TradingKey

TradingKey - Over the past five months, the S&P 500 experienced multiple rounds of notable volatility, only to end up virtually back where it started. The index closed at 7,580.07 on October 30, compared with 7,580.06 on May 29, a difference of just 0.01 points. On the surface, the broader U.S. equity market appears to have stalled, but internal valuations, capital flows, and the underlying structure of the gains have undergone significant changes.

TradingKey - As of the close on November 5, Eastern Time, Coinbase (COIN) shares fell 9.69% to close at $136.82, touching an intraday low of $133.50, marking a new low since February 2024. Technically, the stock continues to trade below major moving averages on the weekly chart, and the medium-term correction structure has not significantly changed.

The long-term thesis for Apple breaking above $400 remains intact, but in the short term, it will take time to build a base and digest costs and broader market sentiment.

Following Democratic victories in the U.S. midterm elections, some newly elected governors have advocated for restrictions on data center construction, prompting the market to reassess the pace of AI infrastructure expansion. Should approvals tighten and projects be delayed, the procurement of servers and storage equipment could also be pushed back, drawing attention to the timing of Micron's (MU) future revenue realization.

On Friday, November 6, Eastern Time, U.S. stocks diverged. Following a sharp drop in the previous session, chip stocks attracted dip-buyers, driving a rebound in the Nasdaq and the S&P 500, while the Dow remained under pressure. Meanwhile, stronger-than-expected employment data prompted markets to increase their bets on a Federal Reserve rate hike in December.

TradingKey - In the first three quarters of 2026, major U.S. tech companies continued to ramp up investments in AI infrastructure, with data centers, servers, and related equipment becoming key areas of capital expenditure.

Shares of Oracle (ORCL) dropped sharply. According to people familiar with the matter, Microsoft (MSFT) is phasing out an arrangement to rent AI computing capacity from Oracle, part of a broader reassessment of its multi-billion-dollar cloud partnership.

On November 6 ET, potential IPO buyers of Anthropic were discussing a valuation of $1.2 trillion to $1.3 trillion, lower than the $1.4 trillion to $1.5 trillion previously indicated to underwriting banks. Based on the midpoint of the ranges, valuation expectations have retreated by approximately 13.8%.

Following the Democrats' victory in both chambers of the U.S. Congress, GLJ Research believes that a potential merger between SpaceX (SPCX) and Tesla (TSLA) will become slower, more costly, and less likely. For existing SpaceX shareholders, if the transaction originally required paying a high premium, a slower process could alleviate concerns about ceding too much equity, providing some support for valuations.

TradingKey - Apple's (AAPL) new-generation Mac products officially went on sale on November 6.

TradingKey - On November 6, Eastern Time, as of press time, Nvidia (NVDA) rose over 4% in pre-market trading, after its stock fell about 9.26% in the previous trading session.

TradingKey - Qualcomm’s $5 billion data-centre target faces handset weakness and delayed cost recovery. QCOM needs to reclaim $166.05 after its earnings selloff.

TradingKey - On November 6, Eastern Time, futures tied to the three major U.S. stock indices were mixed. As of press time, Nasdaq 100 index futures were up about 1.49%, S&P 500 index futures rose approximately 0.22%, and Dow futures fell around 1.09%.

TradingKey - Following a heavy sell-off in the previous trading session, the U.S. memory sector staged a collective rebound in pre-market trading on November 6. SanDisk (SNDK) rose nearly 12%, Micron Technology (MU) gained over 9%, Western Digital (WDC) and Silicon Motion (SIMO) both climbed over 8%, Seagate Technology (STX) advanced more than 7%, and SK Hynix (SKHY) also rebounded nearly 6%.

TradingKey - Nvidia faces reported H200 shipment delays ahead of November 17 earnings. Broken $190.01 support leaves $173.69 in focus as investors assess deliveries.

TradingKey - Airbnb’s faster bookings and $12 billion buyback authorization lift its outlook. Holding $179.44 after earnings would put $192.90 resistance in focus.

TradingKey - Elon Musk strongly backed Republican candidates in the 2026 U.S. midterm elections but failed to prevent the Democrats from taking control of Congress, leaving his companies facing fresh market pressure. Over the past two trading sessions, share prices of Tesla (TSLA) and SpaceX (SPCX) fell consecutively, resulting in a cumulative market capitalization loss of approximately $456 billion.

TradingKey - On November 6, Eastern Time, Tesla (TSLA) shares rose 2.8% in pre-market trading to $353.3. In the previous trading session, Tesla shares fell 10.77% to close at $343.69.

TradingKey - Cloudflare’s revenue grew 39%, but GAAP losses widened. After-hours gains put $272.23 in focus as investors assess margins and network spending.

TradingKey - On November 5, Eastern Time, Tesla (TSLA) shares fell sharply by 10.77% to close at $343.69, hitting an intraday low of $338.15, as trading volume rose to approximately 79.68 million shares. Following a 3.34% drop on November 4, the cumulative decline over the two trading days exceeded 13%. Compared to its recent intraday high of $414.23 on November 2, TSLA has pulled back roughly 17%.