Weekly Market Update: November 9, 2026

Market Update
Written by Trey Kerns

Week Ending November 6, 2026

S&P 500: −2.68%
NASDAQ Composite: −3.37%
Dow Jones Industrial Average: −0.94%

Weekly price changes compare the November 6 and October 30 closing values and exclude dividends.

Market Takeaway

Friday’s headlines told only part of the story. The S&P 500 and NASDAQ Composite rose that day, while the Dow fell. Measured from the previous Friday, all three finished lower. The NASDAQ had the largest weekly decline, at 3.37%.

Economic reports offered a different perspective. Employers added jobs in October, and revisions showed stronger hiring in late summer than previously reported. In corporate earnings, AMD reported strong growth in its data center business alongside a decline in its client and gaming segment.

Thematic Drivers of the Week

1. A rebound on Friday did not erase the week’s losses

What happened: The NASDAQ closed at 24,315.00 on Thursday and recovered to 24,579.43 on Friday. Even after that recovery, it remained well below its October 30 close of 25,437.00.

Why it mattered: A daily change compares two adjacent sessions. A weekly change compares Friday with the prior Friday. When prices move sharply in both directions, those two comparisons can describe the same market in quite different terms.

Market context: The Associated Press reported that AI-related shares recovered some of their earlier losses on Friday as investors assessed the midterm elections. That account describes part of Friday’s trading; it does not establish a single explanation for the week’s decline.

2. The jobs picture improved as earlier estimates changed

What happened: October payrolls rose by 165,000. In the same release, the Bureau of Labor Statistics added a combined 84,000 jobs to its previous estimates for August and September.

Why it mattered: Those 84,000 jobs belong to earlier months. Adding them to October’s gain would overstate hiring in October. The revisions change what we know about the path into the fall.

Market context: The jobs report arrived before Friday’s trading. The three indexes did not move together that day, and the closing values alone cannot tell us how much weight investors gave the report.

Earnings Recap: Key Companies in Focus

Advanced Micro Devices (AMD) | November 3

For its fiscal third quarter ended September 26, 2026, AMD reported revenue of $13.377 billion, up 45% from a year earlier. GAAP diluted earnings were $1.46 per share, compared with $0.75 a year earlier. Adjusted diluted earnings were $2.09, up from $1.20. The adjusted figure excludes items such as stock-based compensation and amortization of acquired intangible assets.

The Associated Press, reporting on Yahoo Finance, cited Zacks estimates of $1.94 per share from 14 analysts and $13.13 billion in revenue from 13 analysts. Against that panel, adjusted EPS exceeded the estimate by about 7.73% and revenue by about 1.88%, using the reported inputs.

Takeaway: The total did not describe every business line. Data center revenue rose 97% year over year, while client and gaming revenue fell 8%. The earnings comparison also depends on the measure: the $1.94 estimate is comparable to adjusted EPS, not to GAAP EPS.

Major Economic Reports Recap

September Job Openings and Labor Turnover | November 3

BLS estimated 7.5 million job openings on the last business day of September. During the month, employers recorded 5.4 million hires and 5.3 million separations, both little changed. August openings were revised upward by 111,000 to 7.2 million. These seasonally adjusted estimates can be revised again.

Economic Takeaway: Openings are a snapshot of positions still available on one day. Hires and separations count activity over a month. An opening does not necessarily turn into a hire in the same reporting period.

October Employment Situation | November 6

The unemployment rate was 4.1%, little changed from September. In the payroll survey, September’s gain was revised from 29,000 to 60,000 and August’s from 133,000 to 186,000. The October payroll estimate is preliminary.

Economic Takeaway: Payrolls count jobs reported by employers. The unemployment rate comes from a separate survey of households. The two measures answer different questions about the labor market.

Technical Perspective

All three indexes finished below their 50-session average closes. The S&P 500 and Dow remained above their 200-session averages, while the NASDAQ finished below its 200-session average. The Cboe Volatility Index (VIX) closed at 25.64, up from 19.42 the prior Friday. These comparisons put the week in context without establishing the direction of the next move.

Key Takeaways for Investors

  • October payrolls grew, and employers reported more jobs for August and September than first estimated.

  • The S&P 500 and NASDAQ Composite recovered some ground on Friday but finished the week lower.

  • AMD’s results illustrate why the accounting basis matters when comparing earnings with estimates.

Looking Ahead

Earnings to Watch This Week

CoreWeave (CRWV) scheduled its third-quarter earnings call for Tuesday, November 10, at 5:00 p.m. Eastern. Its announcement specifies the call time but does not give a separate release time.

Economic Data to Watch

BLS scheduled October Consumer Price Index and Real Earnings figures for Tuesday, November 10, at 8:30 a.m. Eastern. The October Producer Price Index is scheduled for Friday, November 13, at 8:30 a.m. Eastern. Consumer and producer prices measure different transactions; real earnings account for changes in purchasing power.

Fed Events to Watch

The Federal Reserve calendar lists economic outlook remarks from Governor Christopher Waller and Vice Chair for Supervision Michelle Bowman on November 10. No FOMC rate decision is scheduled for November 9–13.

Closing Thought

A Friday rebound and a weekly loss can both be accurate; the comparison dates tell you what each number means. The same habit helps with economic news: checking the month, the measure and any revision gives a headline a more useful place in the larger picture.

Sources

Disclosure: This market update is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell any security. Market data and company results are subject to revision and interpretation. Past performance does not guarantee future results. Investing involves risk, including the potential loss of principal.

Trey Kerns https://KernsLegacyPlanning.com
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Weekly Market Update: November 2, 2026