Stock market on November 6th: Seven points that are important for investors today

After the ups and downs on Thursday, the mood on the German stock market is tense. Investors are eagerly awaiting the US labor market report and further economic data.

Price table of the Frankfurt Stock Exchange. Photo: Handelsblatt

Dusseldorf. The German stock market will likely see on Friday whether the DAX will calm down again after its recent setback. At the end of the week, the negative trend initially appears to be continuing. On over-the-counter platforms, the Dax is in the red pre-market.

On Thursday, the leading German index initially reached a new record high. Tailwind came, among other things, from hopes of diplomatic progress in the Iran war, falling energy prices and bond yields and the outcome of the US midterm elections. But with the start of trading on Wall Street, the mood changed. The ongoing sell-off in AI stocks put technology stocks in particular under pressure. The DAX ultimately closed 0.4 percent lower at 26,325 points.

The Dax is likely to look primarily at new data from the US labor market on Friday. The jobs report could provide an indication of how much room the Federal Reserve has to cut interest rates again in December.

New data on consumer confidence and retail sales in the euro zone are also due. Several central bankers from the Fed, the European Central Bank and the Bank of England also commented. On the corporate side, Moderna, Daimler Truck and Krones, among others, present their quarterly figures.

1 – Stock exchanges in New York: Dow Jones, S&P 500 and Nasdaq

For the US financial magazine “Barron's” it is an “AI bloodbath”, for the Kobeissi Letter platform it is “absolute madness”. Just two days after the midterm elections, prices in the USA collapsed across the board.

US President Donald Trump blamed the Democrats' election victory for the recent slump on US stock markets. “The stock market has experienced one of the worst days in history because of the election results,” Trump said on social media on Thursday (local time). However, people should not be afraid, he added. One way or another you will soon be bigger and stronger than ever before. The US stock markets had previously plummeted.

The companies in the S&P 500 collectively lost around three trillion dollars in market value on Thursday - more than ever before in a single trading day. For the companies in the Nasdaq index, the loss totaled around $2.5 trillion, also a record.

The Nasdaq index fell 5.5 percent by the close of trading.

It was more than ten percent below its record high and was in a correction.

The other major US indices also fell significantly. The Dow Jones erased its 1,500-point gain from the previous day and closed 3.4 percent in the red.

The market-wide S&P 500 lost 4.3 percent, the technology selection index Nasdaq 100 slipped 6.4 percent - the biggest daily loss since the pandemic. The losses continued after trading.

2 – Stock exchanges in Asia

The selloff in chip stocks on Wall Street continued on stock exchanges in Japan and South Korea on Friday. The Japanese Nikkei 225 index temporarily fell by 6.7 percent and was therefore at the April level. South Korea's leading index Kospi, which is dominated by the world's leading memory chip manufacturers Samsung Electronics and SK Hynix, even fell by more than eight percent at the start of trading.

Over the course of the morning, the stock markets made up for some of the losses.

At the lunch break, the Nikkei 225 was 57,585 points, 5.3 percent below the previous day's close.

By then, the broader Topix had lost 5.4 percent to 3,726 points.

South Korea's Kospi fell 4.5 percent to 5,139 points.

In Taiwan, home of the world's largest chip contract manufacturer TSMC, the leading index Taiex fell by 3.6 percent by 10:48 a.m.

Even otherwise more robust markets in the region were dragged down. The Straits Times index in Singapore fell 2.1 percent.

Hong Kong's Hang Seng Index fell 0.5 percent and the Shanghai Composite fell one percent.

3 – US labor market

The official US labor market report will give analysts important clues as to whether the US Federal Reserve (Fed) will be able to raise interest rates in December as widely expected. According to Bloomberg, economists on average expect jobs to increase by 55,000 and the unemployment rate to remain low at 4.2 percent. There is also new data on consumer confidence.

4 – Retail

The EU statistics office Eurostat will publish data on retail trade in the euro zone in September. In August, sales increased by 0.8 percent over the year. Economists can imagine slightly stronger growth.

5 – Central banker

US Federal Reserve Bankers Lorie Logan, John Williams, Alberto Musalem and Michelle Bowman speak. Speeches will also be given by the chief economists of the European Central Bank (ECB) and the Bank of England, Philip Lane and Huw Pill.

6 – Company figures

Biontech competitor Moderna presents quarterly figures, as do Mitsubishi, Constellation Software, Krones, Daimler Truck, International Consolidated Air and Amadeus.

7 – Qiagen

In view of the takeover by the financial investor EQT, the diagnostics group is calling an extraordinary general meeting to confirm the new CEO Jonathan Pratt.

Appointments company

6:45 a.m., Germany: Krones, Q3 figures (detailed) (1 p.m. analyst call)

7:00 a.m., Germany: Daimler Truck, Q3 figures (8:00 a.m. press and analyst conference)

8:00 a.m., Great Britain: International Consolidated Air, Q3 figures

08:15 a.m., France: Airbus, deliveries and orders 10/26

8:30 a.m., Spain: Amadeus IT, Q3 figures (webcast 1 p.m.)

2:00 p.m., Netherlands: Qiagen, Annual General Meeting (extraordinary)

USA: Moderna, Q3 numbers

Related topics

DaxFedUSADaimler TruckGermanyECB

Dates economic situation

8:00 a.m., Germany: Industrial production 9/26

08:00, Romania: Retail sales 9/26

08:00, Norway: Industrial production 9/26

8:45 a.m., France: Current balance 9/26

8:45 a.m., France: Employment Q3/26

09:00 a.m., Switzerland: Foreign currency holdings 10/26

9:00 a.m., Switzerland: Seco consumer confidence 10/26

09:00 a.m., Spain: Industrial production 9/26

11:00 a.m., Euro area: retail sales 9/26

2:30 p.m., USA: Labor market report 10/26

4:00 p.m., USA: Uni Michigan Consumer Confidence 11/26 (in advance)

With agency material.

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