Good morning, it’s Friday, November 6, 2026. Wall Street just had its worst day in 19 months. This morning, buyers are testing whether it was a panic or a turning point.

The Nasdaq fell 5.5% Thursday and closed in correction territory. The S&P 500 dropped 4.4%, and roughly $3 trillion in value disappeared on fears that a Democratic Congress will slow the AI data-center buildout.

Futures are bouncing, led by chips. But the real test comes at 8:30 a.m., when October payrolls land with the Fed still weighing a December rate hike.

The setup: A tech rebound is on the table. A hot jobs number could take it away.

➤ How to profit from Washington’s little-known AI project →
(from Chaikin Analytics)

Chips lead the bounce. Expect volatility at 8:30 a.m. ET.

What's moving the market: Nvidia is up 3.6% pre-market after its biggest one-day drop since the DeepSeek scare of January 2025. AMD, Intel, Broadcom and Micron are up 5% to 8%.

TODAY’S CATALYSTS

Most important: The 8:30 jobs number. Traders see roughly 66% odds of a December hike. A strong print with hot wages could push that higher and pressure growth stocks.

In case you missed it, President Donald Trump just renamed the whole AI industry.

He made the announcement at a surprise White House meeting with Jensen Huang of Nvidia... Mark Zuckerberg of Meta... and Elon Musk of SpaceX.

In addition, Trump announced the official launch of the "Super Intelligence" Force.

According to the White House, this new task force will "ensure that America continues to lead the World in Super Intelligence... and will protect the interests, and improve the lives, of all Americans."

Fair warning: This presentation contains time-sensitive information.

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Democrats won the House and Senate on Tuesday. By Thursday, investors had worked out what that could mean for AI.

Many Democrats campaigned against data centers, and voters who ranked the issue as important backed them heavily. Bernie Sanders called for a "national data center moratorium" right after the results.

The Philadelphia Semiconductor Index fell 12%, its second-worst day on record. Micron, AMD and Marvell each dropped 17%. Nvidia fell 9% and is now negative for 2026.

The nearer risk may be the states. Texas holds 27% of planned U.S. data-center capacity, per Wells Fargo, and Pennsylvania's governor signed an order in August to slow development.

What this means for investors: A federal moratorium would still face a presidential veto. Slower permits, state by state, would not. The AI trade now carries political risk it didn't carry last week.

Brent crude is down about 16% this week and WTI more than 13%, per Reuters. Both now sit below $100.

The trigger: Republican midterm losses raised bets that Washington will push to de-escalate the war with Iran. Iran reportedly sent a nuclear proposal to the U.S. through Qatar.

Rapidan Energy's Bob McNally still sees an 80% chance fighting resumes, which he says could send both benchmarks back above $100.

Why it matters today: Cheaper oil eases the inflation pressure that pushed the Fed toward hiking. That helped pull the 10-year yield to 4.84%, its lowest since early September.

There's so much "AI money" flooding into San Francisco these days, that new millionaires have sparked a new real estate boom.

Meanwhile, the same technology that's creating those fortunes, is coming with a cost for everyone else.

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If payrolls come in hot → December hike odds rise; more pressure on the tech names trying to bounce.

If oil keeps falling → relief for consumers and airlines and a softer path for Tuesday's CPI (expected 3.7%); pressure on energy producers.

If data-center permits slow → chips, power and AI infrastructure lose part of their growth premium; companies with less capex exposure hold up better.

The opportunity: Equal-weight S&P 500 funds, such as RSP.

Why now: Thursday, RSP fell 2.9% while the regular S&P 500 fell 4.4%. When the biggest AI names sell off, an index where every stock counts the same takes less of the hit.

Bull case: If AI leadership stays shaky, banks, healthcare and consumer stocks do more of the work.

Risk: If the AI trade snaps back hard, equal-weight will lag.

Watch: Whether RSP keeps beating SPY on down days next week.

Rate cuts aren't on the table. Hikes are.

The target range sits at 3.75%–4.00%, and markets price roughly two-in-three odds of a hike on Dec. 9. Dallas Fed President Logan has said she sees a need for at least two more.

Watch: Tuesday's October CPI. A reading at or above 3.7% keeps the hike alive.

Money is leaving crypto and moving into gold.

U.S. spot Bitcoin ETFs saw $430 million in net outflows Thursday, reversing Wednesday's post-election inflows. Bitcoin hit a seven-week low near $75,200.

Gold, near $4,075, is headed for its biggest weekly gain since August.

The closer a stock sat to AI hardware, the worse Thursday went. Chips lost about 3.5 times what the Dow did, and the equal-weight S&P held up best: a repricing of AI exposure, not a broad economic scare.

Thursday was driven by policy fears, not a change in AI earnings. Futures say buyers are stepping in, but the jobs report decides whether the bounce sticks.

We'd stay patient with new money until the permitting headlines and the December Fed path get clearer.

P.S. Whitney believes what's happening today could reset the financial system now that America has voted. If he’s even half-right, it's going to have a huge impact on your money and your future. Get the details here...