AMD rallied 11.04% on Friday to close at $449.04, the day after a sharp chip selloff.

AMD rallied 11.04% on Friday to close at $449.04, the day after a sharp chip selloff. It opened about 9.9% higher and was up as much as 13.69% at the high before giving some back. Chips led the bounce. Micron gained 5.12%, Nvidia 2.78%, and the Philadelphia Semiconductor Index 4.2%. Micron and Nvidia had both been up more than 7% intraday. The Nasdaq closed up 1.09% at 24,579.42, while the S&P 500 added 0.31% and the Dow slipped 0.46%.

The jobs report is what complicates the picture for me. October payrolls rose 165,000 against a consensus of about 65,000, roughly two and a half times the forecast. August and September were revised up by a combined 84,000. Unemployment sits at 4.1%, and average hourly earnings rose 0.4% month over month, or 3.1% year over year. Futures put December rate-hike odds at about 75%, up from about 70% before the report.

Even with Friday's move, the Nasdaq closed out its fourth consecutive weekly decline, down roughly 3.4% on the week. A 1% gain doesn't undo Thursday's damage.

My read is that Friday looked like bargain hunting in the names that got hit hardest, against a macro backdrop that got tougher. The fade from the intraday highs fits that read. Strong labor data and a likely hike make it harder to justify paying up for growth. I'd want to see chips hold these levels into next week before I call this anything more than a relief bounce.

Sources:
Reuters via Herald Corp: https://biz.heraldcorp.com/article/10929103
Gold News / XAUUSD Global (BLS data): https://www.xauusdglobal.com/xauusd-news/2026-11-07/
Reuters via NetNapz: https://netnapz.com/nasdaq-november-6-2026-rebound-fourth-weekly-loss-ai-stocks/

Not financial advice. For informational and educational purposes only.