TradingKey Daily Market Brief: Nasdaq Falls Over 5%, AI Stocks Plunge as Nvidia Drops Over 9%, Micron Falls Over 17%, SanDisk Drops Over 22%
Tracking Market Trends
TradingKey - During the Asian trading session on November 6, the three major U.S. stock indices tumbled across the board overnight as the sell-off across the AI data center supply chain intensified, largely wiping out the prior session's rebound. Escalating market concerns over AI infrastructure financing costs, construction pace, and potential policy constraints sent the Nasdaq down more than 10% from its October record high.
The Dow Jones Industrial Average dropped 3.44% to close at 51,528.16; the S&P 500 fell 4.36% to end at 7,353.73; and the Nasdaq Composite Index slumped 5.52% to finish at 24,315.00.
In sectors and individual stocks, AI chip and data center stocks led the declines. Nvidia (NVDA) fell 9.26%, AMD (AMD) plunged 17.26%, Micron (MU) tumbled 17.46%, and SanDisk (SNDK) sank 22.26%; AppLovin (APP) bucked the trend, surging 31.04% after reporting strong quarterly results and expanding its share repurchase authorization.
In commodities, Brent crude (UKOIL) settled at $99.31, up 4.97%; WTI crude (USOIL) settled at $91.19, up 3.57%. The situation in Iran and the global energy supply outlook continued to keep oil prices highly volatile.
In precious metals, gold (XAUUSD) stood at $4,088.76, edging up 0.71%. The U.S. 10-year Treasury yield retreated to 4.84%, as safe-haven buying supported gold.
In cryptocurrencies, Bitcoin (BTCUSD) traded at $76,088, down 5.49%. The sharp decline in U.S. tech stocks also weighed on risk appetite across crypto assets.
Key Market News
U.S. initial jobless claims fell to 189,000. For the week ended October 31, initial jobless claims fell by 6,000 from the previous week, and the four-week moving average dropped to 194,750, indicating that corporate layoffs remain at a low level.
U.S. nonfarm productivity grew 3.6% in the third quarter. Data from the U.S. Bureau of Labor Statistics showed that third-quarter unit labor costs fell 0.7%, while second-quarter nonfarm productivity growth was revised up from 1.4% to 2.1%.
The Bank of England raised interest rates by 25 basis points to 4%. The Bank of England stated that the Middle East conflict has driven up energy prices, pushing UK inflation to 3.5%, with projections that it could rise to around 5% near mid-2027.
Cloudflare's third-quarter revenue grew 39% year-over-year. Cloudflare (NET) reported third-quarter revenue of $782.5 million, projected fourth-quarter revenue of $845 million to $846 million, and raised its full-year revenue guidance.
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