Nasdaq rebounds but stocks log fourth straight weekly loss
Wall Street booked a fourth straight weekly loss on November 6 even as chip stocks rebounded, leaving the S&P 500 with its worst week since early April 2025.
Chipmakers clawed back part of Thursday's rout, but the bounce could not rescue the week. U.S. equities closed out a fourth straight weekly loss on November 6, even as the Nasdaq Composite finished more than 1% higher on the day.
What happened
According to UPI, the Nasdaq rose 1.09% to 24,579.42 and the S&P 500 gained 0.31% to 7,376.86, while the Dow Jones Industrial Average slipped 237.33 points, or 0.46%, to 51,285.73. Across the week, the S&P 500 fell 2.7%, its biggest weekly decline since early April 2025, the Nasdaq lost 3.4% and the Dow gave up 0.9%.
Fox Business said the semiconductor index rallied 4.2%, with Advanced Micro Devices up 11% and Sandisk up almost 4%. Nvidia added roughly 3% after a drop of more than 9% on Thursday, Micron recovered 5% after a 17% slide, and Intel gained nearly 7%. The Nasdaq had been up as much as 2% intraday before fading to a 1.1% gain. Tesla rose 4.2%, Airbnb climbed 12% after lifting its full-year revenue growth forecast, and Atlassian sank 16% after its quarterly report.
Volatility eased. Yahoo Finance quotes showed the Russell 2000 up 0.89% at 2,754.11 and the VIX down about 9% at 25.64, after Thursday's spike. CNBC noted that Thursday had delivered the worst one-day loss since April 2025 for the Nasdaq, the S&P 500 and the Russell 2000, with the Magnificent Seven losing more than $1 trillion in combined market value.
Why it matters
Thursday's selloff had left the Nasdaq more than 10% under its recent peak, the usual definition of a correction, and our report on the Nasdaq semiconductor plunge Thursday tracked the scale of that damage. Friday's rebound recovered only part of it, which is why the week still ended as a fourth straight weekly loss.
The political backdrop has not changed. Investors are still weighing whether the Democratic sweep of Congress will lead to tighter oversight of power-hungry data centers, a worry that first surfaced in the blue sweep Nasdaq futures selloff. UPI quoted Quilter's Stuart Clark warning about concentration risk in the biggest technology names, while President Donald Trump said on Friday that he backs continued AI development.
A stronger-than-expected jobs report also limited the relief, since higher Treasury yields make it harder for richly valued growth stocks to recover quickly.
What's next
AI infrastructure earnings are the next test. CNBC reported that CoreWeave is due to report on Tuesday and Nebius next Thursday, after both stocks fell sharply over the past month. October consumer prices land on November 10.
A fifth down week would stretch the fourth straight weekly loss into a longer losing run, so traders will watch whether chip leadership holds beyond a single session. Fox Business carried the full Friday market wrap.
This article is for information only and is not investment advice.