End-of-day recap
Chips powered a market rebound as strong payrolls revived rate-hike concerns and weighed on the Dow.
Chips led a rebound on Nov 06, 2026, a day after the AI-trade selloff, while a strong payrolls report revived rate-hike concern and weighed on the Dow.
The S&P 500 rose 0.34% to 7,378.90 and the Nasdaq gained 1.09% to 24,579.42, while the Dow fell 0.46%. October payrolls rose 165,000 versus a 59,000 estimate and unemployment fell to 4.1%. The VIX dropped 9.01% to 25.64; the 10-year yield sat at 4.86%.
$AMD closed at 449.04, up 11.04%, leading the chip bounce as investors bought the dip alongside Micron and SanDisk. The rally followed AMD's recently reported revenue and earnings beat.
Technology led all sectors at +1.45% while Consumer Defensive lagged at -1.28%, as Reuters reported money rotating out of defensive names and back into the AI trade.
IonQ jumped 23.42% to 32.62 after Q3 results and raised full-year revenue guidance to $505 million-$515 million, above the $456.2 million analyst estimate.
Oklo rose 22.66% to 23.55 on Q3 2026 results and a manufacturing deal with US Forged Rings for Aurora powerhouse reactor components, securing domestic supply.
DraftKings fell 21.30% to 18.51 after a 2027 adjusted EBITDA forecast missed estimates and it cut its near-term outlook, despite Q3 revenue topping estimates.
At Madrigal Pharmaceuticals ($9.23 billion market cap), director Baker Bros. Advisors LP filed five Form 4 purchases between November 4 and 6 totaling roughly $35 million, at $366.99 to $396.61 a share.
Truist Securities analyst Gabe Daoud raised his EOG Resources price target to $166 from a prior level near $147.23.
Northland analyst Mike Grondahl moved his TeraWulf target to $22.50 from a prior level near $11.21, calling it "one of the best value propositions in the AI infrastructure space."
Susquehanna analyst Joseph Stauff raised his Wynn Resorts target to $95 from a prior level near $83.49.
NVDA led options volume at 4.36 million contracts, followed by TSLA at 2.52 million and MU at 1.52 million. META's 926,000 contracts carried a 0.29 put-call ratio, the lowest in the top 10.
After hours, Charter fell 6.2% to 118.07. Its adjusted EPS loss of $20.50 missed an $8.90 estimate on $16.5 billion pro forma revenue, and it announced $2 billion in annualized cost cuts over 18 months.
Franklin Resources rose 4.7% after hours to 33.73 on Q4 adjusted EPS of $0.94 versus a $0.77 estimate and revenue of $2.435 billion. Fiscal 2026 long-term net inflows reached $84.1 billion after $97.4 billion of outflows in fiscal 2025.
With payrolls beating by more than 100,000 jobs, the open question is how rates traders price the next Fed move.
Not financial advice. For informational and educational purposes only.