Weekly Market Pulse

Market map: November 2–6

ETF prices are official regular-session closes of November 6; weekly changes compare them with the October 30 close. Five of the eleven sector ETFs rose: communication services, real estate, consumer discretionary, financials and staples. Energy fell 12.0% as crude prices retreated. Benchmark closes: AP.

SPY−2.70%Close Nov 6: $735.29

QQQ−4.98%Close Nov 6: $656.10

IWM−2.03%Close Nov 6: $273.67

XBI−2.42%Close Nov 6: $152.21

XLK −8.23%XLE −12.00%XLC +4.89%XLF +1.15%XLV −0.04%XLY +1.91%XLP +0.74%XLU −0.69%

SPY daily chartOpen live chart

Sessions in review: November 2-6

Each daily return uses the preceding session in the same price series. Daily changes compound to the weekly change; adding rounded percentages will not reproduce it exactly. Wednesday’s broad rally (Dow +3.0%) did not extend to semiconductors (SMH −2.75%); Thursday left all five ETFs negative for the week.

Macro: hiring strong, rates in focus

Jobs report: payrolls and wages firm

Nonfarm payrolls rose 165,000 in October and the unemployment rate was 4.1%. Average hourly earnings rose 14 cents, or 0.4%, to $38.00, up 3.1% over twelve months. August was revised to +186,000 and September to +60,000, a combined 84,000 more than previously reported. Participation was 61.9%. BLS Employment Situation

Claims, openings and surveys

Initial claims fell 6,000 to 189,000 in the week ending October 31; the four-week average was 194,750 and insured unemployment 1,718,000 in the week ending October 24. September job openings were 7.5 million, little changed. The ISM manufacturing PMI rose to 55.5 in October from 54.5, with prices at 75.2; the ISM services PMI eased to 54.5 from 54.9. Department of Labor · BLS JOLTS · ISM manufacturing · ISM services

Rates: Treasury refunding and central banks

On November 4 the Treasury announced $125 billion of quarterly refunding: a $58 billion 3-year note on November 9, a $42 billion 10-year note on November 10 and a $25 billion 30-year bond on November 12, with coupon sizes held for the next several quarters. The 10-year par yield ended the week at 4.86%. Abroad, the Bank of England raised Bank Rate by 0.25 point to 4.00% on November 5 and the Reserve Bank of Australia raised its cash rate to 4.85% on November 3. Treasury refunding · Bank of England · RBA

Interpretation: a hike is back in the debate

The Fed held its range at 3.75–4.00% on October 28 with two dissents in favor of a 0.25-point increase. Firm payrolls and wage growth keep that debate open, but neither the jobs report nor one CPI print decides the December 8-9 meeting. Federal Reserve statement

Earnings: Palantir, AMD, Qualcomm and AppLovin report

Palantir reported November 2: revenue $2.313 billion, up 96%, with U.S. commercial revenue $984 million, up 148%, and adjusted operating margin 62%; it raised its 2026 revenue guidance to $8.530-8.534 billion. The stock still fell 12.9% on the week. SEC exhibit 99.1

AMD reported November 3: revenue $13.38 billion, up 45%, data-center revenue $8.55 billion, up 97%, and non-GAAP EPS $2.09; it guided fourth-quarter revenue to about $17 billion. The shares fell 17.3% on November 5 and 11.0% on the week. SEC exhibit 99.1

Qualcomm reported fiscal fourth-quarter revenue of $10.32 billion, down 8%, on November 4, with handset revenue down 26% to $5.14 billion and automotive up 89%; non-GAAP EPS was $2.17. AppLovin reported revenue of $2.185 billion, up 55%, and added $3.2 billion to its buyback; the stock rose 71% on the week. Uber’s gross bookings rose 20% to $59.8 billion. Qualcomm · AppLovin · Uber. Single reports are not a proxy for the whole market.

Biotech: FDA clears Rybrevant Faspro as XBI slips

XBI −2.42%, IBB −1.83%. Different portfolio weights explain why the funds are not interchangeable sector measures.

November 5 approval

The FDA granted accelerated approval to Johnson & Johnson’s Rybrevant Faspro (amivantamab and hyaluronidase-lpuj) as a single agent for recurrent or metastatic head and neck squamous cell carcinoma that progressed after platinum chemotherapy and immunotherapy. In a 102-patient trial the overall response rate was 42%. Continued approval depends on confirmatory trials. FDA release

Large-cap results

Amgen reported revenue of $10.4 billion, up 8%, and raised its 2026 revenue guidance to $38.9-39.7 billion; Pfizer raised its revenue guidance to $62.0-64.0 billion; Vertex raised its to $13.15-13.25 billion ahead of the November 30 PDUFA date for povetacicept; Moderna raised its 2026 growth outlook to 15-25% and rose 14.6% on the week. Amgen · Pfizer · Vertex · Moderna

Financing and regulatory updates

INOVIO priced an offering of about $75.0 million gross at $1.05 per share on November 5, a week after the accelerated approval of Voceryq. uniQure said the FDA accepted its AMT-130 application in Huntington’s disease with priority review and a May 1, 2027 PDUFA date. Karyopharm filed for prepackaged Chapter 11 on November 2. INOVIO 424B5 · uniQure · Karyopharm 8-K

INOVIO company coverage · Biotech catalyst calendar

November 9–13 forward calendar

BLS schedule · Treasury auctions · Fed speakers: Waller (Nov 10), Barr (Nov 12), Jefferson (Nov 13). A strong jobs release preceded the week; the next Fed outcome is not assumed.

Sources and methodology

The November 2–6 ETF market map and session table use official regular-session closing prices, comparing each session with the previous one and November 6 with October 30. Price changes exclude distributions, are not total returns and are not live quotes. Index closes are from AP; Treasury yields are daily par yields published by the U.S. Treasury.

Primary economic and company releases are linked in each section. Sector breadth is the count of positive returns among eleven sector ETFs, not stock-level breadth. Interpretations are editorial and do not attribute moves to a single cause or to an unconfirmed consensus surprise.