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Happy Friday. Stocks were mixed as investors sought to recover from a brutal AI-driven tech sell-off that wiped out the massive post-election rally from the previous day and sent the Nasdaq Composite into correction territory.
The blue wave of Democratic victories by anti-AI candidates from Maine to Alaska added to existing fears about the durability of the AI boom.
The tech-focused Nasdaq 100 index dropped 6.3%, erasing $2.3 trillion in market value, while the S&P 500 tumbled 4.4%, erasing $2.8 trillion from the index’s value. Both indexes suffered their worst day since April 2025, when President Donald Trump’s global tariffs rocked markets.
The broader Nasdaq Composite, which tracks more than just tech stocks, fell more than 5.5%, entering correction territory, defined as a decline of at least 10% from a recent high.
Japanese and South Korean stocks fell sharply on Friday.
The U.S. economy added 165,000 jobs in October, according to the U.S. Bureau of Labor Statistics, well above the 59,000 expected by economists.
Nonfarm payrolls were expected to increase by 59,000 in October, while the unemployment rate was forecast to hold steady at 4.2%, according to the Dow Jones consensus.
The unemployment rate was unchanged at 4.1% in October, according to the U.S. Bureau of Labor Statistics.
“The economy is doing well – it is growing at 3.4%, corporate earnings are up more than 25% year-over-year – and it can handle higher oil prices and higher interest rates,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management.
“Despite an oil shock and a Federal Reserve that is raising rates, albeit slowly, the unemployment rate actually dropped and the 4.1% level is at or close to full employment.”
“Trees don’t grow to the sky and of course there is a limit to how high interest rates can go before something breaks,” he continued.
“But the day-to-day knee-jerk reaction to changing narratives and daily news is nothing new – as someone much smarter than me said, ‘In the short run the market is a voting machine, but in the long run it is a weighing machine’ and we always keep that in mind as we navigate times like these.”
This story was originally published by TheStreet on Nov 6, 2026, where it first appeared in the Stock Market Today section. Add TheStreet as a Preferred Source by clicking here.
