Global Weekly Equities Report - November 6, 2026

Executive Summary

Reporting period: Monday 2 – Friday 6 November 2026.

One political event repriced both of this book's positions in the same week. Democrats took both chambers of Congress on 3 November, and the market drew two conclusions from it within forty-eight hours: tighter regulation of artificial intelligence and slower data-centre build-out, and a materially higher probability of a diplomatic settlement with Iran. The first broke the technology complex. The second broke crude. The S&P 500 fell 2.68% to 7,376.86, the Nasdaq 3.37% and Information Technology 8.23%, while Energy fell 12.00% as WTI lost roughly 13% in its worst week since 2022.

Thursday 5 November was the single worst session since April 2025. The S&P 500 fell 4.36%, the Nasdaq 5.5% and the Dow more than 1,800 points, with the VIX rising 11.6 points to 28.18, its largest one-day gain in nineteen months. Mixed results from Qualcomm and Arm the previous evening started the semiconductor decline; the election result widened it into every stock priced on artificial-intelligence capital expenditure. Friday's October employment report then added 165,000 jobs against a forecast of 59,000, with unemployment falling to 4.1%, and the market still closed the week lower.

That payroll number matters beyond the week. It removes the labour-market leg of the stagflation argument, as growth is holding up and Q3 GDP of 3.4% confirms that the economy is not stagnating. What remains is an inflation problem without a corresponding weakness in growth, reinforcing the case for the Federal Reserve to maintain a restrictive policy stance rather than ease. Yet the 10-year Treasury yield still declined eight basis points to 4.86% over the week, as the equity sell-off drove safe-haven demand for Treasuries, outweighing the upward pressure from stronger economic data.