Market Pulse - Friday, Nov. 6

AI sell-off rattles global markets

Fears of tighter AI regulation and a slower data center buildout after the Democratic midterm win erased the post-election rally. Wall Street had its worst day since April 2025.

Wall Street (Thursday close)

S&P 500: 7,353.73 (down 4.36%)

Nasdaq: 24,315.00 (down 5.52%, correction territory)

Dow: 51,523.06 (down 3.44%)

VIX at 28.18 (up 69.7%), 10-year yield at 4.83%, dollar index at 101.66

Asia

Nikkei 225: 57,328 (down 6.14%), its biggest one-day drop since April 2025

Kospi: 5,058 (down 6.06%), after a circuit breaker halted trading at the open

Taiwan Weighted: down 4.47%

Hang Seng: 24,530 (down 1.08%)

Shanghai Composite: 3,648 (down 1.14%)

ASX 200: down 0.49%

Commodities

Brent: about $99.8 (up 1.6%) and WTI: about $91.6 (up 1.2%), on tanker attacks and uncertain US–Iran talks

Gold: about $4,045 (down 1.1%)

Crypto

Bitcoin: about $75,500 (down 6.4%)

Ethereum: about $2,220 (down 8.6%)

Over $1B in long positions were liquidated.

Today’s focus

13:30 GMT: US October Nonfarm Payrolls. The forecast is +65K (prior +29K), with unemployment at 4.2%.

15:00 GMT: University of Michigan consumer sentiment

Markets price a 67% chance of a Fed rate hike in December.