“Fall seven times, stand up eight.”

— Japanese Proverb

DAILY RECAP

Friday, November 6th

Tech Stocks Fight Back

The Nasdaq and S&P 500 clawed background as dip buyers swooped in after the AI sell-off

S&P 500 – 7,376.86 (+0.31%)

Dow Jones – 51,285.73 (-0.46%)

NASDAQ – 24,579.42 (+1.09%)

TOP HEADLINES OF THE DAY

• Tech Stocks Bounce Back: Nasdaq jumps 1.1% as dip buyers swoop in following Thursday’s brutal AI-driven sell-off, although the index still posts a 3.4% weekly loss.
• Jobs Market Delivers a Surprise: October payrolls surge by 165,000, more than double expectations, while unemployment dips to 4.1%, reinforcing confidence in the economy.
• AI Infrastructure Faces Political Headwinds: CoreWeave courts Texas’ incoming governor as growing calls for data center restrictions put the industry’s expansion plans under pressure.
• Fannie Mae and Freddie Mac Rally: Shares soar more than 60% since mid-October as Bill Ackman pushes for an end to government conservatorship and a potential privatization payday.

STOCKS MAKING MOVES

• AMD (AMD): Rebounds nearly 8% in early trading after Thursday’s 17% plunge, as investors return to battered chip stocks.
• CoreWeave (CRWV): Jumps 10% as AI infrastructure names recover, even as the company faces growing regulatory uncertainty around data center expansion.
• SanDisk (SNDK) and Applied Digital (APLD): Both surge 10% in the premarket comeback, leading the recovery among beaten-down AI-related names.
• Nebius (NBIS), Lumentum (LITE) and Marvell (MRVL): Climb roughly 9.5% apiece as chip and data center stocks catch a bid.
• Dell (DELL) and Bloom Energy (BE): Rally 8.3% and 10%, respectively, as buying spreads beyond semiconductor names.
• Lam Research (LRCX): Pops after authorizing a massive $25 billion share repurchase program.
• Lyft (LYFT): Slides after missing quarterly earnings and revenue estimates, despite delivering record gross bookings, up 17% year over year.
• DraftKings (DKNG): Plunges after falling short of expectations for earnings, revenue and Sportsbook revenue.
• Bitcoin and Crypto Stocks: Bitcoin drops roughly 5% to its lowest level since September, dragging Coinbase (COIN), Circle (CRCL) and Strategy (MSTR) lower.

MARKET NOTABLES

• The Nasdaq remains more than 10% below its October record despite Friday’s rebound, while still holding a gain of more than 6% for the year.
• All three major indexes finished the week lower: Nasdaq -3.4%, S&P 500 -2.7% and Dow -0.9%. The S&P 500 recorded its worst weekly performance since June.
• The 2-year Treasury yield climbs 5 basis points to 4.51% following the stronger jobs report, although it remains below its early-October high near 4.9%.
• Investors are increasingly weighing whether political pressure, AI infrastructure spending concerns and potential Fed rate hikes could prolong the technology sell-off.
• Historically, the Nasdaq has recovered its previous high within three months in 38% of its past 52 corrections of 10% or more, and within six months in 60% of cases. Past performance does not guarantee future results.

WHAT TO WATCH

Friday, November 6: October nonfarm payrolls, October unemployment, preliminary November University of Michigan Consumer Sentiment, and expected morning earnings from Enbridge (ENB), Moderna (MRNA), Humana (HUM), and Vistra (VST).

Monday, November 9: Expected morning earnings from Constellation Energy (CEG) and Barrick Mining (B). Expected afternoon earnings from Occidental Petroleum (OXY) and Rocket Lab (RKLB).

Tuesday, November 10: October CPI and core CPI and expected afternoon earnings from CoreWeave (CRWV) and Rigetti Computing (RGTI).

Wednesday, November 11: No major earnings or data expected. U.S. bond market closed for Veterans Day.

Thursday, November 12: October existing home sales and expected morning earnings from Brookfield (BN) and Nebius (NBIS). Expected afternoon earnings from Cisco (CSCO) and Applied Materials (AMAT).

Friday, November 13: October PPI and core PPI.