---
title: "Chips recovered only a slice of Thursday's loss as a jobs beat raised December hike odds"
url: "https://etf.net/news/chips-partly-rebound-hike-odds-rise-2026-11-06"
published_at: "2026-11-06T22:16:49.673Z"
updated_at: "2026-11-06T22:16:49.673Z"
byline: "ETF.net Research"
---

# Chips recovered only a slice of Thursday's loss as a jobs beat raised December hike odds

The Nasdaq Composite rose 1.1% and is still 11% below its high of the past year. The Dow fell 237 points, and a December rate increase is more likely than it was a day earlier.

By ETF.net Research. Published Nov 6, 2026.

Chip shares recovered only a slice of Thursday's selloff on Friday, and the Dow fell. A much stronger jobs report raised the odds of a December rate increase.

The Nasdaq Composite rose 1.1% to 24,579.42, the S&P 500 rose 0.3% to 7,378.90, and the Dow Jones Industrial Average fell 237 points, or 0.5%, to 51,285.73. The Nasdaq got back 19% of the points it lost on Thursday, when the index fell 5.5%. It closed 11% under its high of the past year.

[CNBC said](https://www.cnbc.com/2026/11/05/nasdaq-drops-into-correction-territory-heres-what-typically-happens-next.html) Thursday's drop had put the Nasdaq Composite in a correction, a fall of more than 10% from a high. Friday left it there.

## Chips took back about a quarter of Thursday

iShares Semiconductor ETF, SOXX, rose 3.5% to $136.53. That was about a quarter of Thursday's 12% drop, and the fund still closed 9.1% below Wednesday, the session before the selloff started. Nvidia rose 2.8% to $186.64. From last Friday's close, Oct. 30, the Nasdaq Composite is down 3.4% and the semiconductor fund is down 13%.

Thursday's collapse followed Tuesday's midterm elections, which gave Democrats the House and the Senate. [CNBC reported](https://www.cnbc.com/2026/11/05/democrats-data-center-restrictions-midterms.html) that shares tied to the artificial-intelligence build-out sold off on fear that Democrats in Congress and in the states would act against data centers. The selling intensified Thursday, CNBC said, as investors worried those wins could slow construction, and chip stocks led the decline.

The same report carried the calls that followed the vote. Sen. Bernie Sanders called for a national data-center moratorium. Rep. Yassamin Ansari said pausing AI development should be a top priority for the new Democratic majority in the House on its first day. Democrat Gina Hinojosa, who won the Texas governor's race, had said she would halt new data-center approvals until the legislature acted.

IREN, which sells cloud computing for artificial intelligence and also mines bitcoin, rose 20% on Friday, the session after that selloff. [The company said Thursday](https://iren.gcs-web.com/news-releases/news-release-details/iren-reports-q1-fy27-results) that revenue from that cloud business reached $200 million in the quarter ended Sept. 30, up from $71 million the quarter before. It still lost $263 million.

## A jobs beat lifted December hike odds

The [Bureau of Labor Statistics](https://www.bls.gov/news.release/archives/empsit_11062026.htm) said employers added **165,000** jobs in October, higher than the average monthly gain of 48,000 over the prior 12 months. The unemployment rate was little changed at 4.1%. [CNBC reported](https://www.cnbc.com/2026/11/06/jobs-report-october-2026.html) a consensus estimate of 59,000 from the publisher Dow Jones, not the industrial average, and a jobless-rate forecast of 4.2%. The payroll gain was nearly three times that jobs estimate.

[CNBC](https://www.cnbc.com/2026/11/06/treasury-yields-inch-lower-as-investors-look-ahead-to-key-jobs-data-.html), citing CME Group's FedWatch tool, said traders were pricing a more than 77% chance of a quarter-point increase at the Federal Reserve's Dec. 9 meeting, up from more than 66% a day earlier.

The two-year Treasury yield rose 5 basis points from Thursday, to 4.51%. The 10-year yield rose 2 basis points, to 4.86%. At 9:15 a.m. ET, Charles Schwab had the 10-year at 4.88%, up 4 basis points, and said the yield had jumped on concern the Federal Reserve might be more inclined to raise rates. The day's closing rise in the 10-year was half that morning increase.

The dollar index was up 0.7% at 102.31 in late trading. Gold futures were down 0.9% at $4,075 an ounce in late trading.

Technology was the strongest of State Street's 11 sector funds, and consumer staples the weakest. State Street Consumer Staples Select Sector SPDR ETF, XLP, fell 1.3%.

Chart: **Technology** led all 11 sector funds; consumer staples finished last

The two parts of Friday stayed apart. Chips were repairing Thursday. Bonds were pricing the jobs report.

Chart: **Technology** ended 8% below Oct. 30; staples ended 0.7% higher

Source: etf.net, https://etf.net/news/chips-partly-rebound-hike-odds-rise-2026-11-06. Please cite the page URL.