Stock Market Close, Nov. 6: Microsoft winds down Oracle deal to rent AI cloud capacity
US adds 165,000 jobs in October, topping all estimates, as the S&P 500 ETF (SPY) rose +0.36% at the cutoff on Nov. 6.
Key takeaways
- US adds 165,000 jobs in October, topping all estimates, and the S&P 500 ETF (SPY) rose +0.36% at the 5:00 p.m. ET cutoff.
At the 5:00 p.m. ET cutoff on Nov. 6, the S&P 500 ETF (SPY) rose +0.36% and the Nasdaq-100 ETF (QQQ) gained +1.43%, while the Dow Jones Industrial Average ETF (DIA) fell -0.40%. The top story is October's jobs report, with US adds 165,000 jobs in October, topping all estimates, and it sits alongside Fed's Daly says more rate increases likely needed to tame inflation. Anthropic IPO valuation talks drop to $1.2 trillion after tech rout is the other headline to watch.
Markets
The S&P 500 ETF (SPY) rose +0.36% and the Nasdaq-100 ETF (QQQ) gained +1.43%, while the Dow Jones Industrial Average ETF (DIA) fell -0.40%. The US dollar ETF (UUP) rose +0.78%, the widest move among the rates, dollar and volatility group. The Technology ETF (XLK) led at +1.48%, while the Consumer staples ETF (XLP) was weakest at -1.25%.
| ETF | Today | After hours |
|---|---|---|
| S&P 500 (SPY) | +0.36% | +0.05% |
| Nasdaq-100 (QQQ) | +1.43% | +0.09% |
| Dow Jones Industrial Average (DIA) | −0.40% | +0.03% |
| Russell 2000 (IWM) | +0.99% | +0.02% |
| 7-10 year Treasuries (IEF) | −0.14% | +0.01% |
| US dollar (UUP) | +0.78% | −0.11% |
| VIX futures (VIXY) | −0.99% | +0.17% |
| Oil (DBO) | +0.61% | n/a |
| Gold (GLD) | −0.79% | +0.16% |
| Silver (SLV) | −0.12% | +0.05% |
| Bitcoin (IBIT) | −0.36% | +0.08% |
Top stories
Anthropic IPO valuation talks drop to $1.2 trillion after tech rout
Bloomberg reported potential buyers are discussing a valuation range of $1.2 trillion to $1.3 trillion, and later said investors are weighing a valuation as low as $1.2 trillion, according to sources. CNBC reported investors are calling a $1.5 trillion valuation a stretch and that Anthropic could list below that level. FT reported Anthropic intends to press ahead with an IPO targeting a $1.5 trillion valuation and to list before Thanksgiving.
Source: Bloomberg, CNBC, FT
US adds 165,000 jobs in October, topping all estimates
Bloomberg reported nonfarm payrolls rose 165,000 last month, topping all forecasts, after upward revisions to the prior two months. Average hourly earnings advanced and the unemployment rate edged lower, with job gains led by professional and business services and healthcare. Bloomberg also reported that Treasuries dipped as traders added to bets the Federal Reserve will raise rates when it next meets in December.
Source: Bloomberg
Fed's Daly says more rate increases likely needed to tame inflation
San Francisco Fed President Mary Daly said more interest rate increases are likely to be needed to tame inflation, but it is too soon to know how much higher rates will need to go, Bloomberg reported. CNBC reported Daly called Friday's jobs report good news for American workers while noting the pressure inflation is exerting on household finances. Pimco economist Tiffany Wilding told Bloomberg another Fed rate increase in March is possible.
Source: Bloomberg, CNBC
Canva cuts 22% of workforce in restructuring
Fortune reported Canva is restructuring 22% of its workforce. CEO Melanie Perkins's note to staff drew applause online for a package that includes a year of healthcare, career coaching and $10,000 project grants.
Source: Fortune
OpenAI completes first part of funding at $1.25 trillion value
Bloomberg reported OpenAI has closed about $11 billion of new funding, the initial part of a round valuing the company at $1.25 trillion, with the money wired as of Friday. The remainder could bring the round to as much as $20 billion in total. CNBC reported OpenAI's CFO said the company will keep investing in AI data centers despite the election results.
Source: Bloomberg, CNBC
Stock stories
DraftKings shares fall 21% after cutting 2026 profit forecast on prediction markets spending
DraftKings stock fell 21.33% on Friday, Nov. 6, and was little changed after hours. The company cut its fiscal 2026 Adjusted EBITDA guidance to $175 million to $275 million, reflecting increased Adjusted EBITDA investment in Predictions of $650 million to $700 million. For fiscal 2027 it guided to revenue of $7.35 billion to $7.75 billion and Adjusted EBITDA of $800 million to $1.0 billion, including $300 million of Predictions investment at the midpoint. Third-quarter revenue rose 16% to $1.329 billion. Bloomberg reported that Chief Executive Officer Jason Robins said most of the $650 million to $700 million was used to acquire new customers.
Source: DKNG 8-K exhibit
Microsoft winds down Oracle deal to rent AI cloud capacity
Microsoft Corp. is winding down an arrangement to rent AI computing from Oracle Corp., part of a larger reassessment of billions of dollars in cloud partnerships, Bloomberg reported. CNBC reported that Microsoft is reducing the number of neocloud partners it counts, picking key suppliers and focusing on its own data centers. Microsoft shares fell 0.98% during the regular session and rose 0.10% after hours, while Oracle shares rose 0.79% and gained 0.16% after hours.
Source: Bloomberg, CNBC
Karman Space & Defense shares soar 42% after record third-quarter revenue
Karman Space & Defense stock rose 42.45% at the cutoff and was down 0.78% after hours. Third-quarter revenue hit a record $202 million, up 66% year over year, with 25% organic growth. Adjusted EBITDA was a record $61 million, up 60%, and adjusted EPS was $0.19 against $0.10. Backlog reached a record $1.7 billion, up 108% from fiscal year-end 2025. The company raised its fiscal 2026 outlook to $755 million to $760 million in revenue and $225 million to $227 million in adjusted EBITDA.
Source: KRMN 8-K exhibit
IonQ shares jump 22% after record third-quarter revenue and raised guidance
IonQ stock rose 22.29% at the cutoff and gained 0.40% after hours. Third-quarter revenue rose 336% year over year to $173.8 million, and the company raised its full-year 2026 revenue guidance to $505 million to $515 million. Remaining performance obligations more than doubled to $1.2 billion. Adjusted EPS was a loss of $0.29 for the quarter, while GAAP EPS was $1.42 on a non-cash warrant mark-to-market gain.
Source: IONQ 8-K exhibit
Movers
Karman Holdings Inc. (KRMN) led regular-session gainers at +42.45%, followed by Oklo Inc. (OKLO) at +22.72%. DraftKings Inc. Class A Common Stock (DKNG) led losers at -21.33%, with Axon Enterprise, Inc. Common Stock (AXON) at -18.05%.
| Company | Today | Volume |
|---|---|---|
| Karman Holdings Inc. (KRMN) | +42.45% | 9,322,074 |
| Oklo Inc. (OKLO) | +22.72% | 23,287,505 |
| IonQ, Inc. (IONQ) | +22.29% | 37,028,398 |
| IREN Limited Ordinary Shares (IREN) | +19.94% | 104,752,221 |
| SiTime Corporation Common Stock (SITM) | +17.62% | 1,556,186 |
| DraftKings Inc. Class A Common Stock (DKNG) | −21.33% | 64,748,762 |
| Axon Enterprise, Inc. Common Stock (AXON) | −18.05% | 4,925,480 |
| Atlassian Corporation Class A Common Stock (TEAM) | −16.15% | 7,101,936 |
| Halozyme Therapeutics, Inc. (HALO) | −15.69% | 5,826,683 |
| Natera, Inc. Common Stock (NTRA) | −14.61% | 5,223,958 |
What's next
Constellation Energy (CEG), CNH Industrial (CNH), KKR (KKR), NRG Energy (NRG), Somnigroup International (SGI) and Affiliated Managers Group (AMG) report before the next open.
- Reporting before the next open: Constellation Energy (CEG), CNH Industrial (CNH), KKR (KKR), NRG Energy (NRG), Somnigroup International (SGI), Affiliated Managers Group (AMG)
Prices are ETF and stock prices as of 5:00 p.m. ET, Nov. 6.