MetraviseNasdaq 100 ends week -4.98% as strong jobs data revives Fed hike talk
In brief
- Tech slides: The Nasdaq 100 closed the week -4.98% as election results stirred worries over data center construction.1
- Jobs strong: October payrolls came in far above consensus, lifting the odds of a December Fed rate hike.2
- Friday rebound: The Nasdaq Composite rose +1.01% on Friday as chip stocks drew interest again after Thursday's slide into correction.1
What it means
All three major averages ended the week lower despite Wednesday's big post-election rally, and the Dow held up best.1 Payrolls rose by 165,000 in October with unemployment little changed at 4.1 percent, and November consumer sentiment also beat consensus.3 San Francisco Fed President Mary Daly expects further tightening, and Richmond Fed President Thomas Barkin also sees higher rates ahead.4
The week in review and where money is flowing
Over the past month, Consumer Discretionary led Metravise's sector rankings, ahead of the S&P 500 by +8.7 pts, while Technology trailed at -6.8 pts. Inside the leading sector, Recreational Vehicles, Lodging and Home Improvement Retail beat the index by +23.1 pts, +16.9 pts and +16.6 pts. Not every corner was smooth: Malibu Boats said a softer summer retail environment kept net sales modestly below its guided range.5
AI: valuations vs. demand
Bank of America said valuations, not earnings estimates, are behind the AI-related decline.1 Company reports showed steady demand: Brookfield Infrastructure said its data segment led third-quarter growth.6 TeraWulf reaffirmed its target of contracting 250 MW to 500 MW of incremental critical IT capacity each year.7
Market mood
The VIX eased to 25.63 on Friday, a -8.95% move, but it remains in the tense zone. Equity put/call was 0.89 on the latest day, above its 5-day average of 0.65, a sign that demand for protection picked up.
What to watch this week
Times are US Eastern (ET).
- MonDell Technologies Inc. (DELL) earningsDell reports as the market debates AI valuations, which Bank of America sees as the driver of the recent decline.1
- Tue 18:30Fed Vice Chair for Supervision Michelle W. Bowman speaks — Economic OutlookBowman's outlook remarks follow Daly's and Barkin's signals that higher rates may lie ahead.4
- Tue 08:30Consumer price index (CPI)An above-consensus CPI print is generally read as adding to rate-hike pressure, as Fed officials already lean toward tightening.4
- Thu 08:30Initial jobless claims (weekly)Low jobless claims are generally read as a sign of a tight labor market, in line with October's strong payrolls.2
- Fri 08:30Producer price index (PPI)An above-consensus PPI reading is generally read as a sign of price pressure building in the supply chain.
Metravise Portfolio
- PortfolioFriday change+4.10%
- —No entries or exits in the last session.
Metravise is an educational research platform — this bulletin is not investment advice. News summaries are based on the footnoted sources; numbers are Metravise data. Past performance is not indicative of future results.
Sources
- Nasdaq rebounds following worst session in 18 months as traders snap up tech shares: Live updates — CNBC · Nov 7
- Our top 10 things to watch in the stock market Friday — CNBC · Nov 7
- Employment Situation Summary - 2026 M10 Results — BLS · Nov 8
- Americans are on a 'treadmill of high inflation' and more rate hikes are likely, Fed's Daly says — CNBC · Nov 7
- Malibu Boats, Inc. Announces Results for the Three Months Ended September 30, 2026 — GlobeNewswire · Nov 6
- Brookfield Infrastructure Reports Strong Third Quarter 2026 Results — GlobeNewswire · Nov 7
- TeraWulf Reports Third Quarter 2026 Results — GlobeNewswire · Nov 7