Saturday, November 7, 2026 | 3 min read
Top 3 Takeaways
- October jobs beat at 165,000, lifting Fed hike odds.
- The S&P 500 fell about 2.7% in its worst week since June.
- October CPI arrives Tuesday at 8:30 AM.
Markets Snapshot
As of Friday close, Nov 6 (bitcoin as of 6:10 AM ET Saturday). Markets are closed for the weekend.
| S&P 500 (Fri close) | 7,376.86 | +0.31% |
| Dow (Fri close) | 51,285.73 | -0.46% |
| Nasdaq Composite (Fri close) | 24,579.42 | +1.09% |
| 10-year Treasury (Fri) | 4.86% | +2 bps |
| WTI crude (Fri, approx.) | $90.34 | -0.20% |
| Bitcoin | $75,931 | -0.09% |
Deals & IB
- Anthropic's IPO valuation talk has come down to about $1 trillion to $1.3 trillion from roughly $2 trillion last month; a listing is still expected this month but could slip (Nov 6) Read more
Banks not disclosed yet
Disclosure: Anthropic makes Claude, the assistant that wrote this brief. - Marvell agrees to buy Lumentum in a roughly $115 billion all-stock deal, paying 4.5 Marvell shares per Lumentum share, the largest public tech deal on record (Nov 2) Read more
Banks not disclosed yet - The New York Times is reportedly in talks to buy Letterboxd for about $330 million (Nov 6) Read more
Banks not disclosed yet
Why it matters for IB
In an all-stock deal the target's holders share the buyer's risk, so when the buyer's shares fall the deal value falls too; bankers weigh cash versus stock based on the buyer's balance sheet and valuation.
Macro & Policy
- The economy added 165,000 jobs in October, far above forecasts of about 59,000; unemployment dipped to 4.1% and earlier months were revised higher. Read more
- December Fed hike odds rose above 65% on CME FedWatch after the strong report. Read more
- Japan's Nikkei entered a bear market and Korea's Kospi fell about 6% as the chip selloff hit Asia. Read more
- Chip stocks bounced Friday: AMD rose about 11% and Nvidia about 3%, recovering roughly a third of Thursday's losses. Read more
Earnings & Coming Up
- Sat and Sun: markets closed.
- Mon Nov 9: possible start of Anthropic's IPO roadshow.
- Tue Nov 10: October CPI inflation (8:30 AM).
- Wed Nov 11: Veterans Day; bond market closed, stock market open.
- Thu Nov 12: weekly jobless claims (8:30 AM).
- Fri Nov 13: producer price index (8:30 AM).
Finance in a Line
Hart-Scott-Rodino (HSR) review. the U.S. antitrust filing large deals must make with the FTC and Justice Department, followed by a waiting period before closing. Why it matters: a deal as big as Marvell-Lumentum faces a long review, and interviewers ask what can delay a merger.
“Gold medals aren't really made of gold. They're made of sweat, determination, and a hard-to-find alloy called guts.”
Dan Gable
Sources: Yahoo Finance, StockTitan, BLS, SEC.gov, TipRanks, public prediction market data.