Chartstopper: November 6, 2026

This Week

For markets, it was the midterms and then everything else this week.

The elections saw Democrats make big gains across the board. While a few races have yet to be called, prediction markets are putting the Democrats gains at:

As much as Democrats won, data centers lost, with 46 ballot measures passed restricting data center development across the country. Still, the Nasdaq-100® gained 1% on the day after the election.

That changed on Thursday, though, as concerns about impacts on the artificial intelligence trade drove a tech-led selloff, with the SOX Semiconductor Index dropping 12% and the Nasdaq-100® down 6% – the biggest one-day declines for each since March 2020 – while the S&P 500 fell 4% – it’s biggest drop since April 2025.

Markets, however, seemed to have steadied today, leaving the Nasdaq-100® down 5% for the week, while 10-year Treasury yields are down 5 basis points to 4.85%. 

Believe it or not, other things happened this week, too.

• U.S. crude oil prices fell $10 per barrel this week to $90, as the start of the week saw signs of diplomacy from the U.S. and Iran, despite a limited attack by the U.S., along with potential pressure from a Democratic congress to end the conflict by limiting spending.
• The economy added 165,000 jobs in October – more than double expectations – and the unemployment rate dipped to 4.1% from 4.2%. This year, the economy is adding 85,000 jobs per month on average, up from 10,000 per month last year. 
• Workers were more productive than expected in the third quarter, too, with productivity growing at a 3.6% annual pace – above expectations for 2.7% growth. 

That productivity gain means the recent labor market strengthening is less likely to add to inflation pressures, but we’ll get a better idea with next Tuesday’s October CPI inflation data.

Next Week

Here are the top events I’m watching next week:

• Tuesday: CPI Inflation (October), NFIB Small Business Optimism (October), CRWV Earnings (Q3)
• Thursday: Jobless Claims (week ending Nov. 7), NBIS Earnings (Q3)
• Friday: Producer Price Inflation (October)