Friday, November 6, 2026 · 8:15 AM ET · Shahryar Rahmani, MTC Desk
Chips bounce after the rout and the October jobs report lands at 8:30 AM ET. Nasdaq 100 futures were up about 1.4% at 6:24 AM ET, led by the chip names that crashed Thursday, while Dow futures were down about 0.9% (Reuters). Economists expect about 65,000 jobs and 4.2% unemployment.
Read the episode
Morning, I’m Shah, your host, and this is MTC Radio, premarket edition.
Okay, so after yesterday’s selloff, the chip stocks are the ones bouncing first this morning. As of about seven forty, Nasdaq futures are up around one to one and a half percent, the S&P is up a little, and Dow futures are actually down, close to one percent.
So the Nasdaq 100 dropped over six percent, its worst day since March twenty twenty, and the Nasdaq is now officially in a correction. Why? Because after the Democrats took Congress, the market started pricing in tougher rules on the whole data center build-out. So this morning you see the same names that got hit the hardest coming back. AMD is up about eight percent, Micron about nine, Nvidia about four.
With that being said, the big thing today is the jobs report at eight thirty. The market is expecting about sixty five thousand jobs for October, and unemployment at four point two percent. And this one really matters, because traders are pricing roughly a two in three chance, as of early this morning, that the Fed hikes in December. So a hot number keeps that hike on the table, and a weak number takes some pressure off. We also get the Canadian jobs report at the same time, and consumer sentiment at ten.
On the earnings side, Airbnb is up about thirteen percent. They beat on revenue and earnings and raised their outlook for the year. Atlassian is the opposite, down about fifteen percent. The quarter was good, but they’re expecting subscription growth to slow down, and that’s what the market is focused on.
As for Spy, the zone I’m watching right now is seven thirty three to seven thirty four and a half. That’s yesterday’s low and the close, and premarket is sitting right on top of it. If we hold it after the open and see buying pressure, well, this bounce can keep going. However, if we lose it and it rejects from below, then technically sellers are still in control. Above us, the bigger zone is seven sixty two and a half to seven sixty six, where the whole break started yesterday.
For Q Q Q, we’re kind of in the middle. The lower zone is six forty seven to six forty nine, yesterday’s low and close, and the upper zone is six eighty to about six eighty three and a half. Premarket is around six fifty seven, so we’re in no man’s land. I’m not interested in trading the middle. I want price to come to one of these zones and show me a reaction, and I want Spy and Q Q Q to agree before I do anything.
And definitely no trades into the jobs number. Let it come out, let the first candles settle, and then we’ll see.
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 and we’re live today. See you there.
Thursday was rough. The Nasdaq 100 fell 6.36%, its worst day since March 2020, and the Nasdaq Composite dropped 5.52% to 24,315.00 and closed in a correction. The S&P 500 fell 4.36% to 7,353.73, its worst day since April 2025 (Investrade; ADVFN). The full story is in our stock market today hub and our Thursday close recap.
The fear is policy. Democrats won Congress, including in key data-center states, and investors are pricing tougher AI rules and a slower data-center build-out (Reuters). Jefferies called the selloff “reactionary, not a fundamental reset” (Reuters).
This morning the same names are bouncing. Micron was up about 9%, AMD about 8% and Nvidia about 3.5% to 4.5% before the open (Nasdaq.com, 7:43 AM ET; Reuters). The Dow is lagging, and the Nasdaq is still headed for a fourth straight weekly loss (Reuters).
Market Snapshot: Chips Bounce, Dow Lags
| Market | Move | Note |
|---|---|---|
| S&P 500 futures | about +0.3% | 6:24 AM ET (Reuters) |
| Nasdaq 100 futures | about +1.4% | Chips lead the bounce |
| Dow futures | about −0.9% | 6:24 AM ET (Reuters) |
| Russell 2000 (IWM) | about +0.2% | IWM at 7:41 AM ET (Nasdaq.com) |
| SPY premarket | 734.83 (about +0.1%) | 7:43 AM ET; Thursday close 734.06 |
| QQQ premarket | 657.73 (about +1.4%) | 7:43 AM ET; Thursday close 648.58 |
Top Premarket Stories
Moves are premarket, as of about 7:43 AM ET (Nasdaq.com).
Airbnb (ABNB), about +13%. Third-quarter revenue rose 19% to $4.87 billion, ahead of the roughly $4.74 billion expected, and EPS was $3.16 against about $2.85 expected (Investrade; Sensei). Airbnb raised its full-year 2026 revenue growth forecast (Reuters). Per Investrade, it guided fourth-quarter revenue to $3.22–$3.28 billion and authorized another $12 billion buyback.
Atlassian (TEAM), about −15%. A beat that didn’t matter. Revenue rose 24% to $1.77 billion (about $1.71 billion expected) and adjusted EPS was $1.65 (about $1.43 expected). Investors sold on one number: Atlassian expects subscription ARR growth to slow to about 18.5% by fiscal year-end (SiliconANGLE; Investing.com).
Chips bounce. Micron (MU) about +9%, AMD about +8% and Nvidia (NVDA) about +3.5% to +4.5%, after Thursday drops of about 18%, 17% and 9%. Reuters says Nvidia had its worst day since January 2025. Data-center names are recovering too: IREN about +16% and Lumentum (LITE) about +10% (Nasdaq.com; Reuters).
Sectors
It’s a bounce in the hardest-hit names, not a broad rally. Semiconductors and data-center plays lead, while the Dow lags. Reuters says the S&P 500 energy sector is on track for a more than 11% weekly drop as oil heads for a sharp weekly fall. Overseas, Japan’s Nikkei fell about 6% and South Korea’s Kospi about 6.5% as Asia caught up with Thursday’s selling (Investrade; ADVFN).
Rates, Dollar and Commodities
| Asset | Early Friday | One line |
|---|---|---|
| 10-year yield | about 4.85% | 4.84% at Thursday’s close (Treasury) |
| Brent crude | about flat | Set for a sharp weekly fall (Reuters) |
| Gold | about $4,075 | Investrade; ADVFN |
| VIX | about 26.7 | Slightly lower (Reuters) |
Economic Data Today
| Time (ET) | Release | Consensus | Prior | Actual |
|---|---|---|---|---|
| 8:30 AM | Nonfarm Payrolls (Oct) | about +65K | +29K | +165K |
| 8:30 AM | Unemployment Rate (Oct) | 4.2% | — | 4.1% |
| 8:30 AM | Average Hourly Earnings m/m (Oct) | +0.3% (Investrade) | +0.1% | +0.4% |
| 8:30 AM | Canada Jobs (Oct) | about +13,600; 6.5% (Reuters poll) | — | — |
| 10:00 AM | UMich Sentiment (Nov, prelim) | about 48.0 (Investrade) | — | — |
The jobs report is the first hard data since Thursday’s selloff. Traders price about a 65% to 68% chance of a December Fed hike, per CME FedWatch via Reuters (more than 65% at 6:24 AM ET) and Sensei (68%). A hot number keeps that hike in play; a weak one eases it but adds to growth worries. Our guide to using premarket data shows how we handle a big 8:30 print.
Earnings
Before the open (per Investrade’s calendar): Charter, Humana, Moderna, Vistra, Enbridge, Oklo, Brookfield Asset Management and Under Armour. No major names report after the close.
What to Watch Next
SPY is about 734.8, sitting right on its lower Zone, 733–734.5 (Thursday’s low and close). We’d want to see buyers defend it after the 8:30 data and the open; a clean break below it means sellers are still in charge. The upper Zone is 762.5–766, where Thursday’s break started.
QQQ is about 657.7, about 9 points above its lower Zone, 647–649, and far below the upper Zone, 680–683.6 (the 680 break and Thursday’s high). A gap up can fade fast after a day like Thursday, so we’d want to see whether the bounce holds through the first 15 to 30 minutes before trusting it. Thursday’s premarket brief has the setup that broke.
Risks: the jobs report at 8:30, UMich at 10:00, and a fragile bounce after the worst Nasdaq day in years. No alignment, no trade.
FAQ
Chip stocks are bouncing after Thursday’s rout, when the Nasdaq 100 had its worst day since March 2020. Nasdaq 100 futures were up about 1.4% at 6:24 AM ET (Reuters), while Dow futures were down about 0.9% and S&P 500 futures up about 0.3%.
The October jobs report is out at 8:30 AM ET. Economists expect about 65,000 new jobs after 29,000 in September, with unemployment at 4.2% (Investrade; Cantillon; Sensei). Canada’s October jobs report is also out at 8:30 AM ET.
Airbnb was up about 13% at 7:43 AM ET after revenue of $4.87 billion beat estimates and it raised its 2026 revenue growth forecast. Atlassian was down about 15% after a beat, because it expects subscription ARR growth to slow to about 18.5% by fiscal year-end.
On SPY, 762.5 to 766 is the upper Zone and 733 to 734.5 the lower Zone; SPY was about 734.8 at 7:43 AM ET, right on the lower Zone. On QQQ, 680 to 683.6 is the upper Zone and 647 to 649 the lower Zone; QQQ was about 657.7. These are places to watch for a reaction, not entries.
Sources: Nasdaq.com premarket quotes (7:40–7:44 AM ET); Reuters (futures at 6:24 AM ET); Investrade; Sensei; Cantillon Report; SiliconANGLE; Investing.com; ADVFN; U.S. Treasury. Featured image: AI-edited from an NVIDIA newsroom press image (NVIDIA DSX pod). Premarket moves are approximate and change before the open.
Education only. Not financial advice.
