Opening Comment — Friday, November 06, 2026
DJIA: 51,523.06, down 1,833.06
S&P 500: 7,353.73, down 334.89
NASDAQ:24,315.00, down 1,421.51
Stocks mixed ahead of jobs report
Stock futures are mixed Friday morning as technology stocks partially recover from yesterday’s sell-off and ahead of today’s release of the October jobs report. Investors will also be looking for the preliminary November reading of consumer sentiment from the University of Michigan and September’s consumer credit data. As of 7:24 AM ET, the Dow is decreasing 0.9%, while the S&P 500 is up 0.3%. The Nasdaq 100 is increasing 1.5% relative to fair value on the GLOBEX.
U.S. equities were lower on Thursday as artificial intelligence-related stocks sold off following data center buildout concerns. Meanwhile, initial jobless claims fell, though continuing claims for the week prior picked up. The preliminary reading of third-quarter nonfarm productivity increased a stronger-than-expected 3.6%, while unit labor costs unexpectedly declined an annualized 0.7%, following upward revisions to both prior-quarter readings. The Dow was down 3.4%, while the tech-heavy Nasdaq Composite fell 5.5%. The S&P 500 decreased 4.4% with all 11 sectors finishing in negative territory. The Consumer Staples sector was the top performer, falling just 0.7%, while the Information Technology sector was the bottom performer, falling 7.3%.
Technical Analysis:
As of midday Thursday, the S&P 500 is still in an uptrend. Resistance is at the 50-day moving average of 7,688 and the recent high of 7,850, while support lies at the 200-day moving average of 7,323.
On the data front, October’s nonfarm payrolls are expected to expand by 70,000 versus the prior month’s 29,000, while manufacturing payrolls are projected to rise by 7,000 compared to the prior month’s increase of 9,000. October’s average hourly earnings are projected to rise 0.3% month-over-month (MOM) and 2.9% year-over-year (YOY), compared to the prior month’s increases of 0.1% and 3.0%, respectively. Meanwhile, both the unemployment rate and labor force participation rate are expected to remain unchanged in October at 4.2% and 61.8%, respectively. The University of Michigan’s preliminary November reading of consumer sentiment is forecasted to come in at 48.0, unchanged from the prior month. The one- and 5-10-year inflation expectations for November from the University of Michigan are expected to come in at 4.6% and 3.5%, respectively, compared to the prior month’s 4.7% and 3.5%, respectively. Consumer credit is expected to have expanded by $13.80 billion in September, higher than the prior month’s increase of $8.28 billion.
Across the pond, European stocks are lower in mid-day trading as Germany’s September industrial production unexpectedly advanced 0.7% MOM, while increasing a weaker-than-expected 0.4% YOY, following downwardly revised gains in the prior month. Meanwhile, France’s trade deficit widened to €7.31 ($8.17) billion, while the prior month’s deficit was revised to €5.97 ($6.67) billion. French preliminary third-quarter wages increased 0.2% quarter-over-quarter, slowing from the prior quarter’s 0.7% increase. The eurozone’s retail sales for September declined by a more-than-expected 0.7% MOM and showed a smaller-than-forecasted increase of 0.4% YOY.
Overnight in Asia, stocks were mostly lower as Japan’s September labor cash earnings increased by a stronger-than-expected 4.6% YOY, while the prior month’s increase was revised higher to 3.9%.
In FOREX trading, the U.S. dollar is higher as investors await U.S. October jobs report.
Over in the commodity pits, West Texas Intermediate (WTI) and Brent crude oil are both 0.4% higher at $90.90/barrel and $98.69/barrel, respectively, partially paring back midterm-related declines.
In the metals complex, gold is 0.6% lower at $4,062.79/ounce following a strengthening U.S. dollar.