Market Summary

U.S. equities closed a volatile week on Friday, November 6, with a split tape. The S&P 500 gained 0.31% (+23.13) to 7,376.93 and the Nasdaq Composite rose 1.09% (+264.43) to 24,599.81. The Dow slipped 0.46% (-237.33) to 51,285.94. Gains faded through the afternoon, leaving the averages near session lows. A rebound in semiconductor and AI-related names, plus solid mega-cap performance, drove the Nasdaq and S&P higher. The PHLX Semiconductor Index rose 4.2% after Thursday’s 12.3% plunge.

The rebound got support from comments by Texas Governor-elect Gina Hinojosa, who said she does not oppose data centers outright, and from President Trump’s reiterated support for their development. Semiconductors recovered only a fraction of Thursday’s losses and finished the week down 12.2%. For the week, the S&P 500 fell 2.7%, the Nasdaq 3.4%, and the Dow 0.9%. Thursday 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% that day and entered correction territory.

Rotation was narrow. Only four S&P 500 sectors finished higher: information technology, communication services, consumer discretionary, and industrials. Defensive and rate-sensitive groups lagged, led by consumer staples. The equal-weight S&P 500 fell 0.5% against the gain in the cap-weighted index, while the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.6%) showed some resilience. A strong October jobs report lifted odds of a December Fed rate hike to 79.1%. The VIX fell 8.9% to 25.67 but is up 32% on the week.

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
Russell 2000: +0.9%; S&P Mid Cap 400: +0.6%; S&P 500 Equal Weight: -0.5%
VIX: 25.67, -8.9% (+32% on the week)
Weekly: Dow -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%, Dow +6.7%, Nasdaq +5.8%

WaveFinder breadth (Nov 6):

Primary sentiment: Bearish. Primary bulls 787, bears 1,479.
4% sentiment: Bullish. Bulls 259, bears 155.
40 SMA sentiment: Bearish.
Above 20 SMA: 73%. Above 40 SMA: 52.28%.
9M bulls 18, bears 9. 9M bull follow-through 17.02%.

Sector Performance

Daily moves are given where Briefing.com reported them. The source gave only the sector groupings for the rest, so those are marked unquantified.

1. Information Technology: +1.3%. It led after falling 7.3% Thursday. It fell 6.9% on the week. WaveFinder ATR is -2.62% (falling, P5).
2. Communication Services: +0.5%. It gave back about half of its earlier gain. Weekly +2.3%. ATR -0.46% (rising, P89).
3. Consumer Discretionary: +0.1%. It traded more than 1.0% higher earlier. Weekly +2.7%. ATR 1.34% (rising, P74).
4. Industrials: +0.1%. Aerospace and defense rebounded. Weekly -2.8%. ATR -1.46% (flat, P16).
5. Real Estate: -0.6%. Weekly +1.9%. ATR 1.03% (rising, P89).
6. Financials: -0.7%. ATR -0.40% (rising, P79).
7. Consumer Staples: -1.2%. It was the biggest laggard after outperforming Thursday. ATR 2.10% (rising, P58).
8. Materials: Weak, daily move not quantified. ATR 0.68% (flat, P47).
9. Utilities: Weak, daily move not quantified. ATR 2.73% (rising, P63).
10. Health Care: Weak, daily move not quantified. ATR 2.11% (flat, P37).
11. Energy: Weak, daily move not quantified. Weekly -11.9%. ATR -2.07% (falling, P0).

Placement of Materials, Utilities, Health Care, and Energy (8-11) is not ranked by data. The source lists them only as weak.

Key Earnings & Movers

AMD (449.04, +44.64, +11.04%): A standout in the semiconductor rebound.
Airbnb (189.99, +19.86, +11.67%): Beat earnings expectations and guided Q4 revenue above expectations.
Cloudflare (268.75, +24.24, +9.91%): Reported accelerating revenue growth and upbeat Q4 guidance.
AppLovin (391.22, +35.12, +9.86%): Extended its post-earnings rally despite weakness in software.
Lam Research (200.44, +15.24, +8.23%): Authorized a $25 bln buyback and declared a $0.33 quarterly dividend.
Moderna (254.19, +12.73, +5.27%): Beat earnings and raised its FY26 revenue outlook.
Tesla (358.22, +14.53, +4.23%): Plans to wind down Cybertruck production around mid-2027 to expand Cybercab output.
NVIDIA (186.64, +5.04, +2.78%): Rose with the semiconductor rebound.
Meta (610.15, +5.07, +0.84%) and Alphabet (283.93, +2.19, +0.78%): Mega-cap recovery supported communication services.
Microchip (58.35, -6.50, -10.02%): Fell after largely in-line guidance disappointed.
Monster Beverage (MNST): Traded sharply lower after its Q3 report. The source gave no price.
Amazon: Gained 7.8% for the week.

Stock Spotlight

Cloudflare (NET) rose 9.91% to $268.75 after a beat-and-raise Q3. Adjusted EPS grew 40.7% year over year to $0.38. Revenue rose 39.2% to $782.51 mln, its fastest growth in nearly four years, and annualized revenue topped $3 bln. Q4 guidance was EPS of $0.43 on revenue of $845-846 mln, both above expectations, implying roughly 38% growth.

Customer metrics were strong. Remaining performance obligations rose 34% to $2.88 bln, and current RPO growth accelerated to 37% from 35% in Q2. Cloudflare added a record 308 customers spending more than $100,000 annually, for a total of 5,006 (+25%). Those customers account for 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 its level at the start of 2026. Daily AI agent requests across the network rose more than 1,700% over the past year. Briefing.com’s analyst view is that growth extends beyond AI-focused customers, with larger enterprises adopting more of the platform and sales execution improving.

Bond Market & Treasuries

Treasuries finished lower on Friday, but the complex still posted a fifth consecutive weekly gain. Losses were concentrated in shorter tenors after the strong jobs report. The long end resisted and rebounded into the afternoon.

2-yr: 4.53%, +4 bps (-6 bps on the week by the bond update; the equity wrap says +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%, +2 bps (-7 bps on the week)
30-yr: 5.26%, +1 bp (-5 bps on the week)
FX: USD/JPY 156.51, EUR/USD 1.1139. The Dollar Index jumped 0.7% to 102.28 (+0.3% on the week).

The CME FedWatch probability of a 25 bp December hike rose to 79.1% from 66.9%. San Francisco Fed President Daly, a 2027 FOMC voter, said further tightening will likely be necessary. The two Briefing.com sources disagree on the 2-year’s weekly direction (+6 bps versus -6 bps). The weekly changes for the other tenors suggest the decline is more likely, but this is unconfirmed.

Commodities

Crude oil: Edged up toward $91/bbl Friday, but fell more than $13/bbl, or about 13%, on the week. WTI settled Monday at $96.51 (-$7.55, -7.3%) on reports the U.S. favors a diplomatic resolution with Iran. The Friday daily change was not provided.
Gold, silver, copper: No data provided in the source material.

Overseas Markets

No index performance data for Asian or European equities was provided. Overnight, global tech stocks showed continued volatility, though sentiment improved by the U.S. session. Reported drivers and data:

Japan: September average cash earnings +4.6% y/y (expected +3.8%). 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 network access rules for AI agent devices.
South Korea: It will waive the 140% collateral requirement on brokerage margin loans for three months, starting Monday.
UK: Bank of England Governor Bailey said another hike is possible if energy prices stay high. October Lloyds House Price Index was -0.6% m/m and -1.2% y/y.
Eurozone: September retail sales were -0.7% m/m (expected -0.1%).
Germany: September industrial production was +0.7% m/m (expected 0.0%).
France: September trade balance was EUR-7.3 bln (expected EUR-5.8 bln).
Spain: September industrial production was +2.0% y/y.
Switzerland: Q4 SECO Consumer Climate was -43 (expected -35).

Economic Data

October employment report:

Nonfarm payrolls rose 165K (consensus 65K). The September revision was to 60K from 29K, and August to 186K from 133K. The 3-month average rose to 137K from 79K.
Private payrolls rose 159K (consensus 50K). September was revised to 78K from 46K, and August to 142K from 89K.
The unemployment rate fell to 4.1% (consensus 4.2%) from 4.2%. U6 rose to 7.9% from 7.6%. Long-term unemployed were 27.6% of the unemployed, up from 27.1%.
Average hourly earnings rose 0.4% (consensus 0.3%), with September revised up to 0.3% from 0.1%. Year over year, earnings rose 3.1% versus 3.2% in September, below CPI at 3.7% and PCE at 3.6%, so real wages are negative.
The average workweek was 34.4 hours. Participation rose to 61.9% and the employment-population ratio to 59.3%.

University of Michigan sentiment (preliminary, November): 51.0 (consensus 47.2) versus 48.0 in October. Cost-of-living concerns remain the main drag.

Market impact: The report kept a December hike firmly in play, pressured short-dated Treasuries, and lifted the dollar.

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

Looking Ahead

The source data lists no scheduled data releases or earnings for the next session. Key themes to watch:

AI and semiconductor stability: Whether the group can build on Friday’s partial rebound after a 12.2% weekly drop, and any further news on data center restrictions or Texas legislation.
Fed expectations: The market is pricing a roughly 79% chance of a December hike, and further Fed commentary will matter.
Volatility: The VIX at 25.67 remains well above 20, and Briefing.com described the market’s footing as fragile.
Oil and Iran: Diplomatic developments will affect crude, energy, and inflation expectations.
Breadth: WaveFinder primary sentiment is bearish, with 1,479 bears against 787 bulls. Only 52.28% of stocks are above their 40 SMA.
South Korea: The margin collateral waiver takes effect Monday.