01 Stock Market

As of Nov 7, the U.S. major indexes closed as follows: Dow Jones declined 0.46% at 51,285.73; S&P 500 rose 0.31% at 7,376.86; NASDAQ rose 1.09% at 24,579.42. The tape reflected a late rebound in technology after this week’s sharp AI-led selloff, but broader caution remained in place. Rate-sensitive and growth names benefited from the recovery, while the Dow lagged after stronger labor data kept pressure on bond yields.

Among unusual-move stocks, semiconductor and AI-related names dominated the gainers list, led by IREN Ltd, Advanced Micro Devices, and SanDisk Corp. IREN Ltd rose 20.02% to $21.64; Advanced Micro Devices gained 11.04% to $449.04; and SanDisk Corp. advanced 3.55% to $835.06. NVIDIA climbed 2.78% to $186.64, Micron Technology rose 5.12% to $690.00, and Taiwan Semiconductor Manufacturing added 6.33% to $375.44, underscoring continued strength in the chip complex. Other notable gainers included Hesai Group up 11.60% at $14.33, X Financial up 22.34% at $5.75, and Zai Lab Ltd up 12.74% at $25.48.

Several high-volatility Chinese and U.S.-listed names moved sharply in both directions, with a few small-cap names logging outsized declines. On the downside, Shineco, Inc. fell 83.44% to $0.05, Sharing Economy International Inc. declined 50.00% to $0.00, and Accendra Health Inc declined 31.87% to $0.20. Other weak names included Antelope Enterprise Holdings Limited down 28.33% at $12.50, Dogness down 20.04% at $0.46, and Erayak Power Solution Group Inc. down 14.01% at $0.84. The dispersion suggests a market still rewarding AI and semiconductor exposure while punishing thinner liquidity and weaker story stocks.

02 Other Markets

U.S. 10-year Treasury yield rose by 0.45%, latest at 4.86.

USD/CNH rose 0.1431%, at 6.72; USD/HKD fell 0.0191%, at 7.84.

U.S. Dollar Index rose 0.6793%, at 102.27.

WTI crude futures fell 0.20%, at 90.34 USD/bbl; COMEX gold futures fell 0.83%, at 4079.50 USD/oz.

03 Top News

1. Tesla said it will wind down Cybertruck production as it shifts focus to Cybercab. Elon Musk said the move would make room for increased output of the self-driving Cybercab. The announcement points to a product-line reallocation, and Tesla shares were firmer after the news.

2. The FAA said it plans to ease commercial spaceflight licensing rules, lifting SpaceX shares. The agency said it will overhaul its licensing framework to streamline launch and reentry approvals. The changes are aimed at supporting faster commercial space expansion and could benefit launch providers.

3. Microsoft reportedly ended part of its Oracle cloud-rental arrangement, signaling a rethink of AI infrastructure spending. Bloomberg reported that Microsoft has been turning off rented computing capacity from Oracle in recent months. The move suggests Microsoft is reassessing how it sources AI computing resources, while Oracle said demand for its cloud infrastructure remains strong.

4. Lam Research approved a $25 billion share repurchase authorization, boosting the stock. The company said the buyback has no termination date. Management said the plan reinforces its capital allocation strategy and commitment to return capital to shareholders.

5. GSK and Moderna settled their patent dispute over COVID-19 and RSV vaccines. Moderna said the companies reached cross-licensing agreements in infectious disease and will not owe payments tied to the licenses. The settlement prompted both sides to seek dismissal of the U.S. case, reducing legal uncertainty.

6. Airbnb rolled out AI search and support tools that are cutting service costs. The company launched natural-language search, AI-generated listing summaries, and AI filters across its platform. It also said AI handled a larger share of customer support issues, lowering per-booking service costs.

7. Alphabet’s Wing committed up to $125 million to a new manufacturing facility for drone production. The investment is intended to meet rising demand for faster delivery services. The project shows Alphabet continuing to scale its autonomous delivery operations.

8. Palo Alto Networks warned that autonomous AI is outpacing traditional cybersecurity oversight. The company said annual audits are becoming less effective as attack timelines shrink dramatically. It urged more continuous governance and faster defensive controls to counter machine-speed threats.

9. Tesla’s Cybertruck production decision was linked to slower demand in recent reporting. The company’s pickup has seen softer registrations, according to industry data cited in coverage. The shift may free manufacturing capacity for higher-priority autonomous vehicle programs.

10. U.S. labor data showed employers added 165,000 jobs, reinforcing expectations for tighter policy. The stronger-than-expected payroll gain and lower unemployment rate pushed Treasury yields higher and the dollar higher. The report increased the perceived odds of a near-term Federal Reserve rate hike.

Sources: Reuters, Dow Jones, public market data

Disclaimer: This content is for reference only and does not constitute investment advice.