Nasdaq 100 Rebounds 2% After Worst Day Since 2020, Payrolls Smash Estimates: Stock Market Today
Wall Street bounced back Friday, with the Nasdaq 100 heading for its best session since Sept. 21 as chipmakers recovered part of Thursday’s historic AI rout. A blowout October jobs report added to the relief, easing fears that .The U.S. economy added , well above the 65,000 economists had expected, while the unemployment rate fell to 4.1% from 4.2%. Average hourly earnings rose 0.4% on the month and 3.1% from a year earlier, both above forecasts, and August and September payrolls were revised up by a combined 84,000.Chipmakers led the rebound:The VanEck Semiconductor ETF rose 3.8%, a day after chip stocks posted their worst session since 2020.Advanced Micro Devices Inc. jumped 9.8%, and Micron Technology Inc. added 6.3% after Thursday’s 17.5% plunge.The S&P 500 rose 0.9% to 7,421, up 67 points, clawing back about a fifth of Thursday’s 4.4% slide.The Dow Jones Industrial Average edged up 57 points, or 0.1%, to 51,580. Nvidia Corp. led the blue-chip index with a 3.9% gain as dip buyers returned after Thursday’s 9.3% drop. The move added about $170 billion to Nvidia’s market value, less than half of the roughly $447 billion it lost the day before.The Nasdaq 100 rose 2% to 27,160, still 13% below its Oct. 6 record close. Within the Magnificent Seven, Tesla Inc. climbed 4.8% after CEO Elon Musk said the company will wind down Cybertruck production to make room for its self-driving Cybercab. The Russell 2000 advanced 0.9% to 2,754.The CBOE Volatility Index, or VIX, fell 16% to 23.67, after Thursday’s nearly 70% spike.Short-Dated Treasuries Sold Off After Jobs DataThe 2-year Treasury yield climbed 4 basis points to 4.51%. The 10-year yield edged up 1 basis point to 4.85%, while the 30-year yield slipped 1 basis point to 5.25%.Gold fell 1% to $4,072 an ounce and silver lost 0.7% to $52.00. West Texas Intermediate crude slipped 0.4% to $90.18 a barrel, and Brent fell 0.9% to $97.44. Bitcoin was little changed at $75,912.On the data front, the University of Michigan’s preliminary consumer sentiment index rose to 51 in November from 48 in October, beating expectations. One-year inflation expectations eased to 4.3% from 4.7%, the lowest since August.Friday’s Performance In Major US IndicesIndexLast% ChangeMTDYTDS&P 5007,420.84+0.91%-2.10%+8.40%Dow Jones51,579.96+0.11%-0.37%+7.32%Nasdaq 10027,159.56+1.99%-4.32%+7.56%Russell 20002,754.27+0.89%-2.05%+10.97%According to the platform:The Vanguard S&P 500 ETF ) gained 0.9%.The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) inched up 0.1%.The Invesco QQQ Trust rallied 2%.The iShares Russell 2000 ETF (NYSE:IWM) rose 1%.Tech Leads The Rebound As Staples LagThe Technology Select Sector SPDR Fund (NYSE:XLK) rose 2%, the best performer among the 11 S&P 500 sectors, as investors bought back the chip and AI names that were hit hardest on Thursday.The Consumer Staples Select Sector SPDR Fund (NYSE:XLP) fell 0.9%, the weakest sector, as money rotated out of the defensive names that held up during the selloff.Communication services and energy gained 0.9% each, consumer discretionary and industrials rose about 0.5%, while financials, health care, materials, utilities and real estate were little changed.Earnings Drive Biggest Single-Stock MovesKarman Holdings Inc. soared 29.1% after the defense supplier reported record third-quarter revenue of $201.6 million, up 65.6% from a year earlier, and raised its 2026 revenue outlook to $755 million to $760 million. Backlog hit a record $1.7 billion.Quantinuum Inc. jumped 22.2% after the quantum computing company lifted its 2026 revenue forecast to $31 million to $34 million, from $28 million to $32 million. Third-quarter revenue rose 233% to $9.1 million, ahead of estimates.Oklo Inc. rallied 21.7% after the nuclear developer posted third-quarter revenue of $1.86 million, above the $1.02 million estimate, and said it began structural construction of its 75-megawatt Aurora powerhouse in Idaho.IREN Ltd. climbed 19.5% after fiscal first-quarter revenue of $228 million topped estimates, with AI cloud revenue up 182% from the prior quarter to $200 million. Ubiquiti Inc. gained 16.9% on record fiscal first-quarter revenue of $1.03 billion, up 39.9% from a year earlier.On the DownsideDraftKings Inc. plunged 26.8% after a third-quarter adjusted loss of 53 cents per share, wider than the 39-cent loss expected, and revenue of $1.33 billion, missing estimates. The company also cut its 2026 revenue guidance to $6.35 billion to $6.55 billion.Axon Enterprise Inc. sank 18.1% after missing third-quarter adjusted earnings estimates and lowering its full-year revenue guidance, citing delays in three federal deployments of its Dedrone drone-detection offering. Craig-Hallum downgraded the stock to Hold from Buy.Halozyme Therapeutics Inc. fell 14.8% after Leerink Partners downgraded it to Market Perform from Outperform, saying third-quarter results beat estimates only marginally.Atlassian Corp. dropped 14.6% as its fiscal first-quarter beat came in smaller than investors hoped, with cloud revenue up 30.5% against a 28.5% guide. Truist Securities cut its price target to $200 from $250.Microchip Technology Inc. slid 13.7% after guiding December-quarter revenue to $1.61 billion at the midpoint, below the $1.63 billion consensus, as supply constraints at foundries and outsourced assembly partners delay high-margin shipments.Friday’s Russell 1000 Top GainersName% ChangeKarman Holdings Inc.+29.13%Quantinuum Inc.+22.17%Oklo Inc.+21.68%IREN Ltd.+19.47%Ubiquiti Inc.+16.94%Friday’s Russell 1000 Top LosersName% ChangeDraftKings Inc.-26.78%Axon Enterprise Inc.-18.09%Halozyme Therapeutics Inc.-14.82%Atlassian Corp.-14.58%Microchip Technology Inc.-13.66%Preview Photo: Shutterstock