The S&P 500 Index ($SPX) (SPY) is up +0.89% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.42%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +2.12%. December E-mini S&P futures (ESZ26) are up +0.90%, and December E-mini Nasdaq futures (NQZ26) are up +2.12%.
US stock indices are mixed today, with the Dow Jones Industrials falling to a 4-week low. The broader market is mostly higher today, recovering some of Thursday’s rout as dip buying in chipmakers and AI-infrastructure stocks lifts the broader market. Stocks plummeted on Thursday amid speculation that the Democratic sweep of Congress in Tuesday’s midterm elections will usher in a new era of regulation for the artificial-intelligence industry. The rotation out of chipmakers reflects a growing view that public opposition to data centers could crimp the growth of chipmakers and data-center suppliers. The weakness in software stocks today is limiting the upside in the overall market and keeping the Dow Jones Industrials in negative territory.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
Stocks added to their gains today on signs of strength in the US labor market after Oct nonfarm payrolls and average hourly earnings rose more than expected, and the unemployment rate unexpectedly declined.
US Oct nonfarm payrolls rose by +165,000, stronger than expectations of +70,000 and the biggest increase in 7 months. Also, Sep nonfarm payrolls were revised upward to +60,000 from the previously reported +29,000. The Oct unemployment rate unexpectedly fell -0.1 to 4.1% versus expectations of no change at 4.2%.
US Oct average hourly earnings rose +0.4% m/m and +3.1% y/y, stronger than expectations of +0.3% m/m and +2.9% y/y.
Hawkish comments today from New York Fed President Williams were negative for stocks and bonds as he said that inflation is "absolutely too high" and monetary policy "does have a critical role in making sure that these relative price shocks don't translate into broader or more persistent inflation."
Dec WTI crude oil prices (CLZ26) are up +0.5% today as Ukraine has intensified its attacks on Russian refineries, having launched a drone attack on a sixth Russian crude-processing plant in the past week. Russia's Yanos refinery, which has a capacity of 300,000 bpd, has halted operations following a drone attack late Wednesday, which could further curb global distillate supplies.
However, crude prices fell back from their best level on signs that the US and Iran are moving closer to a potential breakthrough in efforts to end the war, with Iran showing a willingness to discuss issues related to its nuclear program that were previously off the table. Qatar, which is mediating efforts to end the war, said today that Emir Sheikh Tamin Bin Hamad Al-Thani spoke with President Trump about efforts to resolve differences between Iran and the US and secure a comprehensive agreement to end the conflict.
Stocks are supported by the prospect of solid quarterly earnings. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +31% from a year earlier, up from a July estimate of 22%. As of today, 419 of the S&P 500 companies have reported results, with 84% beating estimates.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -1.67%. China’s Shanghai Composite closed down -1.10%. Japan's Nikkei-225 Stock Average tumbled to a 6.75-month low and closed down sharply by -5.96%.
Interest Rates
December 10-year T-notes (ZNZ6) are down by -7 ticks today. The 10-year T-note yield is up +2.7 bp to 4.862%. T-notes are under pressure today as a rebound in equity markets has curbed safe-haven demand for T-notes. Also, hawkish comments today from New York Fed President Williams weighed on T-notes when he said that inflation is "absolutely too high." T-note losses accelerated today on a stronger-than-expected US Oct payroll report that showed non-farm payrolls and hourly earnings rose more than expected, and the unemployment rate unexpectedly declined, hawkish factors for Fed policy.
The markets are now pricing in a 76% chance of a +25 bp rate hike at the FOMC’s next meeting on December 8-9.
European government bond yields are moving higher today. The 10-year German bund yield rebounded from a 2.5-month low of 3.207% and is up +0.8 bp to 3.249%. The 10-year UK gilt yield is up +3.4 bp to 5.166%.
Eurozone Sep retail sales fell -0.7% m/m, weaker than expectations of -0.1% m/m.
German Sep industrial production unexpectedly rose +0.7% m/m, stronger than expectations of -0.1% m/m.
The markets are now pricing in a 78% chance of a +25 bp rate hike at the ECB’s next policy meeting on December 17.
US Stock Movers
Chipmakers and AI-infrastructure stocks are moving higher today, recovering some of Thursday’s rout. The iShares Semiconductor ETF (SOXX) is up more than +5%. Advanced Micro Devices (AMD) is up more than +13% to lead gainers in the S&P 500 and Nasdaq 100, and Lam Research (LRCX) is up more than +11%. Also, Sandisk (SNDK) is up more than +10%, and Applied Materials (AMAT), Micron Technology (MU), and KLA Corp (KLAC) are up more than +8%. In addition, Nvidia (NVDA) is up more than +6% to lead gainers in the Dow Jones Industrials, and Intel (INTC) and ASML Holding NV (ASML) are up more than +5%. Finally, Broadcom (AVGO), and Qualcomm (QCOM) are up more than +4%.
Cloud infrastructure stocks are moving higher today, recovering some of Thursday’s sharp decline. Nebius Group NV (NBIS) is up more than +11%, and Lumentum Holdings (LITE) is up more than +8%. Also, Applied Digital (APLD), CoreWeave (CRWV), and Arista Networks (ANET) are up more than +7%, and Oracle (ORCL) is up more than +6%.
Cloudflare (NET) is up +18% to lead cybersecurity stocks higher after raising its full-year adjusted EPS forecast to $1.35 from a previous estimate of $1.25 to $1.26, above the consensus of $1.27. Also, Crowdstrike Holdings (CRWD) and Palo Alto Networks (PANW) are up more than +3%, and Okta (OKTA) and SentinelOne (S) are up more than +2%. In addition, Zscaler (ZS) is up more th +1%, and Fortinet (FTNT) is up +0.60%.
Atlassian (TEAM) is down more than -10% to lead software stocks lower despite reporting better-than-expected Q1 results, as its future outlook was seen as underwhelming. Also, Thomson Reuters (TRI) is down more than -4%, and Autodesk (ADSK) and Intuit (INTU) are down more than -3%. In addition, Salesforce (CRM) is down more than -2% to lead losers in the Dow Joens Industrials, and Adobe Systems (ADBE) and Workday (WDAY) are down more than -2%. Finally, Microsoft (MSFT) and IBM (IBM) are down more than -1%.
Airbnb (ABNB) is up more than +9% after reporting Q3 revenue of $4.87 billion, stronger than the consensus of $4.75 billion, and forecasting Q4 revenue of $3.22 billion to $3.28 billion, well above the consensus of $3.16 billion.
Akamai Technologies (AKAM) is up more than +9% after reporting Q3 adjusted EPS of $1.77, better than the consensus of $1.68.
Moderna (MRNA) is up more than +4% after reporting Q3 revenue of $1.33 billion, stronger than the consensus of $888.1 million.
DraftKings (DKNG) is down more than -27% after reporting Q3 revenue of $1.33 billion, weaker than the consensus of $1.39 billion, and forecasting 2027 revenue of $7.35 billion to $7.75 billion, the midpoint below the consensus of $7.61 billion.
Axon Enterprise (AXON) is down more than -15% to lead losers in the S&P 500 and Nasdaq 100 after forecasting full-year adjusted Ebitda of $924 million to $929 million, weaker than the consensus of $949.4 million.
Charter Communications (CHTR) is down more than -4% after reporting Q3 free cash flow of $674 million, well below the consensus of $1.5 billion.
Earnings Reports (11/6/2026)
Charter Communications Inc (CHTR), Franklin Templeton Inc (BEN), Humana Inc (HUM), Moderna Inc (MRNA), PPL Corp (PPL), Vistra Corp (VST).
On the date of publication, Rich Asplund did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
More news from Barchart
Dear Cerebras Stock Fans, Mark Your Calendars for November 9 Ahead of Skydance Earnings, Here's What Barchart Data Says Comes Next for SKYD Stock Dear Rocket Lab Stock Fans, Mark Your Calendars for November 9 Tesla Will Wind Down Cybertruck Production by Mid-2027 — But the Real Story Is What Replaces It