Mid-Morning Look: November 06, 2026

Mid-Morning Look

Friday, November 06, 2026

U.S. stocks rebound after posting their worst trading day of the year on Thursday, as concerns over tech and AI have crushed high beta tech stocks and semiconductors, putting pressure on major averages this week. A small bounce thus far after nearly $3 trillion in market cap was wiped out on Wall Street Thursday, as disappointing earnings and the recent Democratic sweep in the midterm elections raised fears of tougher AI regulations and a slowdown in the AI buildout. The Nasdaq Composite logged its steepest one-day decline in 19 months on Thursday, confirming it had entered correction territory. The index was also headed for a fourth straight weekly fall. Chip stocks staged a recovery, with broader semiconductor index SOX rising over 5%, after plunging over 12% in the previous session.

U.S. Treasury yields rose further on Friday after monthly jobs data showed the U.S. created far more jobs than expected last month (165K vs. est. +65K), reinforcing expectations that the Federal Reserve will raise interest rates at the December policy meeting. The rising rate expectations pushed gold lower by more than 1% last down 1.3% at $4,037.36/oz while US Treasury yields continue climb after jobs data; 10-year yield last up 6.3 bps at 4.898% and the 2-yr up about 6 bps to 4.537% as the dollar rebounds.

Oil prices are up slightly with WTI crude +0.5% at $91 per Barrel and Brent +0.17% at $98.45, but were set for a sharp weekly fall after the midterm election losses of US President Donald Trump’s Republican Party raised hopes of a de-escalation in the US-Israeli war on Iran. The Brent contract is on track for a 16% decline ⁠this week, which would be its steepest weekly percentage fall since the start of COVID.

Last night marked the last onslaught of earnings this quarter with more than 85% of S&P 500 companies having now reported with only a few off calendar big tech names left (NVDA namely) and the large cap and apparel retail. Some big earnings winners last night include ABNB, FROG, IREN, KRMN, MRNA, NET and VST while some of the biggest morning losers are AXON, CHTR, DKNG, FIVN, IRTC, MCHP, and TEAM.

• U.S. October average workweek all private workers 34.4 hours (consensus 34.4 hours) and U.S. October average hourly earnings +3.1% from year earlier (consensus +2.9%).
• University of Michigan surveys of consumers sentiment prelim Nov 51.0 (consensus 48.0) vs final Oct 48.0. University of Michigan surveys of consumers current conditions index prelim Nov 51.0 (consensus 48.0) vs final Oct 46.7. University of Michigan surveys of consumers expectations index prelim Nov 50.9 (consensus 49.5) vs final Oct 48.8.
• University of Michigan surveys of consumers 1-year inflation outlook prelim Nov 4.3% vs final Oct 4.7% and University of Michigan surveys of consumers 5-year inflation outlook prelim Nov 3.4% vs final Oct 3.5%.

• E&C and Power sector: group rebounds after being pummeled this past week (MTZ, PWR, ETN, VRT, CAT, GNRC, GEV, BE) as a Democratic sweep in the election raised fears of tougher AI regulations and a slowdown in the AI buildout. SEI was upgraded to Strong Buy at Raymond James saying its multiyear story continues to strengthen, though views the stock as one of the more misunderstood names in power. Following a ~25% five-day selloff, RAJA sees the recent weakness as a greater Tactical buying opportunity.
• Medtech/Devices: group under pressure on a wave of guidance cuts and downgrades as CVRX craters after slashing FY26 revenue guidance on worsening Medicare Advantage payer denials, downgraded to Market Perform at William Blair and to Hold at Canaccord; IRTC falls over 30% on Zio AT purchasing delays, downgraded to Neutral at Citi with Needham cutting its tgt to $165; GMED was downgraded to Market Perform at BMO ($78 PT, from $94) on a revenue miss and FY26 guide cut; NTRA falls on a surprise CEO transition, after results.

• FLY +14%; as ASTS announced plans to develop Blacklift, a 20-ton reusable rocket designed to carry up to five BlueBird satellites per launch, with operations targeted for late 2028. The company has signed a $1.3B+ agreement with FLY
• FROG +28%; shares rose as reported meaningfully better 3Q results, posting the biggest top-line beat in company history, as total revenue growth accelerated to 31% y/y, driven by very strong Cloud growth of 60%.
• GOGO +34%; after reporting Q3 adjusted EBITDA of $41M on revenue of $213.2M and a net loss of $3.2M, and completing the amendment and extension of its ~$600M term loan B.
• HIMS +8%; after LLY said that it struck a deal to allow the telehealth company to sell obesity drugs Zepbound and Foundayo directly on its platform. The Lilly drugs were previously available to patients on HIMS only if they left the site and went to Lilly’s own platform LillyDirect.
• IREN +23%; reported better-than-expected revenue last night while cut its capital expenditure outlook; said demand for compute is not a problem. CEO Daniel Roberts said on the call that they just Re-contracted Nvidia H100s at double the original pricing.
• MRNA +3%; beats Q3 EPS at $0.38 per share, $1.48 better consensus of ($1.10) as revenues rose 29.2% Y/y to $1.31B vs the estimate $885M; also raised its total revenue to grow 15% to 25% in 2026, above its previous forecast of up to 10% growth; also reduced its FY26 R&D expense outlook
• NET +13%; delivered a strong F3Q, with key metrics above guidance and street expectations (including Y/Y revenue growth accelerating over 330bps Q/Q to +39.2% Y/Y) and management raising FY guidance by more than the beat.
• SEI +9%; upgraded to Strong Buy at Raymond James saying its multiyear story continues to strengthen, though views the stock as one of the more misunderstood names in power (seeing broad rebound in beaten up power names today (MTZ, PWR, ETN, VRT, CAT, GNRC, GEV, BE
• SLVM +24%; after announcing a binding offer to sell its European business, including the Saillat, France and Nymolla, Sweden mills, to Midas Atlantic Partners in partnership with The Najafi Companies in exchange for 20% of future distributions, alongside Q3 results/

• CHTR -5%; continued to lose internet and video subscribers in Q3, dragging on its overall results; internet subscribers fell by 233,000 on a pro-forma basis, including a decline of 156,000 customers at Charter and 77,000 at Cox.;
• DKNG -23%; shares tumbled after reported a substantial ~$250M Q3 Adj. EBITDA miss, $575M FY26 Adj. EBITDA guidance cut, and initial FY27E Adj. EBITDA guidance -20% below Consensus, while also announced a $1B Predictions market investment.
• FIVN -19%; shares tumbled as 3Q fell short of expectations as investors were looking for more upside to the 4Q guide; Q3 results were fine, but failed to accelerate, which weighed on shares and guidance drives peak growth fears NT on an organic basis.
• MCHP -8%; reported better Q2 results but guided FQ3 lower, partly reflecting 53M of one-time FQ2 items and supply constraints pushing shipments out. Management flagged an Ai DC bubble, but sees limited impact to MCHP given its early DC ramp and broad non-DC exposure.
• NTRA -14%; after the company announced the transition of its CEO from Steve Chapman to Solomon Moshkevich today as well as announced a plan to drive revenue to $6B in 2029; also posted beat and raised again in 3Q.
• TEAM -12%; reported strong FQ1, with subscription ARR growth of 22.5% and Cloud growth of 30.5% while revs posted a 3.4% total beat, but was smaller vs the 5-6% beats over the past two quarters.