Published: November 5, 2025
Key Takeaways
- Nasdaq snaps back from Tuesday’s 2% selloff as tech shares rebound; the Nasdaq Composite traded ~0.9%–1.1% higher intraday (around 23,560–23,610). 1
- Private payrolls rose by 42,000 in October, topping forecasts and helping risk appetite recover. 2
- Pre‑market jitters eased after an early drop in futures tied to valuation fears in AI leaders. 3
- Stock‑specific drivers:AMD gained after raising Q4 revenue guidance; Super Micro Computer fell on a revenue/profit miss tied to GPU rack delivery delays; Palantir remained under pressure following a post‑earnings slide and headlines about Michael Burry’s bearish options positions. 4
- Macro backdrop: The U.S. Supreme Court’s tariff case—a major test of presidential trade powers—kept trade‑policy risk in focus. 5
Market Snapshot — Midday, Nov. 5, 2025
- Nasdaq Composite: up roughly 1% intraday; session range ~23,287–23,637 after Tuesday’s close at 23,348.64. 1
- Context: The bounce follows Tuesday’s tech‑led tumble (Nasdaq −2.0%), which rippled overnight into Asia/Europe and briefly into U.S. futures this morning. 6
- Drivers: Stronger‑than‑expected ADP private payrolls (+42k) and steadier mega‑cap tech sentiment. 2
What Moved the Nasdaq
1) Macro: Jobs, Yields, and Tariffs
- ADP Private Payrolls (Oct): +42,000 vs. a smaller consensus, providing a modest growth signal during the federal data blackout and helping equities stabilize. 2
- Tariffs in the dock: The Supreme Court heard arguments on whether emergency powers can support sweeping global tariffs—an overhang for trade‑sensitive sectors and inflation expectations. Markets monitored the tone for clues on future import costs. 5
- Overnight tone: After a brisk two‑day wobble tied to AI valuation concerns, U.S. futures dipped pre‑market before reversing as cash trading got underway. 3
2) Earnings & Single‑Stock Moves
- Advanced Micro Devices (AMD): Shares firmed after the company guided Q4 revenue above estimates, citing demand for AI‑centric chips—even as broader AI euphoria has cooled. 4
- Super Micro Computer (SMCI): Stock fell after missing quarterly revenue and profit, with management flagging GPU rack delivery delays caused by design changes for a large customer; the company did lift parts of its full‑year outlook but margin worries lingered. 7
- Palantir (PLTR): Continued to digest post‑earnings volatility and headlines around Michael Burry’s short positions against AI high‑flyers—part of the broader rotation away from richly priced AI names. 8
The Day’s Timeline
- Before the bell: U.S. futures slipped for a second day amid valuation anxiety in semis and AI software. 3
- Opening hours: Buying interest returned as the ADP report beat estimates and dip‑buyers stepped into mega‑cap tech. 2
- Midday: The Nasdaq Composite held gains near ~1%, with breadth improving from Tuesday’s 3:1 decliners‑to‑advancers ratio on the Nasdaq. 1
Why It Matters
- Positioning risk: After record or near‑record levels in late October, crowded AI trades are vulnerable to guidance hiccups and macro surprises. A soft patch (e.g., Super Micro’s delays) can quickly spill across the Nasdaq‑100 given index concentration. 9
- Policy risk: The tariff case could shape corporate costs and margins into 2026. A decision curbing unilateral tariff powers may reduce policy volatility—while an endorsement could keep import costs and inflation uncertainty elevated. 5
What’s Next (Tonight & This Week)
- After the close (Nov. 5): Heavy Nasdaq‑listed earnings slate including Qualcomm (QCOM) and Arm (ARM); Robinhood (HOOD) also reports. Watch commentary on AI, handset demand, and data‑center trends. 9
- Data: With the government shutdown delaying official releases, private reports (ADP, ISM) may continue to drive intraday swings. 2
Quick Hits — Stocks on the Radar
- AMD (AMD): Q4 revenue view $9.3B–$9.9B vs. ~$9.2B consensus; AI server momentum in focus. 4
- Super Micro (SMCI): Missed Q1; cited GPU rack validation delays; raised parts of FY revenue outlook but margins scrutinized. 7
- Palantir (PLTR): Pullback persists amid valuation skepticism despite upbeat revenue view. 8
Methodology & Notes
This roundup emphasizes news published on Wednesday, November 5, 2025, drawing on intraday index levels, economic data prints, and corporate reports from reputable outlets (Reuters, WSJ, AP, etc.). Market levels cited reflect the latest available intraday readings at time of writing; percentages and prices may change by the close. 1
