The S&P 500 Index ($SPX) (SPY) is up +1.07% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.21%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +2.09%. December E-mini S&P futures (ESZ26) are up +0.90%, and December E-mini Nasdaq futures (NQZ26) are up +2.00%.
US stock indices are moving higher today, with the Dow Jones Industrials recovering from 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.
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Stocks added to their gains today on better-than-expected US economic news. The Oct nonfarm payrolls and average hourly earnings rose more than expected, and the unemployment rate unexpectedly declined. Consumer sentiment also improved, and inflation expectations declined in the University of Michigan’s Nov consumer sentiment index.
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.
The University of Michigan US Nov consumer sentiment index rose +3.0 to 51.0, stronger than expectations of no change at 48.0.
The University of Michigan US Nov 1-year inflation expectations fell -0.4 to 4.3%, weaker than expectations of 4.6%. The Nov 5-10 year inflation expectations fell -0.1 to 3.4%, weaker than expectations of no change at 3.5%.
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) gave up an early advance and are down -0.5% today 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.
Crude prices initially moved higher today as Ukraine 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.
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, 440 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 -1.38%. 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 -6 ticks today. The 10-year T-note yield is up +2.3 bp to 4.857%. 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 78% 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 +1.5 bp to 3.255%. The 10-year UK gilt yield is up +2.1 bp to 5.153%.
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 an 80% 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 +3%. Advanced Micro Devices (AMD) is up more than +10% to lead gainers in the Nasdaq 100, and Lam Research (LRCX) is up more than +9%. Also, Intel (INTC) and KLA Corp (KLAC) are up more than +6%, and Sandisk (SNDK), and Qualcomm (QCOM) are up more than +5%. In addition, Applied Materials (AMAT), ASML Holding NV (ASML), and Marvell Technology (MRVL) are up more than +4%.
The Magnificent Seven Technology stocks, sans Microsoft, are moving higher today, a positive factor for the overall market. Tesla (TSLA) is up more than +4%, and Nvidia (NVDA) is up more than +3% to lead gainers in the Dow Jones Industrials. Also, Meta Platforms (META) is up more than +2%, and Amazon.com (AMZN) and Alphabet (GOOGL) are up more than +1%. In addition, Apple (AAPL) is up +0.46%.
Cloud infrastructure stocks are moving higher today, recovering some of Thursday’s sharp decline. Nebius Group NV (NBIS) and Applied Digital (APLD) are up more than +7%, and Arista Networks (ANET) is up more than +6%. Also, Lumentum Holdings (LITE) is up more than +5%, CoreWeave (CRWV) is up more than +4%, and Oracle (ORCL) is up more than +2%.
Atlassian (TEAM) is down more than -16% to lead software stocks lower despite reporting better-than-expected Q1 results, as its future outlook was seen as underwhelming. Also, Salesforce (CRM) is down more than -3% to lead losers in the Dow Jones Industrials, and Thomson Reuters (TRI) and Intuit (INTU) are down more than -3%. In addition, Autodesk (ADSK) and Workday (WDAY) are down more than -2%, and Adobe Systems (ADBE) and IBM (IBM) are down more than -1%.
Cloudflare (NET) is up +12% 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.
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 +8% after reporting Q3 adjusted EPS of $1.77, better than the consensus of $1.68.
Moderna (MRNA) is up more than +6% 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 -17% 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.
Microchip Technology (MCHP) is down more than -13% after forecasting Q3 net sales of $1.57 billion to $1.64 billion, the midpoint below th consensus of $1.62 billion.
Charter Communications (CHTR) is down more than -2% 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.
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