- Wall Street opened lower as investors digested a fresh batch of earnings, lofty valuations, and policy uncertainty. The Dow, S&P 500 and Nasdaq all dipped at the open.
- Private jobs data flashed weakness: Challenger reported 150k+ announced layoffs in October, the most for the month in 20+ years, sharpening focus on labor softness during the ongoing federal data blackout.
- Rates & FX: The U.S. dollar fell for a second day as traders nudged up odds of a December Fed cut; bonds caught a bid.
- Earnings movers: Qualcomm slipped on Samsung exposure risk; DoorDash fell on an investment pivot; Datadog and Moderna gained on upbeat results.
- Policy overhang: The Supreme Court signaled skepticism about the legality of President Trump’s tariff powers, a potential swing factor for trade and inflation in coming months.
- Commodities: Oil edged up after hitting two‑week lows; gold firmed as a softer dollar and policy risks lifted haven demand.
Market snapshot
U.S. equities opened in the red Thursday, extending this week’s choppy pattern as investors weighed mixed corporate results against macro headwinds. At the bell, all three major indices slipped, with breadth tilting negative. The tone was cautious amid debate over still‑rich tech multiples and uncertain economic signals.
Overseas, European trading was subdued ahead of central‑bank cues, while Gulf markets tracked Asia modestly higher earlier in the day, helped by firmer regional catalysts and a tentative rebound in risk appetite.
The macro picture: weaker private labor signals in a data drought
With the government shutdown freezing several official releases, investors leaned on private indicators. Challenger, Gray & Christmas said U.S. employers announced more than 150,000 job cuts in October, the highest October tally in two decades. Cost cutting and AI adoption were cited among key drivers. That backdrop, plus broader uncertainty around tariffs and the shutdown, kept recession‑watchers and Fed‑watchers on edge.
Currency markets reacted quickly: the dollar slipped for a second day as traders marked up the probability of another Fed rate cut in December, and Treasuries rallied alongside haven bids elsewhere.
Tech skids again—yet some standouts shine
- Qualcomm (QCOM): Shares fell after management flagged a potential loss of Samsung business next year, overshadowing better‑than‑expected guidance. The update amplified concern that AI‑linked leaders and their suppliers carry idiosyncratic customer‑concentration risks at stretched valuations.
- DoorDash (DASH): The stock dropped as the company mapped out heavier investment plans, clouding the near‑term margin arc even as demand holds up.
- Datadog (DDOG) and Moderna (MRNA): Both advanced in early trading after beating and raising outlooks—reinforcing the market’s preference for profitable growth and clean execution amid macro noise.
Zooming out, the week’s AI/megacap wobble has underscored just how reliant U.S. benchmarks remain on a narrow group of winners: small tremors there continue to propagate broadly.
Policy watch: tariff powers face a Supreme Court stress test
In a high‑stakes hearing, the U.S. Supreme Court appeared skeptical that the International Emergency Economic Powers Act gives the White House latitude to levy sweeping tariffs. A ruling against the administration could force a shift to other trade statutes and inject new uncertainty into near‑term tariff paths—potentially affecting prices, margins and Fed calculus. A decision is expected next year, but today’s tone added to market unease.
Rates, the dollar and gold
The greenback weakened for a second straight session as softer private labor indicators filtered through. Traders nudged December‑cut odds higher, while gold firmed on the combination of a weaker dollar and policy uncertainty. Longer‑dated yields eased in sympathy.
Energy: oil steadies after two‑week lows; Aramco trims Asia OSPs
Crude is nudging higher after a sharp slide to two‑week lows on Wednesday, with Brent and WTI ticking up as oversupply fears abate slightly. Separately, Saudi Aramco cut December official selling prices for Asia, a move consistent with softer demand and abundant supply across the barrel.
What to watch next
- Fed speakers through the afternoon for hints on the December meeting path and how officials are interpreting private‑sector data amid the shutdown‑induced stats void.
- Tesla shareholder vote on CEO Elon Musk’s record‑setting pay package—an event with potential read‑throughs for governance sentiment and mega‑cap risk appetite.
- After‑the‑bell earnings from media, software and payments names for additional read‑throughs on consumer resilience, ad demand, and enterprise IT budgets.
The bottom line
November 6, 2025 is shaping up as another risk‑off session defined by tech fragility, labor‑market jitters, and policy fog. Bulls can point to stabilizing inflation and resilient services demand, but bears hold the near‑term narrative as earnings landmines, tariff litigation, and patchy jobs signals keep dip‑buying selective and disciplined.
