Market Analysis
Why Did Stocks Fall Nov 11? Hot CPI Report
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Stock Market Today, Nov 9: Jobs Report Lifts Hike Odds
StockCram Editorial4 min readChip stocks bounced after Thursday's rout, but a hot jobs report pushed December rate-hike odds to about 77% ahead of Tuesday's inflation data.
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StockCram is not a broker-dealer, investment adviser, or financial institution. All content is for educational and informational purposes only and should not be construed as personalized investment advice. Consult a qualified financial professional before making investment decisions. Past performance does not guarantee future results.Executive Summary
- •US stocks rose on Friday, November 6, as chip shares rebounded from Thursday's rout, with the S&P 500 up 0.32% to 7,376.86 and the Nasdaq up 1.1%, yet the S&P 500 still lost 2.68% for the week.
- •A 165,000-job gain in October, against forecasts of about 59,000, lifted the odds of a December 9 Fed rate hike to roughly 77%.
- •Brent crude fell about 16% last week to $98.32 a barrel as traders bet on a de-escalation of the Iran war.
- •Nvidia said Sunday, November 8, that it is investigating CEO Jensen Huang, and Nasdaq 100 futures briefly fell 1.0% before trading about 0.1% higher.
- •October inflation data arrives Tuesday, November 10, at 8:30 a.m. ET, with September's reading at 3.7% a year earlier.
Deep DiveToday's Market Movers
Chip stocks rebound Friday, but the S&P 500 still posts its worst week since April 2025
What Happened
The S&P 500 rose 0.32% to 7,376.86 on Friday, November 6, as a rebound in chip stocks softened Thursday's AI selloff. The semiconductor index jumped 4.2%, with AMD up 11% and Nvidia up 2.8%. Even so, the S&P 500 fell 2.68% for the week, its biggest weekly drop since early April 2025. The Nasdaq lost 3.37% and is now more than 10% below its peak from a month ago, which is a market correction.
Why It Matters
A one-day bounce repaired only part of the damage after Thursday's drop of 4.4% in the S&P 500 and 5.5% in the Nasdaq. The VIX, Wall Street's fear gauge, was still elevated at 25.6. For context on how past selloffs played out, see Are We in Another AI Bubble?
Market Impact
Equities
S&P 500 +0.32% to 7,376.86; Nasdaq Composite +1.1% to 24,579.43; Dow -0.46% to 51,285.73; chip index +4.2%.
Rates
10-year Treasury yield edged up to 4.86% from 4.84%.
FX
Dollar firmer; the U.S. Dollar Index rose about 0.7% to 102.22 early Friday.
Commodities
Little direct effect; Brent ended near $98.32 a barrel.
U.S. employers add 165,000 jobs in October, far above forecasts, lifting December rate-hike odds
What Happened
The U.S. Bureau of Labor Statistics said employers added 165,000 jobs in October, against forecasts of roughly 59,000 to 62,000. The unemployment rate fell to 4.1% from 4.2%. After the report, CME FedWatch put the chance of a quarter-point Fed rate hike on December 9 at 76.8%, up from 66.9% a week earlier.
Why It Matters
Strong hiring gives the Federal Reserve room to raise rates again, and higher rates make borrowing costlier for companies and households. Learn how the Federal Reserve sets policy, or read why stocks can rise when interest rates are high.
Market Impact
Equities
Stocks were mixed after the report; the Dow ended lower while tech rebounded.
Rates
2-year yield rose to 4.51% from 4.46%; 10-year rose to 4.86% from 4.84%.
FX
Dollar rose; the U.S. Dollar Index was up about 0.7% at 102.22 in early trading.
Commodities
Gold futures fell about 0.8% to roughly $4,081 as yields and the dollar firmed.
Brent crude posts its biggest weekly drop since 2020, down about 16%, on hopes of Iran war de-escalation
What Happened
Brent crude futures finished Friday, November 6, at $98.32 a barrel, up 0.03% on the day but down about 16% for the week. That is the steepest weekly drop since the start of the Covid-19 pandemic. Traders bet that Republican losses in the midterm elections could lead to de-escalation in the US-Israeli war on Iran. Attacks on vessels in the Middle East continue to put a floor under prices.
Why It Matters
Oil prices swung within a $19 range in a single week. That drove up uncertainty for fuel costs and inflation. See why oil falls and stocks rise when war fears ease for the mechanics.
Market Impact
Equities
Lower oil eases cost worries, but energy shares are exposed to the drop.
Rates
No clear move tied to oil.
FX
No clear move tied to oil.
Commodities
Brent closed at $98.32 a barrel on Friday, up 0.03% on the day, after a roughly 16% weekly fall.
Nvidia opens independent investigation into CEO Jensen Huang over alleged Chinese intelligence ties
What Happened
Nvidia's board said Sunday, November 8, it is opening an independent investigation after reports that CEO Jensen Huang was the target of a foreign intelligence effort. Huang told staff he had an affair with a businesswoman linked to Megaspeed, an Nvidia customer. U.S. intelligence agencies have raised concerns that she passes information to Beijing. The board said it has no reason to believe company secrets or national security were compromised.
Why It Matters
Nvidia is one of the market's largest AI stocks, so news about its leadership can sway the whole tech sector, which is already shaky.
Market Impact
Equities
Nasdaq 100 futures fell as much as 1.0% early Monday, then recovered to trade up about 0.1%.
Rates
No clear move.
FX
No clear move.
Commodities
No clear move.
Treasury yields tick up and dollar gains as rate-hike bets build
What Happened
The U.S. 10-year Treasury yield ended Friday, November 6, at 4.86%, up from 4.84%, while the 2-year yield rose to 4.51% from 4.46%. The 30-year yield edged up to 5.26% from 5.25%. The dollar strengthened after the jobs data, and gold slipped.
Why It Matters
Yields stay near two-month lows even after the rise. Where they go next depends on inflation data due Tuesday.
Market Impact
Equities
Higher yields add pressure to richly priced growth stocks.
Rates
10-year yield 4.86%, 2-year 4.51%, 30-year 5.26% at Friday's close.
FX
U.S. Dollar Index up about 0.7% to 102.22 in early Friday trading.
Commodities
Gold futures down about 0.8% to roughly $4,081.
Historical Perspective
Similar Event
The week ended April 4, 2025, was the last time the S&P 500 fell as sharply in a single week as it did this week (-2.68%).
What Happened Then
Sharp weekly drops have often been followed by large daily swings in both directions as investors reassess. This week's pattern, a 4.4% one-day drop followed by a 0.3% bounce, fits that kind of volatility. For longer-run perspective, see the Dot-Com Bubble recovery timeline.
What to Watch Next
- →November 10, 8:30 a.m. ET: U.S. October Consumer Price Index (prior: September inflation of 3.7% from a year earlier)
- →November 13, 8:30 a.m. ET: U.S. October Producer Price Index (prior: September reading not verified)
- →December 9: Federal Reserve interest-rate decision (prior: Fed held rates at its October 27-28 meeting after raising them in September)
Analysis Confidence
Conviction Level:★★★★★
Key Uncertainties
Monday's session had not closed at the time of writing, so figures reflect Friday's close and early Monday futures. Some index data came from secondary outlets. October CPI forecasts differ by source (0.2% to 0.3% for the monthly change). Fed hike odds come from market pricing and can shift fast.
Sources
- • Saxo Bank Morning Brew (2026-11-09)
- • Nordfx Market Pulse (2026-11-09)
- • Cestrian Capital Research (2026-11-09)
- • U.S. Bureau of Labor Statistics (2026-11-06)
- • CNBC (2026-11-06)
- • Charles Schwab (2026-11-06)
- • 24/7 Wall St. (2026-11-07)
- • RTÉ (2026-11-06)
- • Bloomberg (2026-11-06)
- • ETF Trends (2026-11-06)
- • CNBC (Nvidia investigation) (2026-11-08)
- • CNN (2026-11-09)
- • Kiplinger (2026-11-09)