Friday, November 6, 2026 · 4:55 PM ET · Shahryar Rahmani, MTC Desk
Chip stocks rebound after the rout, but the bounce faded. The Nasdaq Composite rose 1.09% to 24,579.42 and the S&P 500 gained 0.31% to 7,376.86, while the Dow slipped 0.46% to 51,285.73. A hot jobs report (+165,000 vs about 65,000 expected) kept a December Fed hike in play (Yahoo Finance).
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Hey, I’m Shah, your host, and this is MTC Radio.
So after yesterday’s crash, today we got a bounce. But it was a tired bounce. The Nasdaq finished up about one percent, the S&P 500 was up about a third of a percent, and the Dow actually slipped about half a percent. And most of the gains came in the first twenty minutes. By the close, Spy and Q Q Q had given back most of it.
The bounce came from the same place as the crash, the chip stocks. The chip E T F was up about three and a half percent. AMD jumped about eleven percent, Micron about five, Nvidia close to three. That sounds great, but remember, AMD and Micron each fell about seventeen, eighteen percent yesterday. So they got back a piece of it, not all of it. And Iren was up about twenty percent after its cloud computing revenue more than doubled from the quarter before.
Then we had the jobs report this morning, and it was a big one. A hundred sixty five thousand jobs in October, when people were looking for about sixty five thousand. And unemployment dropped to four point one percent. That’s good news for the economy. For the market it’s trickier, because a strong job market gives the Fed more reason to stay tough. Yahoo Finance said it keeps a December rate hike on the table. And you could see it in bonds. The two-year yield went up to about four and a half percent.
On the earnings side, Airbnb was up almost twelve percent after a strong quarter and a better outlook for the year. Vistra, the power company, was up about ten and a half percent. Their profit grew more than fifty percent and they gave their first guide for next year. Humana and Moderna both raised their outlook and were up about five percent each. On the other side, Atlassian dropped about sixteen percent. They beat, but they said subscription growth is slowing. And Charter fell about six percent after losing more internet customers.
Now, this morning on Spy, our lower Zone was seven thirty three to seven thirty four and a half. Spy opened just above it, never really got inside it, and buyers stepped in. Spy and Q Q Q went up together into nine fifty three. So the reaction was there, and both of them agreed. But then it stalled around seven forty two and slowly bled all day, and Spy closed right back on top of that Zone. On Q Q Q, it opened in the middle of the range and never touched either Zone, so honestly there was nothing to do there based on the plan.
In the live session I took Q Q Q puts at ten oh two, after it came back up toward that nine fifty three high and made a lower high. It was an early entry, I scaled out around six fifty nine and I was fully out by ten twelve. About one R. I wanted to add, but I hesitated, because we didn’t have the full confirmation. And that’s fine.
For Monday, on Spy I’m watching seven forty one to about seven forty two above, that’s where today’s bounce stalled, and seven thirty three to seven thirty five below. That lower Zone has held twice now. If it holds a third time, buyers are still defending it. If it breaks, well, the sellers from yesterday are back in charge. On Q Q Q, six sixty two and a half to six sixty four and a half above, and six forty seven to six forty nine below.
It was a rough week. So this weekend, journal your trades, reset, and don’t carry this week’s emotions into Monday.
So yeah, that’s what I’m watching. If you want to trade it with us, we’re live Monday, Tuesday, Thursday and Friday in the community. See you there.
The why: chip stocks won back part of Thursday’s losses, which had come from worries about slower AI data-center building under a Democratic Congress (Yahoo Finance). At 8:30 AM the October jobs report showed 165,000 new jobs and unemployment down to 4.1% (BLS). Strong jobs mean less reason for the Fed to ease, so the 2-year Treasury yield rose to 4.51%.
The bounce faded during the day. SPY and QQQ both hit their highs at 9:53 AM ET and closed near the bottom of the day’s range. Yahoo Finance said the S&P 500 still had its worst week since June.
The Closing Bell
Index levels are from Nasdaq.com and Yahoo Finance; ETF closes are official 4:00 PM ET prints from Nasdaq.com, checked against Finviz.
| Index | Close | Change | ETF |
|---|---|---|---|
| Nasdaq Composite | 24,579.42 | +1.09% | QQQ $656.10 (+1.40%) |
| Nasdaq 100 | 26,989.99 | +1.35% | |
| S&P 500 | 7,376.86 | +0.31% | SPY $735.36 (+0.32%) |
| Dow Jones | 51,285.73 | −0.46% (−237 points) | DIA $512.23 (−0.40%) |
| Russell 2000 | 2,754.11 | +0.89% | IWM $273.64 (+0.98%) |
Chip Stocks Rebound: What Drove the Day
The chip bounce. The semiconductor ETF (SMH) rose 3.62%. AMD gained 11.04%, Taiwan Semiconductor 6.26%, Marvell 5.73%, Qualcomm 5.52%, Micron 5.12%, Arm 4.74% and Nvidia 2.78%. On Thursday AMD and Micron had each lost about 17%, so Friday won back only part of it. Our Thursday close recap covers the sell-off.
Data-center names jumped. IREN rose 20.02% after reporting $200 million in AI cloud revenue for the quarter, up from $71 million the quarter before, though its quarterly loss was $263 million (Yahoo Finance). IonQ gained 23.16% and Oklo 22.73% after their reports.
Tesla rose 4.23% after Elon Musk said Tesla will wind down Cybertruck production in Texas around the middle of next year to make room for Cybercab (Yahoo Finance). AppLovin added 9.86% for a second day after its report. Microsoft fell 0.99% and Apple 0.52%.
Earnings: Airbnb, Vistra Up; Atlassian, Charter Down
Airbnb rose 11.67% after a third-quarter beat and a raised full-year outlook; our Airbnb earnings reaction has the numbers.
Vistra gained 10.51%. Its Ongoing Operations Adjusted EBITDA rose more than 50% to $2.378 billion, it gave a first 2027 guide of $7.7 to $8.5 billion, and it added $1.5 billion to its buyback (company release).
Humana rose 5.24% after raising its 2026 adjusted EPS guide to “at least $9.50” from “at least $9.00”. Moderna gained 5.27% after lifting its 2026 revenue growth outlook to 15%–25% from up to 10% (company releases).
On the other side, Atlassian fell 16.15% after forecasting slower subscription growth (SiliconANGLE; Investing.com), Microchip lost 10.02% after its Thursday report, and Charter dropped 6.19% after losing 233,000 Internet customers on a pro forma basis and announcing a $2 billion cost-savings plan (company release).
Sectors: Tech Leads, Staples Lag
Technology led with +1.45%, followed by Communication Services (+0.42%) and Industrials (+0.14%). Energy and Consumer Discretionary were flat. Health Care (−0.08%), Utilities (−0.36%), Financials (−0.59%), Real Estate (−0.70%) and Materials (−0.71%) slipped, and Consumer Staples was the weakest at −1.26%. It was the mirror image of Thursday, when defensives held up best, but the moves were much smaller. Our guide to bull vs bear markets explains how to read breadth.
Rates, Commodities and Crypto
| Asset | Level | One line |
|---|---|---|
| 10-year Treasury yield | 4.86% | Up about 2 basis points (U.S. Treasury) |
| 2-year Treasury yield | 4.51% | Up about 5 basis points (U.S. Treasury) |
| WTI crude | about $90.45 (flat) | Finviz and Yahoo Finance, about 4:40 PM ET |
| Gold | about $4,075 (about −1%) | Finviz and Yahoo Finance, about 4:40 PM ET |
| Bitcoin | about $75,700–$76,000 (flat) | Finviz and Yahoo Finance, about 4:40 PM ET |
| VIX | about 25.5 (about −9%) | Yahoo Finance |
Economic Data Today: The October Jobs Report
| Time (ET) | Release | Consensus | Prior | Actual |
|---|---|---|---|---|
| 8:30 AM | Nonfarm payrolls (Oct) | about +65K | +60K (revised from +29K) | +165K |
| 8:30 AM | Unemployment rate (Oct) | 4.2% | 4.2% | 4.1% |
| 8:30 AM | Average hourly earnings (Oct) | about +0.3% m/m (Investrade) | +0.4% m/m, +3.1% y/y |
Payrolls rose more than three times their 12-month average of 48,000, and August and September were revised up by a combined 84,000 (BLS). Professional and business services added 70,000 jobs and health care 42,000. Yahoo Finance said the report keeps a December Fed rate hike in play; as of about 6:24 AM ET, before the report, traders priced about a 65%–68% chance of a hike (CME FedWatch via Reuters; Sensei).
After the Bell
No major companies reported after the bell. After-hours moves in the big names were under 1% as of about 4:30 PM ET (Nasdaq.com, Finviz).
Setup Review and What to Watch Next
This morning’s premarket brief flagged SPY 733–734.5 as the Lower Zone. Per Nasdaq.com data, SPY opened at 735.66, just above the Zone, and never closed a minute inside it (the day’s low was 734.58). SPY and QQQ rose together to their 9:53 AM ET highs. The bounce then faded, and SPY closed at 735.36, right back on the Zone. QQQ opened in the middle of its range and never reached either of its Zones, which is where the plan said to wait. In the live session Shahryar took QQQ 660 puts at 10:02 AM ET after the 9:53 high and was fully out at 10:12, closed green for about +1R. Past results don’t guarantee future results.
For Monday, the Zones to watch for a reaction are SPY 741–742.3 (today’s high) and 733–735 (held twice), and QQQ 662.5–664.5 and 647–649. Price closed near the bottom of today’s range, so the first question is whether SPY 733–735 holds a third time. Our guide to using premarket data to prepare for the day shows how we build these levels.
Risks: a Fed that may still hike, chip stocks that are still well below Wednesday’s levels, and a weekend of headlines after a volatile week. No alignment, no trade.
FAQ
Chip stocks won back part of Thursday’s losses, when the semiconductor sector had its worst day since 2020 on worries about slower AI data-center building under a Democratic Congress (Yahoo Finance). On Friday the VanEck Semiconductor ETF (SMH) rose 3.62%, AMD gained 11.04% and Micron 5.12%, though most chip names stayed below Wednesday’s levels.
The U.S. added 165,000 jobs in October, against about 65,000 expected, and the unemployment rate fell to 4.1% from 4.2%, according to the Bureau of Labor Statistics. August and September were revised up by a combined 84,000, and average hourly earnings rose 0.4% on the month.
The rebound was led by chip and tech stocks, which carry more weight in the Nasdaq. The Dow holds fewer chip stocks and slipped 0.46%, while consumer staples were the weakest sector, down 1.26%. Money moved back into the stocks that fell most on Thursday.
Yields rose. The 10-year Treasury yield ended at 4.86% from 4.84%, and the 2-year rose to 4.51% from 4.46%, according to U.S. Treasury data. A strong report gives the Fed less reason to ease, and Yahoo Finance said it keeps a December rate hike in play.
Sources: Nasdaq.com official closes, index levels and 1-minute prices; Finviz quotes and futures; Yahoo Finance; U.S. Bureau of Labor Statistics (Employment Situation, October 2026); U.S. Treasury daily yield curve; company releases (SEC 8-K Ex. 99.1) for Vistra, Charter, Humana and Moderna; SiliconANGLE and Investing.com (Atlassian); Reuters and Sensei (Fed odds, premarket). Futures and crypto levels are approximate and carry their time. Featured image: AI-edited from the AMD EPYC 9754 processor (photo: Geekerwan, Wikimedia Commons, CC BY 3.0).
Education only. Not financial advice.
