Market Summary

U.S. equities closed a volatile week on a mixed note on Friday, Nov. 6. The Dow fell 237.33 points (-0.46%) to 51,285.94, while the Nasdaq Composite gained 264.43 points (+1.09%) to 24,599.81 and the S&P 500 rose 23.13 points (+0.31%) to 7,376.93. Afternoon selling pulled the averages well off their highs, leaving them near session lows despite a rebound in semiconductor and AI-related stocks. All three indices still finished the week with sizable losses, so the bounce offered only limited relief after Thursday’s steep selloff, when the Nasdaq plunged 5.5% into correction territory and the S&P 500 fell 4.4%.

The main themes were the AI-infrastructure correction, a strong October jobs report, and rising odds of a Fed hike. Information technology (+1.3%) led after plunging 7.3% Thursday, helped by a 4.2% rebound in the PHLX Semiconductor Index following its 12.3% decline. Comments from Texas Governor-elect Gina Hinojosa that she does not oppose data centers outright, and President Trump’s reiterated support for their development, aided the rebound. Participation faded through the day, and only four S&P 500 sectors finished positive. Defensive and rate-sensitive groups lagged, and the equal-weighted S&P 500 fell 0.5% while the Russell 2000 (+0.9%) and S&P Mid Cap 400 (+0.6%) held up better.

For the week, the S&P 500 lost 2.7%, the Nasdaq 3.4%, and the Dow 0.9%. Rotation was evident: consumer discretionary, communication services, and real estate led on lower oil prices, while technology and energy were the main drags. The VIX fell 8.9% Friday to 25.67 but rose 32% on the week (the weekly wrap cites 25.64). Morning futures pointed to a mixed open, with Nasdaq 100 futures up 1.5% above fair value and Dow futures down 1.0% below fair value.

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
Weekly: DJIA -0.9%, S&P 400 -1.6%, Russell 2000 -2.1%, S&P 500 -2.7%, Nasdaq -3.4%
YTD: Russell 2000 +11.0%, S&P 400 +9.0%, S&P 500 +7.8%, DJIA +6.7%, Nasdaq +5.8%
WaveFinder breadth (Nov. 6): Primary sentiment Bearish (787 bulls vs. 1,479 bears). 4% sentiment Bullish (259 bulls vs. 155 bears). 40 SMA sentiment Bearish. 73% of stocks above the 20 SMA, 52.28% above the 40 SMA. 9M bulls 18 vs. bears 9, with 9M bull follow-through at 17.02%.
VIX: 25.67, -8.9% on the day, +32% on the week.

Sector Performance

Session performance from Briefing.com, ranked. Only some sectors have disclosed daily percentages. The rest are grouped by Briefing’s Strong/Weak classification, with WaveFinder ATR data for context.

1. Information Technology: +1.3% (strong). ATR -2.62%, falling, P5.
2. Communication Services: +0.5% (strong). ATR -0.46%, rising, P89.
3. Consumer Discretionary: +0.1% (strong). ATR 1.34%, rising, P74.
4. Industrials: +0.1% (strong). ATR -1.46%, flat, P16.
5. Real Estate: -0.6% (weak). ATR 1.03%, rising, P89.
6. Financials: -0.7% (weak). ATR -0.40%, rising, P79.
7. Consumer Staples: -1.2% (weak, biggest laggard). ATR 2.10%, rising, P58.
8. Utilities, Materials, Energy, Health Care: weak, with daily percentages not provided and no ranking possible among them. ATRs: Utilities 2.73% (rising, P63), Materials 0.68% (flat, P47), Energy -2.07% (falling, P0), Health Care 2.11% (flat, P37).

Weekly: Consumer discretionary +2.7%, communication services +2.3%, real estate +1.9%, industrials -2.8%, information technology -6.9%, energy -11.9%. Other sectors’ weekly figures were not provided.

Key Earnings & Movers

AMD: $449.04, +$44.64 (+11.04%), 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, +$15.24 (+8.23%), after a $25 bln buyback authorization and a $0.33 quarterly dividend.
Moderna (MRNA): $254.19, +$12.73 (+5.27%), on 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%), as largely in-line guidance disappointed.
Monster Beverage (MNST): trading sharply lower on margin pressure despite a revenue beat. No price was provided.
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% year over year to $0.38, and revenue grew 39.2% to $782.51 mln, its fastest growth in nearly four years. Q4 guidance called for EPS of $0.43 and revenue of $845-846 mln, both above expectations, with growth of roughly 38% expected. Annualized revenue passed $3 bln, RPO rose 34% to $2.88 bln, and current RPO growth accelerated to 37% from 35%.

Customer metrics were strong. Cloudflare added a record 308 customers spending over $100,000 annually, for a total of 5,006 (+25%), and dollar-based net retention improved to 122% from 120%. The Workers developer platform passed 10 mln active developers, and daily AI agent requests across the network rose more than 1,700% in a year. Briefing.com’s analyst noted the growth extends beyond AI-focused customers to larger enterprises, helped by improved sales execution. The move stood out because software stocks were broadly weak.

Bond Market & Treasuries

Treasuries finished lower on the day, with losses concentrated in shorter tenors, but notched a fifth consecutive weekly gain. The jobs report pressured the short end, while the long end rebounded.

2-yr: 4.53%, +4 bps (-6 bps on the week)
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)

Note: the Briefing equity wrap states the 2-year was up 4 bps and “+6 this week,” while the bond update shows -6 bps on the week. The bond update figure is used here, consistent with the other tenors.

Key drivers: strong payrolls and wage growth raised rate-hike expectations, and SF Fed President Daly (2027 FOMC voter) said further tightening is likely. CME FedWatch shows a 79.1% probability of a 25 bp December hike, up from 66.9% a day earlier. The dollar index rose 0.7% to 102.28 (+0.3% on the week), USD/JPY was 156.51 and EUR/USD was 1.1139.

Commodities

Crude oil: edged up toward $91/bbl Friday but gave up more than $13/bbl on the week (about -13%) on prospects of a diplomatic resolution with Iran. For reference, WTI settled Monday at $96.51 (-$7.55, -7.3%).
Gold, silver, copper: no data provided in the source material.

Overseas Markets

No Asian or European equity index levels or percentage moves were provided. Reported drivers and data:

Asia: Japan’s PM Takaichi said her government may issue support payments to more than 30% of workers. China’s MIIT will tighten network-access rules for AI agent devices. South Korea will waive for three months, from Monday, the rule requiring brokerages to hold collateral of 140% of margin loans. Japan’s September average cash earnings were +4.6% y/y (expected +3.8%).
Europe: BoE Governor Bailey said another rate hike is possible if energy prices stay high. Eurozone September retail sales were -0.7% m/m (expected -0.1%). Germany’s September industrial production was +0.7% m/m (expected 0.0%). France’s September trade deficit was EUR 7.3 bln (expected EUR 5.8 bln). U.K. October Lloyds House Price Index was -0.6% m/m. Switzerland’s Q4 SECO Consumer Climate was -43 (expected -35).
Overnight, global tech stocks saw continued volatility before sentiment improved by the U.S. session.

Economic Data

October nonfarm payrolls: 165K vs. 65K consensus. Three-month average rose to 137K from 79K. September revised to 60K from 29K, August to 186K from 133K.
Private payrolls: 159K vs. 50K consensus. September revised to 78K from 46K, August to 142K from 89K.
Unemployment rate: 4.1% vs. 4.2% consensus and 4.2% prior. U6 rose to 7.9% from 7.6%. Long-term unemployed were 27.6% of the unemployed.
Average hourly earnings: +0.4% m/m vs. 0.3% consensus, with September revised up to +0.3%. Year over year was +3.1%, versus 3.2% prior, below CPI (3.7%) and PCE (3.6%) inflation, so real wages are negative.
Other labor details: Workweek 34.4 hours. Participation rate 61.9% (from 61.8%). Employment-population ratio 59.3% (from 59.2%).
University of Michigan preliminary November sentiment: 51.0 vs. 47.2 consensus and 48.0 prior. Cost-of-living concerns remain the biggest weight.
Market impact: the report was strong enough to keep a December hike on the table, capping equity futures enthusiasm and pressuring short-dated Treasuries.

Looking Ahead

The source data does not include a calendar of next-session data releases or earnings, so none are listed. The key items to watch:

Whether the AI and semiconductor rebound holds after a week in which the PHLX Semiconductor Index fell 12.2%.
Trading in the VIX, which sits at 25.67, above 20.
Fed expectations, with the December hike probability near 80% and Daly’s tightening comments.
Oil and Iran diplomacy, given the roughly 13% weekly drop in crude.
Data center policy developments, including Texas legislation.
Briefing.com’s view that the market’s fragile footing carries into the new week, and WaveFinder’s bearish primary breadth reading, with only 52.28% of stocks above the 40 SMA.