Written by: Tide Research

U.S. stock markets closed mixed on Friday: the Nasdaq rebounded 1.09%, the S&P 500 rose slightly, and the Dow fell; chip stocks partially recovered from Thursday's sharp decline.

Over the weekend, NVIDIA's board launched an independent investigation into reports related to Jensen Huang, and Nasdaq futures weakened Sunday night.

On Monday's Asian morning, the Nikkei 225 opened about 2% higher, while U.S. stock index futures showed mixed performance.

Friday's Close: Nasdaq Rebounds, All Three Major Indices Still Close Lower This Week

All results are from trading on Friday, November 6, Eastern time. U.S. stock markets are closed over the weekend, with no Sunday close.

The Nasdaq rose 1.09%, closing at 24,579.42 points; the S&P 500 rose 0.31%, closing at 7,376.86 points; while the Dow fell by 237.33 points, a decline of 0.46%, closing at 51,285.73 points.

On Thursday, the Nasdaq had fell by 5.5%, entering a technical correction. On Friday, some capital returned to chip stocks: Micron rose about 5%, NVIDIA rose nearly 3%, returning to positive territory for the year; AMD once rose about 9% during the day, and Intel rose nearly 7% during intraday trading.

For the week, the Nasdaq fell 3.4%, the S&P 500 fell 2.7%, and the Dow fell 0.9%. The technology sector ETF (XLK) fell about 8% this week, marking its worst week since early April 2025.

In intraday news, reports indicated that Microsoft planned to reduce the number of neocloud partners and cut back on computing power leased from Oracle; IonQ’s revised full-year revenue guidance sent its shares up about 17%; Microchip provided weak guidance, falling about 14% intraday.

Non-farm Payrolls Greatly Exceed Expectations, Oil Prices Plummet Weekly

The U.S. Department of Labor reported that non-farm employment added 165,000 jobs in October, far exceeding the Dow Jones survey expectation of 59,000; the unemployment rate fell to 4.1%, below the expected 4.2%.

August and September were revised up by a total of 84,000 jobs. Average hourly earnings rose 0.4% month-on-month and 3.1% year-on-year. Professional and business services added 70,000 jobs, and healthcare added 42,000 jobs.

CME FedWatch showed that market pricing for a 25 basis point rate hike at the December 8-9 meeting rose to about 76.8%.

WTI crude oil settled at $90.83 per barrel on Friday, up 0.34%; Brent crude settled at $98.32 per barrel, essentially flat. For the week, WTI fell about 13%, while Brent fell over 16%.

In U.S. Treasury yields, the 10-year yield settled at 4.86% on Friday, rising about 2 basis points from Thursday; the 2-year yield settled at 4.51%.

The preliminary consumer confidence index from the University of Michigan for November was 51.0, higher than the expected 47.5.

Weekend: NVIDIA's Board Launches Independent Investigation

On November 8 (Sunday), NVIDIA’s board announced the initiation of an investigation led by independent directors and external independent lawyers regarding media reports that founder and CEO Jensen Huang may become a target of foreign intelligence operations.

The board stated that there is currently no reason to believe that national security or company secrets have been leaked, and the investigation will review all available information; Jensen Huang supports and cooperates with the review. A company spokesperson stated that he will continue to serve as CEO.

On the same day, Jensen Huang sent a letter to employees, admitting to an extramarital affair and apologizing. Relevant reports indicated that U.S. intelligence agencies were concerned about his interactions with Alice Huang (who has no family relation to Jensen Huang); the individual is connected to NVIDIA's client, cloud company Megaspeed.

Trump stated to reporters on Sunday night that he believes Jensen Huang is a "good person" and that he should continue to serve as CEO.

Monday Asia: Nikkei Rebounds, U.S. Stock Futures Mixed

On Monday's Asian morning, the Nikkei 225 rose about 2%, and the Taiwan Weighted Index rose over 2%; South Korea's KOSPI fluctuated slightly. Last Friday, Asia followed the U.S. downward, with the Nikkei and South Korean markets falling over 5%.

As for U.S. stock index futures, on Sunday night in the Eastern time zone, S&P 500 futures were roughly flat, Nasdaq 100 futures fell about 0.2%, and Dow futures rose about 0.4%. In the Tokyo morning session, S&P futures showed little change, while Nasdaq futures weakened under the influence of NVIDIA news.

Regarding oil prices, on Monday's Asian morning, Brent fell back to around $97.5 per barrel. Trump stated on Sunday that if negotiations with Iran over nuclear talks and the reopening of the Strait of Hormuz progress, he is "extremely unlikely" to order new strikes against Iran.

Bitcoin traded around $75,000.

Today's Focus

All times are in Beijing time.

This Week: U.S. Inflation Data. The market is focusing on the price reading to be released around Tuesday and its impact on the Federal Reserve's path in December.

November 17: NVIDIA to Release Q3 Financial Report. The investigation news will continue to influence trading sentiment over the weekend.

Data Center Policy: Texas Governor-elect Gina Hinojosa emphasized last week that data center expansion should be paused before protective measures are implemented; related negotiations will continue until around January when she takes office.