Market Summary

U.S. equities closed a volatile week on Friday, November 6 with mixed results. The S&P 500 gained 0.31% (+23.13) to 7,376.93, the Nasdaq Composite rose 1.09% (+264.43) to 24,599.81, and the DJIA fell 0.46% (-237.33) to 51,285.94. A rebound in semiconductor and AI-related stocks drove the gains. The PHLX Semiconductor Index rose 4.2% after a 12.3% plunge Thursday, but afternoon selling left the major averages near session lows. For the week, the S&P 500 fell 2.7%, the Nasdaq 3.4%, and the DJIA 0.9%. Thursday was the worst day for the Nasdaq 100 since March 2020 and for the S&P 500 since April 2025.

Sector rotation was narrow. Only four S&P 500 sectors finished higher: information technology (+1.3%), communication services (+0.5%), consumer discretionary (+0.1%), and industrials (+0.1%). Consumer staples (-1.2%), financials (-0.7%), and real estate (-0.6%) lagged. 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 VIX fell 8.9% to 25.67 but is up 32% on the week.

Macro themes included a strong October jobs report (+165K payrolls vs. 65K consensus), which raised the odds of a December Fed rate hike to 79.1% from 66.9% per CME FedWatch. Tuesday’s midterms gave Democrats control of both chambers. Oil fell about 13% on the week on prospects for a diplomatic resolution with Iran, and concerns over data center development restrictions drove the AI selloff. Texas Governor-elect Hinojosa’s comments that she doesn’t oppose data centers outright, along with President Trump’s reiterated support, helped the rebound.

Market Snapshot

DJIA: 51,285.94, -237.33 (-0.46%); week -0.9%; YTD +6.7%
S&P 500: 7,376.93, +23.13 (+0.31%); week -2.7%; YTD +7.8%
Nasdaq Composite: 24,599.81, +264.43 (+1.09%); week -3.4%; YTD +5.8%
Russell 2000: +0.9% on the day; week -2.1%; YTD +11.0%
S&P Mid Cap 400: +0.6% on the day; week -1.6%; YTD +9.0%
VIX: 25.67 (-8.9%); +32% on the week
NYSE: Advancers 1,461, Decliners 1,243, Volume 1.41 bln
Nasdaq: Advancers 2,891, Decliners 1,982, Volume 10.69 bln

WaveFinder Breadth (Nov 6):

Primary sentiment: Bearish (Bulls 787 vs. Bears 1,479)
4% sentiment: Bullish (Bulls 259 vs. Bears 155)
40 SMA sentiment: Bearish
Above 20 SMA: 73%
Above 40 SMA: 52.28%
9M Bulls 18 vs. Bears 9; 9M Bull Follow-Through: 17.02%

Sector Performance

Ranked by Friday’s performance where reported (Briefing.com), with weekly moves and WaveFinder ATR data:

1. Information Technology: +1.3% (week -6.9%). 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%, the biggest laggard. ATR 2.10%, rising, P58
8. Energy: weak (week -11.9%). ATR -2.07%, falling, P0
9. Health Care: weak. ATR 2.11%, flat, P37
10. Materials: weak. ATR 0.68%, flat, P47
11. Utilities: weak. ATR 2.73%, rising, P63

Note: Briefing.com gave daily percentages only for the sectors listed above. Energy, Health Care, Materials, and Utilities were listed as weak without figures, so their relative order is not precisely ranked.

Key Earnings & Movers

AMD: $449.04, +$44.64 (+11.04%). Led the semiconductor rebound.
Airbnb (ABNB): $189.99, +$19.86 (+11.67%). Earnings beat and stronger 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 post-earnings rally.
Lam Research (LRCX): $200.44, +$15.24 (+8.23%). $25 bln buyback and $0.33 quarterly dividend.
Moderna (MRNA): $254.19, +$12.73 (+5.27%). Earnings beat and 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 (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 (no price given).
Amazon (AMZN): +7.8% for the week.

Stock Spotlight

Cloudflare (NET) was a standout, closing at $268.75 (+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. The company passed $3 bln in annualized revenue. RPO 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 near 38%.

Customer metrics were strong. NET added a record 308 customers spending over $100,000 annually, bringing the total to 5,006 (+25%). Large customers now make up 75% of revenue, and net retention improved to 122% from 120%. The Workers developer platform topped 10 mln active developers, more than double the level at the start of 2026, and daily AI agent requests across the network rose over 1,700% in a year. Briefing.com notes the strength extends beyond AI-focused customers, with larger enterprises adopting more of the platform.

Bond Market & Treasuries

Treasuries ended the week lower on Friday, with losses concentrated in shorter tenors after the jobs report, but still posted a fifth consecutive weekly gain. Yields:

2-yr: 4.53%, +4 bps (-6 bps on the week; the wrap cites +6, but the bond update 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)

Drivers: the strong jobs report lifted rate-hike expectations, with the December hike probability at 79.1%. SF Fed President Daly (2027 FOMC voter) said further tightening is likely. BoE Governor Bailey said another hike is possible if energy prices stay high. The U.S. Dollar Index jumped 0.7% to 102.28 (+0.3% on the week). USD/JPY was 156.51 and EUR/USD 1.1139.

Commodities

Crude oil: Edged up toward $91/bbl Friday but fell more than $13/bbl (about 13%) on the week on prospects for a diplomatic resolution with Iran. (Monday’s WTI settle was $96.51, down $7.55 or 7.3%.)
Gold, Silver, Copper: No data provided in the source material.

Overseas Markets

No Asian or European equity index performance was provided. Reported drivers:

Asia: Japan’s September average cash earnings rose 4.6% y/y (expected 3.8%). PM Takaichi said the 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 a rule requiring brokerages to hold collateral equal to 140% of margin loans for three months, starting Monday. Global tech volatility continued overnight.
Europe: Eurozone September retail sales fell 0.7% m/m (expected -0.1%). Germany’s September industrial production rose 0.7% m/m (expected 0.0%). France’s September trade deficit widened to EUR 7.3 bln. U.K. October Lloyds House Price Index fell 0.6% m/m. Switzerland’s Q4 SECO Consumer Climate was -43 (expected -35).

Economic Data

October nonfarm payrolls: 165K (consensus 65K); September revised to 60K from 29K; August to 186K from 133K. Three-month average rose to 137K from 79K.
Private payrolls: 159K (consensus 50K).
Unemployment rate: 4.1% (consensus 4.2%; prior 4.2%). U6 rose to 7.9% from 7.6%.
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.
Participation rate: 61.9% (from 61.8%).
UMich preliminary November sentiment: 51.0 (consensus 47.2; prior 48.0), still depressed on cost-of-living concerns.
Market impact: The data kept a December hike firmly in play and pressured short-end Treasuries.
Macro backdrop: The personal savings rate is 3.8%, near a 15-year low, and core CPI is 2.6% y/y.

Looking Ahead

The source data contains no scheduled economic releases, earnings, or events for the coming session. Key themes to watch:

Whether the semiconductor and AI infrastructure rebound holds after a 12.2% weekly decline in the group.
Developments on data center restrictions, including Texas policy.
Fed rate-hike expectations ahead of the December FOMC (about 80% probability).
Oil and Iran diplomacy headlines.
Volatility, with the VIX at 25.67, well above 20.
South Korea’s margin collateral rule waiver, which begins Monday.