US Stock Correction, Volatility and Futures Ahead of Data and Earnings

Gotrade News - Nasdaq 100 futures sank 1% early Monday (Nov 9), CNBC reported, after an AI-driven selloff that Reuters said pushed the Nasdaq into correction territory. S&P 500 futures fell 0.15% and Dow futures rose 0.3% ahead of inflation data and earnings from CoreWeave (CRWV), Cisco (CSCO) and Applied Materials (AMAT).

Friday's session brought only a partial rebound from Thursday's AI-driven selloff, as chip stocks recovered on renewed buying. According to CNBC, the Nasdaq Composite gained 1.09% to 24,579.42 and the S&P 500 rose 0.31% to 7,376.86, while the Dow Jones Industrial Average lost 0.46% to 51,285.73. Even with that bounce, the Nasdaq Composite posted a fourth consecutive weekly decline, as reported by Reuters.

Nasdaq Correction: Thursday's 5.5% Drop and a VIX Spike

Most of the damage came on Thursday (Nov 5). According to Cboe's market commentary, the Nasdaq Composite fell 5.5%, dropped below its 200-day moving average and settled in correction territory, while the S&P 500 lost 4.4% and the Dow fell 3.4%. The Cboe Volatility Index (VIX) rose as much as 70% in intraday trading that session, Cboe said.

Chip stocks led the losses. Cboe reported that Nvidia (NVDA) shares tumbled 9.3%, leaving them 24% below their 52-week high from a month earlier, while Advanced Micro Devices fell 17.3%, Micron lost 17.5% and SanDisk dropped 22% in its worst one-day decline on record. Thursday also marked the biggest day of retail selling since the Covid pandemic, according to Vanda Research data cited by CNBC.

Midterm Results Stir Data Center Rule Worries for AI Stocks

Reuters tied the heavy selling in AI stocks to the US midterm election results. Per CNBC, concerns linger after the Democrats' strong midterm results, with investors worried that tighter rules on data centers, energy use and development costs could slow the AI infrastructure buildout. Cboe noted that many Democratic candidates who won governorships did so on promises to put the brakes on AI data center buildouts.

October Jobs Data Lifts December Fed Hike Odds to 78%

The labor market added another layer of pressure. US nonfarm payrolls increased more than expected in October and the unemployment rate fell to 4.1%, according to Reuters, and traders added to bets that the Federal Reserve could raise rates as soon as next month. Reuters, citing LSEG data, put the chance of a December move at 78%, up from 70% seen earlier. CNBC said investor sentiment stayed guarded after the stronger-than-expected jobs data.

"Will the Fed want to raise interest rates in the face of a market which is teetering?"

Joe Saluzzi, co-head of equity trading at Themis Trading, as quoted by Reuters

Nvidia Frankfurt Shares Drop More Than 6% on Board Probe

Nvidia also faced a company-specific headline over the weekend. According to CNBC, Nvidia's board of directors opened an independent investigation into the spying allegations surrounding CEO Jensen Huang's relationship with a businesswoman that U.S. intelligence agencies say is a Chinese spy, and a company spokesperson said Huang was committed to continuing as CEO without interruption. Nvidia's Frankfurt-traded shares were more than 6% lower in early European trading on Monday, and a proxy for the stock on Hyperliquid was down 2% over 24 hours, CNBC reported.

Week Ahead: CPI Tuesday, Then CoreWeave, Cisco and Applied Materials Earnings

Investors now face a busy calendar. CNBC said traders will watch the consumer price index on Tuesday and the producer price index on Friday for clues on the Fed's next move, while key AI-related earnings reports from CoreWeave, Cisco and Applied Materials are also on deck. The table below compiles the schedule CNBC published, with CoreWeave's call time taken from the company's own release.

NVDA, CRWV, CSCO and AMAT Market Data

Regular-session close on November 6, 2026, New York time. Prices and changes: Yahoo Finance, cross-checked against the closing price on Nasdaq.com.

Strategists Watch AI Capex and Margins After the Nasdaq Selloff

Liz Ann Sonders, chief investment strategist at the Schwab Center for Financial Research, said the Nasdaq and Nasdaq-100 are oversold after heavy de-risking by traders, CNBC reported. "Retail has not proven to be the dip buyers that they have been in the past," she said on CNBC's "Fast Money," adding that "we may not fully be washed out yet." She suggested the near-term focus should be on companies' capex plan adjustments and profit margin expectations.

Reuters also quoted strategists who still see AI as the market's central story. "We still think AI is the dominant theme in this bull market," said Keith Lerner, chief investment officer at Truist Advisory Services. Adam Turnquist, chief cross-asset strategist at LPL Financial, told Reuters that "AI has gone on trial several times in this cycle and come away with an innocent verdict," and added, "This week we saw a little bit of a knee-jerk reaction."

This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.

Sources

• Market Swims in a Sea of Red (Cboe)
• Nasdaq futures are lower as investors eye AI trade, brace for more data and earnings: Live updates (CNBC)
• US STOCKS-Nasdaq rebounds but posts fourth straight weekly decline (Reuters via Devdiscourse)
• CoreWeave Announces Date of Third Quarter 2026 Financial Results and Conference Call (CoreWeave)