4:05pm: Back in the green
Stocks bounced off session lows on Friday, ending a week marked by volatility and investor caution.
The Dow Jones nudged up 0.2% to 46,987, while the S&P 500 inched 0.1% higher to 6,729. The Nasdaq dipped 0.2% to 23,005, and the Russell 2000 rose 0.3% to 2,427.
Markets spent much of the day weighing a mix of bearish consumer sentiment data and the potential payoff from the ongoing AI investment boom. Investors were also keeping a close eye on the ongoing US government shutdown.
Stocks recovered some ground after Democrats proposed tying a one-year extension of expiring health care subsidies to a bill to reopen the government—a move Republicans quickly rejected.
It was a seesaw week for Wall Street. The Nasdaq posted its steepest weekly loss since April, driven by swings in tech heavyweights Nvidia and Tesla. The S&P 500 and Dow also finished the week in the red, reflecting lingering worries about a possible AI bubble and stretched valuations in Big Tech.
All told, it was a reminder that even as optimism in AI and growth sectors remains, investor caution continues to dominate as Washington gridlock and valuation concerns linger.
3:45pm: Proactive news headlines
- Trust Stamp Inc (IDAI/AIID) plans to launch a biometric TSI wallet that integrates digital asset storage with token-enabled KYC identity verification features, allowing users to manage their own credentials.
- Abacus Global Management (ABL) raised its full-year profit outlook and announced its first-ever dividend following a 124% surge in third-quarter revenue to $63 million, driven by growth in its Life Solutions and Longevity Funds segments.
- U.S. Global Investors (GROW) CEO Frank Holmes suggests that historical market patterns, including the “Halloween effect,” point to a potential year-end rally despite economic headwinds like high tariffs, inflation, and the government shutdown.
- Alvopetro Energy Ltd (ALV/ALVOF) posted strong Q3 results with 2,343 boe/d production, up 11% year-over-year, supported by output from its Murucututu field and a dual-track growth strategy in South America and Canada.
- Bit Digital Inc (BTBT) held roughly 153,547 ETH valued at $590.5 million at the end of October, acquiring 31,057 ETH during the month at an average price of $3,045.14 per token.
- Highland Critical Minerals Corp (HLND) signed a binding LOI to acquire 100% of mining claims totaling about 3,139 hectares in Nunavut’s Yathkyed Lake Greenstone Belt.
- First Phosphate Corp. (PHOS/FRSPF) announced a non-brokered private placement targeting a minimum of $2 million, offering flow-through shares and hard dollar units at $0.90 each to a strategic investor.
- NanoViricides (NNVC) analysts highlighted the broad-spectrum antiviral potential of the company’s lead drug NV-387 ahead of a Phase 2 clinical trial in the Democratic Republic of Congo for Mpox treatment.
- BioHarvest Sciences Inc. (BHST) priced an underwritten public offering of 2,485,000 shares at $7 each, expected to raise $17.4 million for R&D, CDMO expansion, debt reduction, and general corporate purposes.
3:00pm: Market movers
- Peloton Interactive shares rose nearly 5% after the company beat revenue expectations in fiscal 1Q 2026 and issued an upbeat outlook.
- Archer Aviation Inc (NYSE:ACHR) shares sank 13% after announcing a $126 million deal to acquire control of Hawthorne Airport in Los Angeles to serve as its eVTOL hub.
- Abacus Global Management (NASDAQ:ABL) shares jumped nearly 19% after the company posted a 124% surge in quarterly revenue, raised its full-year profit outlook, and announced its first-ever dividend.
- Block Inc (NYSE:SQ) shares dropped nearly 10% as the company missed Wall Street’s third-quarter revenue and profit forecasts despite modest year-over-year growth.
- Expedia Group Inc (NASDAQ:EXPE) shares surged 17% after reporting stronger-than-expected third-quarter revenue and profit growth.
- Take-Two Interactive Software Inc (NASDAQ:TTWO) shares fell over 7% after delaying the release of Grand Theft Auto VI by five months, even as it raised its full-year bookings outlook.
- Airbnb Inc (NASDAQ:ABNB) shares climbed nearly 6% after posting higher-than-expected bookings and revenue for the third quarter despite an earnings miss.
- Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK) shares slid 9% after the company received court approval to move forward with its restructuring plan under the UK Companies Act.
1:50pm: Consumer sentiment drops
Consumer sentiment deteriorated sharply in early November, underscoring growing unease over the economic outlook and financial markets.
The University of Michigan’s preliminary consumer sentiment index dropped to 50.3, well below economists’ expectations for 53, marking the weakest reading since June 2022. The survey’s current conditions component fell to 52.3, its lowest level on record, signaling mounting pessimism among households about their personal finances and the broader economy.
The dismal sentiment data come as investor anxiety deepens across Wall Street. CNN’s Fear & Greed Index slid into “extreme fear” territory, reaching its lowest level since April 2025, reflecting heightened caution in equity markets amid ongoing concerns about valuations, government spending, and economic momentum.
12:55pm: Selective opportunities
Analysts at UBS and Bank of America offered a range of upgrades and cautious takes this week, highlighting both stock-specific opportunities and broader sector dynamics.
UBS maintained a Buy rating on Celsius Holdings (CELH) despite a 3Q miss, with analyst Peter Grom noting, “We view the move lower as overdone and maintain Buy rating.” Planet Fitness (PLNT) is also on UBS’s Buy list ahead of its upcoming analyst day, while Impinj (PI) was initiated as Neutral due to near-term retail risks despite a large total addressable market. Apple (AAPL) remains Neutral, with UBS citing flat to lower iPhone wait times except for a supply-constrained model, and Cogent Communications (CCOI) was downgraded to Neutral due to rising execution risk.
From Bank of America, Globus Medical (GMED) received an upgrade to Buy, with analysts projecting 20% EPS growth by 2026 and noting robust free cash flow. Haemonetics (HAE) was upgraded to Neutral after returning to solid plasma volume growth and taking a more cautious guidance approach. Datadog (DDOG) saw its price target raised to $215 following strong 3Q results and favorable AI-driven commentary, while Expedia (EXPE) was upgraded to Buy on accelerating bookings and improving US travel trends. Warner Bros. Discovery (WBD) showed studio and streaming momentum, with modest EBITDA upgrades despite ongoing linear challenges.
12:20pm: Ongoing shutdown
Stocks fell further on Friday as concerns over high valuations and the ongoing US government shutdown weighed on investor sentiment.
Chris Beauchamp, Chief Market Analyst at IG, noted the shift in market tone: “A see-saw week is ending with the sellers in control, marking a change from the theme of recent months. What began as jitters about AI valuations has turned into a broader selloff as the lack of US economic data begins to give investors palpitations.”
Beauchamp also highlighted the economic uncertainty caused by the shutdown, which is estimated to cost the US economy $15 billion a week.
11:30am: Halloween effect
US stocks could see a strong year-end performance despite economic challenges, including a prolonged government shutdown, historically high tariffs, and rising consumer prices, according to Frank Holmes, CEO of U.S. Global Investors (NASDAQ:GROW).
Holmes points to historical market patterns that favor investors this time of year. The “Halloween effect” shows that stocks tend to outperform from November through April, and years when the S&P 500 is up more than 15% by the end of October—like 2025—have historically seen gains in November and December nearly 95% of the time.
Holmes concludes that, despite current economic worries, investors may face a stronger upside than downside as the year closes.
10:50am: A losing week
US stock indices are set for a weekly decline as volatility shakes investor sentiment.
The S&P 500 has fallen 1.5% over the past five trading sessions and could post its first weekly loss in a month. Concerns over lofty AI stock valuations contributed to Thursday’s sell-off, although futures suggest a rebound may be possible on Friday.
“Yet again, the market is selling off on any ‘bad’ news, and we could be in for more volatility in the coming weeks,” said Kathleen Brooks, market analyst at XTB. She noted that November historically tends to be strong for equities, with the S&P 500 averaging over 5% gains in the month over the past five years.
9:55am: Musk pay package approved
Wall Street is off to another negative start to Friday, with the Nasdaq leading the declines.
The tech-heavy index fell about 1% in early trading to 22,828, while the S&P 500 slipped 0.5% to 6,684.
The Dow Jones edged down 0.2% to 46,809, and the Russell 2000 was off 1.1% at 2,391.
Investors are weighing the fallout from Tesla’s annual general meeting yesterday, where shareholders approved Elon Musk’s $1 trillion pay package. Morningstar’s Lindsey Stewart noted that the 75% approval rate underscores Musk’s continued importance to the company, though some governance questions remain.
“Very few Tesla shareholders’ minds have been changed regarding how pivotal Musk is to Tesla’s future performance,” Stewart said, while noting upcoming filings may reveal more about board elections and shareholder rights.
Tesla shares fell around 3.2% on Friday morning.
Other movers in premarket trading include Peloton Interactive, which is climbing after beating first-quarter fiscal 2026 earnings estimates, and Expedia, which is rising on upbeat guidance. On the flip side, DraftKings is under pressure after trimming its full-year sales outlook, and Nvidia is being watched closely after reports that the US will block sales of some scaled-down chips to China.
Investors also have key economic data to consider later today, including the University of Michigan’s consumer sentiment survey for November at 10AM ET, along with speeches from Fed Vice Chair Philip Jefferson and Fed Governor Stephen Miran later this afternoon.
7:45am: Uncertainty builds
US stocks have been called lower on Friday after private-sector jobs data rattled investors in the absence of government data due to the ongoing shutdown.
Ahead of the open, Nasdaq futures are down 0.4%, with those for the S&P 500 and the Dow Jones indicating a 0.2% to 0.3% decline.
Deutsche Bank's Jim Reid notes that, under normal circumstances, markets would be laser-focused on today's US payrolls report. But with the ongoing government shutdown keeping the official data off the calendar, traders have been overreacting to second-tier employment figures that would usually just whet the appetite for the main event.
While Wednesday brought a sharp bond sell-off after solid ADP employment and ISM services data beat expectations, that move completely unwound yesterday following weak jobs data, with the 10-year Treasury yield plunging -7.6bps – its steepest daily drop since the US-China trade escalation on 10 October.
The bond market rout spilled over into equities. The tech-heavy Nasdaq shed 1.9%, with the S&P 500 losing 1.1% and the Dow closing 0.8% lower.
"Investors were rattled by the Challenger, Gray & Christmas report showing October job cuts surging +175.3% year-on-year to 153,074 – the highest October figure since 2003," Reid explained. Revelio Labs' payroll estimate fell -9.1k, driven largely by -22.2k government job losses – a stark contrast to Wednesday's upbeat numbers.
Other global markets are also weaker today. In London, the FTSE 100 fell 0.8% in morning trade, while Frankfurt's DAX is 0.9% lower and the Paris CAC 40 is 0.5% weaker.
In Asia, Tokyo's Nikkei closed 1.2% down, Hong Kong's Hang Seng fell 0.9% and Shanghai's ended 0.3% in the red. Mumbai's BSE Sensex declined 0.1% and the ASX 200 in Sydney dropped 0.7%