All three major US stock indexes were up in late-morning trading Friday, led by the Nasdaq Composite, which is looking to rebound after tech stocks sold off Thursday following the midterm elections.

The October employment report showed nonfarm payrolls rose by 165,000, well above the 70,000 jobs increase expected in a survey compiled by Bloomberg as of 7:05 am ET. September and August payrolls were revised upward to increases of 60,000 and 186,000, respectively, for a net upward revision of 84,000 jobs. The unemployment rate fell to 4.1% in October from 4.2% in September, compared with the 4.2% rate expected, while the labor force participation rate rose to 61.9% from 61.8% in September.

In company news, some prospective investors in Anthropic's initial public offering are discussing a valuation of $1.2 trillion to $1.3 trillion, down from previous estimate of $1.4 trillion to $1.5 trillion, Bloomberg reported Friday, citing a person familiar with the matter. The Nasdaq index has plunged since the original estimate, including a 6.4% drop on Thursday.

SpaceX (SPCX) could face a delay in discussions involving a potential purchase of state-owned land after Texas Governor-elect Gina Hinojosa asked state officials to refrain from taking action during her transition to office, Bloomberg reported Thursday. SpaceX shares were up 5.7% around midday.

Taiwan Semiconductor Manufacturing (TSM) is weighing whether to expand into the advanced memory chip manufacturing sector, as a shortage of memory chips has sent prices soaring and driven chip designers to look for additional supplies, The Information reported Friday, citing two people with direct knowledge of the matter. TSMC shares were up 6.7%.

Alphabet (GOOG, GOOGL) has built a stake worth about $547.9 million in Qualcomm (QCOM), according to a regulatory filing submitted Friday. Alphabet's Class C and Class A shares were both up 1.9%.

DraftKings (DKNG) reported a Q3 adjusted loss late Thursday of $0.53 per diluted share, widening from a loss of $0.26 a year earlier and compared with the FactSet consensus estimate of a loss of $0.13. Third-quarter revenue was $1.33 billion, up from $1.14 billion a year ago but below the FactSet consensus of $1.39 billion. For the full year, the company expects revenue of $6.35 billion to $6.55 billion, down from its previous guidance of $6.5 billion to $6.9 billion and below the FactSet consensus of $6.66 billion. For 2027, the company expects revenue of $7.35 billion to $7.75 billion, compared with the FactSet consensus of $7.61 billion. DraftKings shares were down 27%.

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