Iran. On Monday it settled at $96.51, down $7.55 (-7.3%).
Gold, silver and copper: Not provided in the source data.

Overseas Markets

Index performance for Asia and Europe was not provided in the source data. Items from the bond market update:

Global tech: Volatility continued overnight, but sentiment improved by the U.S. session.
Japan: September average cash earnings rose 4.6% year over year (expected +3.8%). PM Takaichi said her government may issue support payments 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% brokerage collateral requirement on margin loans for three months, starting Monday.
Eurozone: September retail sales -0.7% m/m (expected -0.1%). Germany’s 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, -1.2% y/y.
Switzerland: Q4 SECO Consumer Climate -43 (expected -35).

Economic Data

October nonfarm payrolls: +165K versus 65K consensus. 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 versus 50K consensus.
Unemployment rate: 4.1% versus 4.2% expected and 4.2% in September. U6 rose to 7.9% from 7.6%, and long-term unemployed were 27.6% of the unemployed.
Average hourly earnings: +0.4% m/m versus 0.3% expected. Year over year, they rose 3.1% versus 3.2% in September. That trails CPI at 3.7% and PCE at 3.6%, so real wages are negative.
Other labor data: Participation rose to 61.9% and the employment-population ratio to 59.3%. The average workweek was 34.4 hours.
UMich preliminary November sentiment: 51.0 versus 47.2 consensus and 48.0 in October. Cost-of-living concerns remain the main drag.
Market impact: The data kept a December hike firmly in play, lifting short-end yields and capping equity gains.
Macro backdrop: Core CPI is 2.6% and core PCE 3.1%. The personal savings rate is 3.8%, near a 15-year low.

Looking Ahead

Monday: South Korea’s waiver of the brokerage margin-loan collateral rule takes effect.
Themes to watch: Whether the semiconductor rebound holds after a 12.2% weekly drop, and developments on data center regulation, including Texas.
Fed: December FOMC hike odds near 80%, with further Fed commentary likely.
Volatility: The VIX at 25.67 remains well above 20.
Positioning: WaveFinder primary breadth is bearish, with 52.28% of stocks above the 40 SMA.
Energy and geopolitics: Oil direction depends on the diplomatic track with Iran.
Calendar: The source data lists no specific economic releases or earnings for the next session.