Stock Market Today, Nov. 6: Nvidia CEO Jensen Huang asked to brief Congress on alleged China spy ties

Update, 8:35 a.m. ET

At 8:35 a.m. ET on Nov. 6, the Bureau of Labor Statistics reported that total nonfarm payrolls rose by 165,000 in October, while the unemployment rate changed little at 4.1 percent, well above the 59,000 forecast CNBC cited. The S&P 500 ETF (SPY) was up 0.31% premarket after falling 4.41% yesterday, and the Nasdaq-100 ETF (QQQ) gained 1.72% after a 6.49% drop. Late movers included SiTime, up 15.27% premarket after a three-for-one forward stock split was announced, and Airbnb, up 13.94% after raising its 2026 outlook.

Economic data

• Employment Situation: The Bureau of Labor Statistics said total nonfarm payrolls rose by 165,000 in October, while the unemployment rate changed little at 4.1 percent. Source

Markets at 8:35 a.m.

Late news

US economy adds 165,000 jobs in October, beating forecasts

Bloomberg and CNBC reported that US employers added 165,000 jobs in October, well above the 59,000 nonfarm payroll forecast CNBC cited. CNBC put the unemployment rate at 4.1%. Bloomberg reported that unemployment edged lower in the month, a sign of labor-market strength.

Source: Bloomberg, CNBC

Tech selloff wipes out $2.5 trillion as AI stocks rebound

Bloomberg reported that US stocks steadied Friday as dip buyers stepped in to support the battered AI trade, though investors are unsure the worst is over. NYT reported that the rout wiped out $2.5 trillion after Democrats' landslide election victories. Bloomberg reported that prospective investors in Anthropic PBC's IPO face uncertainty over valuation after the AI selloff prompted a rethink of the expected valuation.

Source: Bloomberg, NYT

Natera stock falls 16.84% premarket despite raised revenue guidance

Natera shares fell 16.84% premarket as of 8:34 a.m. ET, after dropping 6.97% on Nov. 5. Third-quarter total revenue rose 34.1% to $794.0 million from $592.2 million a year earlier, and tests processed rose 22.3% to about 1,093,100. The company raised its 2026 revenue guidance by $140 million at the midpoint, to $3.005 billion to $3.035 billion. Third-quarter GAAP gross margin was 64.7%, versus 64.9% a year earlier, and the net loss narrowed to $59.9 million, or $0.42 per diluted share, from $87.5 million, or $0.64.

Source: NTRA 8-K exhibit

SiTime shares rise 15.27% premarket after Q3 revenue jumps

SiTime shares rose 15.27% premarket as of 8:34 a.m. ET, after an 11.97% drop on Nov. 5. Third-quarter net revenue rose 257% to $298.7 million from $83.6 million a year earlier. GAAP net income was $4.4 million, or $0.14 per diluted share, while non-GAAP net income was $130.3 million, or $4.01 per diluted share. SiTime announced a three-for-one forward stock split, with record holders as of Dec. 3 and split-adjusted trading expected to begin Dec. 7.

Source: SITM 8-K exhibit

Airbnb shares rise 13.94% premarket after raising 2026 outlook

Airbnb shares rose 13.94% premarket as of 8:34 a.m. ET, after a 3.54% drop on Nov. 5. The company now expects full-year 2026 revenue growth in the high teens and Adjusted EBITDA margin of about 36%. For the fourth quarter it expects revenue of $3.22 billion to $3.28 billion, growth of 16% to 18% year over year, including an approximate two-point FX tailwind after hedging.

Source: ABNB 8-K exhibit

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The S&P 500 ETF (SPY) is up 0.39% pre-market after falling 4.41% yesterday, and the Nasdaq-100 ETF (QQQ) is up 1.81% pre-market after a 6.49% drop. The lead stories are Nvidia CEO Jensen Huang being asked to brief Congress on his reported ties to a businesswoman accused of spying for China, and Tesla saying it will wind down Cybertruck production at its Texas factory next year.

Markets

The S&P 500 ETF (SPY) is up 0.39% pre-market after falling 4.41% yesterday, and the Nasdaq-100 ETF (QQQ) is up 1.81% pre-market after a 6.49% drop. The VIX futures ETF (VIXY) rose 29.71% yesterday and is down 3.32% pre-market. The Technology ETF (XLK) leads pre-market at +2.72% after falling 8.00% yesterday, while the Consumer staples ETF (XLP) is weakest at -1.81% pre-market.

Top stories

Nvidia CEO Jensen Huang asked to brief Congress on alleged China spy ties

Axios reported that three House Republican committee chairs asked Nvidia CEO Jensen Huang to brief Congress behind closed doors about his reported ties to Alice Huang, a businesswoman accused of spying for China. The New York Times reported last week that U.S. officials determined she funneled information to Chinese intelligence, and CNBC reported that President Donald Trump was briefed about those findings about a year ago. NVDA fell 9.26% yesterday and rose 4.03% premarket as of 7:29 a.m. ET.

Source: Axios, NYT, CNBC, FT

Musk says Tesla will wind down Cybertruck production at Texas factory

Tesla CEO Elon Musk said in a post on X that the automaker will wind down Cybertruck production at its Texas Gigafactory next year, MarketWatch reported. BBC reported Musk said the change makes room for production of Cybercabs, autonomous taxis without a driver, and the FT reported Musk is shifting focus to robotics and AI. TSLA fell 10.77% yesterday and rose 1.72% premarket as of 7:29 a.m. ET.

Source: MarketWatch, BBC, FT

US and Iran edge closer to deal as mediators push to end war

Bloomberg reported that a diplomat with knowledge of the talks said Tehran is willing to discuss nuclear program issues that were previously off the table. The FT reported that regional negotiators led by Qatar have stepped up efforts to broker an interim agreement between Washington and Tehran, and Bloomberg reported that Trump spoke by phone with Qatar's leader about de-escalation. Bloomberg also reported, citing FGE NexantECA, that Iranian oil exports have dwindled to almost nothing under the US naval blockade and that the chance of an imminent peace deal is low.

Source: Bloomberg, FT

EU says TikTok algorithm pushes users into harmful rabbit holes

Bloomberg reported that EU regulators found TikTok's video-recommendation algorithm pushes users down rabbit holes of potentially harmful content, escalating an almost three-year probe. CNBC reported that ByteDance risks a fine next year of up to 6% of its global annual turnover unless it resolves the issue.

Source: Bloomberg, CNBC

Stock stories

Moderna raises 2026 revenue growth outlook to 15% to 25% after Q3 sales jump 29%

Moderna shares rose 7.69% in premarket trading after closing down 6.55% on Nov. 5. The company now expects 2026 revenue growth of 15% to 25%, up from its prior outlook of up to 10%. Third-quarter revenue rose 29% to $1.3 billion, with GAAP net income of $162 million and diluted EPS of $0.38, against a loss of $(0.51) a year earlier. Year-end 2026 cash and investments are now expected at $8.1 billion to $8.3 billion, up from $4.7 billion to $5.2 billion. Research and development expense for 2026 is now seen at about $2.7 billion, down from $2.9 billion.

Source: MRNA 8-K exhibit

IREN shares rise 17.89% premarket after delaying $4 billion annualized revenue target

IREN shares rose 17.89% premarket after falling 16.95% on Nov. 5. The company said its more than $4 billion annualized revenue target, previously due by year-end 2026, is now targeted for January 2027 and may extend to February, citing a customer-requested design change and supplier timing. Q1 fiscal 2027 total revenue rose 66% sequentially to $228 million, with AI Cloud revenue of $200 million. Revenue backlog rose 22% to $20.3 billion, about two-thirds with investment-grade counterparties. CNBC reported that some revenue is being delayed from 2026 until early next year.

Source: IREN 8-K exhibit

DraftKings shares fall 22% premarket as fiscal 2026 EBITDA guidance is cut

DraftKings shares fell 21.98% premarket after rising 1.77% on Nov. 5. The company cut its fiscal 2026 Adjusted EBITDA guidance to $175 million to $275 million, citing Predictions investment of $650 million to $700 million. Third-quarter revenue rose 16% to $1,329 million, and Monthly Unique Payers rose about 13% to 4.1 million. Fiscal 2027 revenue guidance is $7.35 billion to $7.75 billion, with Adjusted EBITDA of $800 million to $1.0 billion.

Source: DKNG 8-K exhibit

Cloudflare stock rebounds 21% premarket after third-quarter revenue rises 39%

Cloudflare shares rose 21.03% premarket after falling 8.28% on Nov. 5. Third-quarter revenue rose 39% to $782.5 million, the fastest growth in nearly four years, and non-GAAP income from operations was $137.1 million. The company guided fourth-quarter fiscal 2026 revenue to $845.0 million to $846.0 million. MarketWatch reported the stock was mounting a comeback after the sales surge.

Source: NET 8-K exhibit

Atlassian shares fall 18% premarket despite 24% first-quarter revenue growth

Atlassian shares fell 17.62% premarket after dropping 3.47% on Nov. 5. First-quarter fiscal 2027 revenue rose 24% to $1,772 million, and Cloud revenue rose 31% to $1,302 million. Subscription ARR reached $6,812 million, up 23%, and GAAP operating margin widened to 11% from (7%) a year earlier. Non-GAAP operating margin was 32%, and free cash flow was $463 million. Second-quarter fiscal 2027 revenue is expected at $1,825 million to $1,835 million.

Source: TEAM 8-K exhibit

Today ahead

The Employment Situation from the BLS, covering 2026-10, is due at 8:30 AM ET. Before the open, Charter Communications (CHTR), Humana (HUM), Moderna (MRNA) and Vistra (VST) are among the companies reporting.

• 8:30 AM ET: Employment Situation (BLS), covering 2026-10
• Reported before the open: Brookfield Asset Management (BAM), Franklin Templeton (BEN), Charter Communications (CHTR), Elanco Animal Health (ELAN), Humana (HUM), Moderna (MRNA), PPL (PPL), Vistra (VST), Oklo (OKLO), Starwood Property Trust (STWD), TeraWulf (WULF)

Prices are ETF and stock prices as of 7:30 a.m. ET, Nov. 6.