Closing Summary

US equities ended Friday's session with a split tape: chip and AI names rebounded from Thursday's data-center buildout selloff, lifting the Nasdaq Composite, while the Dow Jones slipped as a much-stronger-than-expected October jobs report pushed Treasury yields higher and trimmed expectations for near-term rate relief. The rebound was a partial recovery, not a full reversal — all three major averages still closed the week lower, with the S&P 500 posting its worst weekly loss since April 2025. Volatility retreated from the prior session's spike but remained elevated, and breadth stayed narrow as investors weighed resilient labor data against policy uncertainty around AI infrastructure spending.

Indexes

The Dow Jones Industrial Average fell 0.46% to 51,285.73.

The S&P 500 Index rose 0.31% to 7,376.86.

The Nasdaq Composite advanced 1.09% to 24,579.42.

At Friday's close, the 10-year Treasury yield held near 4.86% after the jobs print, and the VIX eased from Thursday's 28.18 spike while closing the week near 25.6. SPY volume ran near 58.2 million shares against QQQ's 70.7 million, consistent with a tech-led rebound rather than broad participation.

Technical levels: For the S&P 500, support sits at 7,327-7,346 (this week's lows), with resistance at 7,444 (Friday's high) and the 50-day moving average near 7,679. The Nasdaq Composite has support at 24,315 (Thursday's close) and 24,508 (Friday's low), with resistance at 24,826 (Friday's high) and the 50-day average near 26,458. The Dow holds support at 50,993 (Friday's low) and 51,523 (Thursday's close), with resistance at 51,662 (Friday's high) and the 50-day average near 52,064. A close below these week lows would reopen the path toward the early-November gap, while a decisive break above the 50-day averages would signal the AI-selloff is contained.

Stock & Sector Performance

Technology led the session, with the Technology Select Sector SPDR (XLK) up 1.45%, Communication Services (XLC) up 0.43% and Industrials (XLI) up 0.12%. Laggards rotated into defensives and cyclicals under pressure: Consumer Staples (XLP) fell 1.28%, Materials (XLB) fell 0.73%, Real Estate (XLRE) fell 0.68% and Financials (XLF) fell 0.59%. Energy (XLE) was flat at -0.02%. The rotation reflects risk-on appetite returning selectively to beaten-down growth while investors trimmed defensive positioning.

The Magnificent Seven were mixed: AAPL -0.52%, MSFT -0.99%, GOOGL +0.78%, AMZN -0.35%, NVDA +2.78%, META +0.84%, TSLA +4.23%. The chip complex staged a measured rebound after Thursday's AI-driven rout: AMD +11.04%, Micron (MU) +5.12%, SanDisk (SNDK) +3.55% and Broadcom (AVGO) +0.74%, though the PHLX Semiconductor Index still finished the week down about 12%.

Top gainers: Gogo (GOGO) +71.52% on FCC spectrum-license renewal through 2036; JFrog (FROG) +35.33% after raising full-year guidance; IonQ (IONQ) +23.42% on an upward FY2026 revenue revision; Oklo (OKLO) +22.66%; Airbnb (ABNB) +11.67% on a Q3 beat and a new $12 billion buyback. Top losers: AirSculpt Technologies (AIRS) -62.92% after cutting guidance on a Q3 miss; Koppers (KOP) -24.39% on lower Q3 profit; AMN Healthcare (AMN) -23.68%; Helios Technologies (HLIO) -21.05%.

Next session outlook: The October CPI print on Tuesday, November 10 is the key macro catalyst — a hotter read would reinforce the higher-for-longer rate path priced after Friday's jobs report, while a cooler read could reignite the rate-cut trade. The PPI follows on November 13 and FOMC minutes on November 18. Earnings to watch include Moderna, Humana, Vistra, Ubiquiti and Charter Communications. The main risk is a re-acceleration in yields pressuring the extended AI complex back toward Thursday's lows.

Major Company News

The single most market-moving company event of the session was Gogo's 71.52% surge after the FCC renewed its air-to-ground spectrum licenses through 2036, removing a key overhang on the in-flight connectivity provider's long-term capacity. The move was idiosyncratic rather than sector-wide; elsewhere, earnings-driven dispersion dominated. JFrog raised full-year EPS and revenue guidance above consensus, IonQ lifted FY2026 revenue guidance to $505-515 million versus $456.2 million expected, and Airbnb beat Q3 estimates while authorizing a $12 billion share repurchase. On the downside, AirSculpt cut guidance after a revenue and EPS miss, and Koppers reported lower third-quarter profit on slightly higher sales.

After-hours activity: Post-close trading remained elevated in names with fresh catalysts. Airbnb extended gains after hours as management described the company as "back in growth mode" amid healthy global travel demand. Nvidia traded modestly higher in after-hours volume, around +1.1%, as investors assessed whether the chip rebound had further room after recouping only part of Thursday's losses. DraftKings and Atlassian moved lower after their reports, reflecting the two-way risk in earnings season.