The Prime Weekly: 09 November 2026

S&P 500 and Nasdaq Post Fourth Weekly Decline on AI Concerns

U.S. stocks ended mixed on Friday as technology shares rebounded from the prior session’s sharp AI-driven selloff, lifting the S&P 500 and Nasdaq, while the Dow slipped. The rebound came alongside a much stronger-than-expected October jobs report, which pushed Treasury yields higher and reinforced expectations of a possible Federal Reserve rate hike in December.

S&P 500 rose 23 points, or 0.3%, to close at 7,377. The Nasdaq Composite gained 264 points, or 1.1%, to close at 24,579, as chipmakers and AI-related stocks bounced back from the recent rout. In contrast, the Dow Jones Industrial Average declined 237 points, or 0.5%, to close at 51,285.

For the week, all three major U.S. stock indexes closed lower after the sharp post-midterm selloff in technology stocks earlier in the week. The Nasdaq’s Friday gain was not enough to reverse its weekly loss, and both the S&P 500 and Nasdaq recorded their fourth consecutive weekly decline.

The S&P 500 fell 203 points, or 2.7%, for the week, marking its worst weekly performance since April 2025. The Nasdaq Composite declined 857  points, or 3.4%, while the Dow Jones Industrial Average lost 484 points, or 0.9%, over the week.

The U.S. dollar index surged 0.7% on Friday after a stronger-than-expected U.S. payrolls report solidified expectations of a rate hike from the Federal Reserve next month. The Labor Department said U.S. nonfarm payrolls jumped by 165,000 jobs last month, topping the 65,000 estimates of economists polled by Reuters, after an upwardly revised 60,000 gains in September. The unemployment rate dipped to 4.1% from 4.2%.

The 10-year U.S. Treasury yield closed at 4.86%, up from 4.84% late Thursday, as the strong employment report raised expectations that the Fed could raise rates again.

Crude oil prices posted a steep weekly loss, as investors weighed the risk of renewed military escalation between the U.S. and Iran following the midterm elections. Brent fell more than 16% for the week to close at around $98 per barrel, while U.S. crude lost nearly 13% to close at $91 per barrel.

Asian markets are trading higher following a major tech and artificial intelligence (AI) sell-off last week. Japan’s Nikkei 225 is trading higher by 3.3%, South Korea’s Kospi is up 1.2%, while Hong Kong’s Hang Seng is trading higher by 1%.

Coming to our markets, Nifty stretched its winning run to a seventh straight session on Friday, jumping 493 points to close at 25,030. The benchmark has now added a striking 2,650 points over the last 10 trading days.

The index has rallied 10.27% over the past seven sessions— the sharpest advance since February 9, 2021. On a weekly basis, Nifty climbed 8.58%, its strongest weekly gain since February 5, 2021.

The broader market, however, underperformed. Nifty Midcap 100 ended marginally lower at 0.02%, while Nifty Smallcap 100 shed 0.80%. Market breadth deteriorated, with the BSE advance-decline ratio sliding to 0.75—pointing to profit-taking across mid- and small-cap names even as large caps powered the rally.

The Indian rupee outperformed its Asian counterparts, logging its biggest single-day gain since October 12 by appreciating 56 paise to 93.91, a six-month high. Heavy foreign inflows and easing crude prices bolstered sentiment, while enthusiasm around the “Anti-AI” trade and receding geopolitical risks added fuel to an increasingly parabolic move in domestic equities.

Technically, the bullish structure remains firmly intact. Nifty has decisively cleared resistance at 24,773 and 24,990 and has retraced more than 61.8% of its fall from the all-time high of 26,373 to the swing low of 22,179, signaling a significant improvement in the broader technical structure.The next major hurdle sits at 25,383, aligned with the 76.4% retracement of the same decline. On the downside, support has shifted higher to 23,774.