US Today.zip Nov 6: Nasdaq Rebounds 1.09%, Payrolls Beat at 165,000

U.S. Daily Brief
By BriefZip Editorial
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How much did tech stocks recover on Friday, November 6, after Thursday's crash? Only part of it. The Nasdaq Composite rose 1.09% and the Philadelphia Semiconductor Index gained 4.21%, but both indexes clawed back well under half of what they had lost the day before. At the same time, a much stronger October jobs report pushed the odds of a December Federal Reserve rate hike above 77%. Here is what moved, what the numbers mean and what to watch next.

US Today.zip November 6 2026 cover with six headlines

Stocks: a partial bounce, not a full recovery

Dow 51,285.73 down 0.46 percent, S&P 500 7,376.86 up 0.31 percent and Nasdaq 24,579.43 up 1.09 percent

The Nasdaq closed at 24,579.43, up 264.43 points or 1.09%. The S&P 500 finished at 7,376.86, up 0.31%, while the Dow Jones Industrial Average slipped 237.33 points, or 0.46%, to 51,285.73.

Put the bounce in context. On Thursday the Nasdaq fell 1,421.52 points, so Friday's gain recovered only about 19% of that drop. Our own calculation shows the index would still need to climb about 4.7% to get back to Wednesday's close of 25,736.52. In other words, Friday looked more like a pause after a crash than a turnaround.

Reports said dip buyers returned to the beaten-down tech names, but gains were capped by a report that Microsoft plans to reduce the number of neocloud partners it works with.

A neocloud is a newer cloud company that specializes in renting out graphics processors for AI computing. Because big tech firms are their main customers, any change in those contracts quickly affects sentiment around AI spending.

Chips: AMD leads the rebound

Philadelphia Semiconductor Index 9,390.25 up 4.21 percent

The Philadelphia Semiconductor Index rose 379.11 points, or 4.21%, to 9,390.25. After Thursday's 1,257.52-point plunge, that means the chip index regained about 30% of its loss, a bigger share than the Nasdaq's 19%. Buyers appear to have returned first to the sector that fell the most.

Among individual names, AMD jumped 11.04%, Micron Technology rose 5.12% and Nvidia added 2.78%. AMD and Micron had each dropped roughly 17% the day before.

Even so, the index would need to gain about 9.4% more to return to its level before Thursday's selloff, 10,268.66 by our calculation. The next test is whether worries about tighter data center rules after the Democrats' midterm win turn into concrete policy.

Jobs: payrolls nearly triple the forecast

October payrolls up 165,000 and December hike odds above 77 percent

The Bureau of Labor Statistics said nonfarm payrolls rose by 165,000 in October, about 2.8 times the 59,000 economists expected. The unemployment rate edged down to 4.1%, and average hourly earnings rose 0.4% on the month to $38.00, up 3.1% from a year earlier.

Revisions added to the strength. August was revised up to 186,000 and September to 60,000, a combined 84,000 more jobs than first reported. Using the revised figures, the three-month average comes to 137,000, about 2.9 times the 48,000 monthly average over the prior 12 months.

Nonfarm payrolls measure how many jobs were added outside farming in a given month. It is one of the most watched numbers for judging the direction of the US economy and interest rates.

Faster hiring and rising wages give the Fed more reason to keep tightening. Fed funds futures priced a better than 77% chance of a quarter-point hike at the December 9 meeting, up from about 66% the day before, according to reports. The 10-year Treasury yield rose to 4.864% and the 2-year to 4.522% during the session. San Francisco Fed President Mary Daly said she expects the Fed will need to tighten policy further.

Trade: Washington presses Beijing on Busan

US presses China to implement the Busan trade arrangement

Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer held a video call with Chinese Vice Premier He Lifeng. According to the Treasury readout, Bessent stressed that China must fully and immediately implement the commitments it made in Busan, raised concerns about recent Chinese actions and said continued progress depends on concrete results. The USTR readout singled out agricultural purchases, rare earths and other critical minerals.

Reports said the call was part of preparations for a meeting between President Trump and Chinese leader Xi Jinping in Shenzhen later this month. Rare earth supply matters directly for chip and electric vehicle production, so the outcome of that meeting is worth watching.

Politics: a new White House chief of staff

Stephen Miller to replace Susie Wiles as White House chief of staff

President Trump said Deputy Chief of Staff Stephen Miller will become chief of staff starting Monday, November 9. Susie Wiles, who reports described as Trump's longest-serving White House chief of staff, will move to the Trump political operation. Miller is widely known as the architect of the administration's hard-line immigration policies. The change came just days after Republicans lost control of both chambers of Congress in the midterm elections.

Tesla: Cybertruck output to wind down

Tesla to wind down Cybertruck production at Gigafactory Texas

Tesla CEO Elon Musk wrote on X that Tesla will wind down Cybertruck production at Gigafactory Texas around the middle of next year to make room for more Cybercab production. The Cybercab is Tesla's two-seat robotaxi. Reports said Musk did not say whether Cybertruck production would move elsewhere or end altogether.

Tesla shares closed at $358.22, up 4.23%. Because tech stocks broadly rebounded the same day, the gain is hard to attribute to the Cybertruck news alone. The figure to watch next is how quickly Cybercab output actually ramps up.

The bottom line

On November 6, the Nasdaq rose 1.09% and the chip index 4.21%, but both recovered only a fraction of Thursday's losses. A strong jobs report lifted December hike odds above 77%, Washington pressed Beijing on rare earths, the White House named a new chief of staff and Tesla said it will wind down Cybertruck output in Texas around the middle of next year.

Sources: US Department of Labor, US Department of the Treasury, Office of the US Trade Representative, Tesla

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