Afternoon update

Chips led Friday's partial rebound from Thursday's Nasdaq rout, the index's steepest drop in 19 months. The Nasdaq rose 1.42% and the S&P 500 rose 0.71%.

• $AMD gained 9.2% and Intel 8.1%, and Micron also moved higher. The semiconductor basket rose 4.58% with 10 of 11 names advancing. A stronger-than-expected October jobs report, with unemployment at 4.1%, added support.

• SiTime rose 16.3% after Seaport Research upgraded it to Buy with a $425 target, calling the AI selloff "indiscriminate" and "overdone." Coherent gained 14.7% and led the S&P 500 after a 13% slide Thursday.

• DraftKings fell 23.2%. Its Q3 loss of 94 cents a share was far wider than the 39 cents expected, revenue of $1.33B missed estimates, and the company cut its 2027 adjusted EBITDA outlook.

• Microchip fell 11.8% on Q3 guidance below consensus and is on pace for its worst week since December 2000. Halozyme dropped 15.5% on a Leerink downgrade to Market Perform.

• Consumer staples lagged: the basket fell 0.99% with only 1 of 10 names advancing, and XLP declined 0.85%.

Macro drove the sector rotation, while earnings and analyst calls drove the largest single-stock losses. With December rate-hike odds at 78%, the durability of the chip bounce is the open question for next week.

Not financial advice. For informational and educational purposes only.