Friday, Nov. 6, 2026 · Week of Nov. 2–6 · By Juan Reina · Published every Friday after the close. We inform; we don’t give investment advice.
The week in 30 seconds
- Midterms whipsaw: Democrats won both chambers. Stocks rallied Wednesday (Dow +3%), then the AI-chip trade cracked Thursday (Nasdaq −5.5%, worst day in 18 months) on fears of tighter data-center rules.
- Oil crash: Brent fell 8.7% Wednesday on U.S.–Iran de-escalation signals.
- Jobs beat: October payrolls +165,000 vs. 59,000 expected; unemployment 4.1%. December Fed-hike odds stay above 65%.
- Colombia held up: the COLCAP was roughly flat in pesos, but EC lost almost 10% in dollars.
Sources: TradingView, BLS, company reports.
Day by day
| Day | Dow | Nasdaq | What happened |
|---|---|---|---|
| Mon., Nov. 2 | +0.41% | −1.07% | Pre-election caution |
| Tue., Nov. 3 | −0.38% | +0.83% | Election Day |
| Wed., Nov. 4 | +3.03% | +1.44% | Post-election rally; Brent −8.7% |
| Thu., Nov. 5 | −3.44% | −5.52% | Chip rout; Nasdaq enters correction |
| Fri., Nov. 6 | −0.46% | +1.09% | Payrolls +165K; chips bounce |
Winners and losers
AppLovin’s profit beat made it the standout. On the losing side, memory and processor makers led the AI unwind, and software names with soft guidance, such as Atlassian, were punished.
What it meant for your 401(k) or IRA
- An S&P 500 index fund lost about 3.3% this week but is still up about 7% in 2026.
- Tech-heavy funds lost more; semiconductor ETFs had their worst day since March 2020 on Thursday.
- Higher Treasury yields (10-year near 4.86%) keep cash and short-term bonds paying more if the Fed hikes.
Colombia in dollars
The MSCI COLCAP ended at 2,485.26, down about 0.2% in pesos. In dollars it was worse: the peso weakened to about 3,240 after the U.S. jobs report, and Ecopetrol’s ADR (EC) fell 9.7% on the oil slump. Grupo Cibest’s ADR (CIB) was flat and the COLO ETF lost 1.6%. Grupo Sura hit a 52-week high in Bogotá. Details: Colombia close, Nov. 6.
Our take
Politics repriced the AI trade in 48 hours, and a strong labor market narrowed the path to rate cuts. Diversification mattered: markets with little tech exposure, like Colombia’s, fell far less in local terms, though currency moves still hit dollar-based investors.
Week ahead
- Tue., Nov. 10: October CPI at 8:30 a.m. ET; Ecopetrol Q3 earnings.
- Wed., Nov. 11: Veterans Day (stocks open, bonds closed); Ecopetrol call at 9:00 a.m. ET.
- Mon., Nov. 16: Colombian holiday.
More: stock market next week · Previous recap: Oct. 26–30.
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The three forces behind the week
1. The midterms
Democrats won both chambers of Congress on Tuesday. Wall Street first welcomed the end of election uncertainty: the Dow jumped 1,569 points on Wednesday, led by consumer, bank and health-care stocks. By Thursday the narrative flipped. Investors began pricing in tougher scrutiny of data centers’ power and water use, and local opposition in several data-center states, threatening the demand story behind AI chips. UBS strategists estimated about 30% of data-center capacity planned for 2028 could be at risk.
2. Oil
Brent plunged 8.7% to $94.62 on Wednesday on signs of U.S.–Iran de-escalation. Cheaper oil is good news for consumers and inflation, but it hurt energy producers, including Colombia’s Ecopetrol, whose ADR (EC) lost nearly 10% on the week.
3. A hot labor market
October payrolls rose 165,000, nearly triple forecasts, with 84,000 in upward revisions to August and September. Unemployment fell to 4.1% and wages rose 0.4% for the month. That keeps the Fed, led by Chair Kevin Warsh, on track for a possible December hike, with futures pricing odds above 65%.
What $10,000 did this week
| Investment | Week | Approx. value Friday |
|---|---|---|
| S&P 500 index fund | −3.3% | $9,667 |
| Nasdaq-100 fund (QQQ) | ≈ −4% | $9,600 |
| Semiconductor stocks (avg. of Micron, AMD, Intel, Nvidia) | ≈ −15% | $8,500 |
| Colombia ETF (COLO) | −1.6% | $9,844 |
| Ecopetrol ADR (EC) | −9.7% | $9,030 |
| Bitcoin | −2.7% | $9,730 |
Approximate, before fees, taxes and dividends. Past performance doesn’t guarantee future results.
Lessons for long-term investors
- Concentration cuts both ways. The same AI names that powered index gains this year drove most of this week’s losses. Check how much of your 401(k) or IRA sits in a handful of tech stocks.
- Diversification helped. Colombia’s COLCAP, with little tech exposure, fell only about 0.2% in pesos, though currency moves still mattered for dollar investors.
- Rates are back in focus. With a hike possible in December, short-term Treasury and money-market yields remain attractive for cash.
- Volatility is normal. Corrections of 10% or more happen roughly once a year on average; selling in a panic often locks in losses.
Glossary
- Correction: a drop of at least 10% from a recent high.
- VIX: the Cboe Volatility Index, Wall Street’s “fear gauge”; it rose 39% this week to 25.6.
- CPI: the consumer price index, the main U.S. inflation gauge, due Tuesday, Nov. 10.
- ADR: a U.S.-listed certificate representing foreign shares, such as EC (Ecopetrol) or CIB (Grupo Cibest).
FAQ
How did the stock market do this week (Nov. 2–6, 2026)?
The Nasdaq fell 3.96%, the S&P 500 3.33% and the Dow 2.10%, driven by an AI-chip selloff after the midterm elections.
What was the best-performing stock this week?
Among large names, AppLovin gained about 61.6% after beating profit estimates.
Why did chip stocks fall this week?
Investors feared a Democratic Congress could slow data-center construction, cutting demand for AI chips and memory.
How did Colombian stocks do this week?
The COLCAP slipped about 0.2% in pesos, while Ecopetrol’s ADR fell 9.7% in dollars.
Will the Fed raise rates in December 2026?
Not decided. After the strong October jobs report, futures priced more than a 65% chance of a hike at the Dec. 9 meeting.
What should investors watch next week?
October CPI on Tuesday, Nov. 10, at 8:30 a.m. ET, plus Ecopetrol earnings the same day and Veterans Day on Wednesday (stocks open, bonds closed).
Is a correction a reason to sell?
We don’t give advice. Historically, corrections are common, and decisions should depend on your goals, time horizon and risk tolerance, ideally with a licensed advisor.
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