Stocks Diverge as Jobs Surprise Fails to Calm AI Concerns

The Dow Jones Industrial Average dropped 237.33 points, or 0.46%, to 51,285.73. The S&P 500 added 23.13 points, or 0.31%, to 7,376.86, after recording its biggest weekly loss since the tariff scare in April 2025. The Nasdaq Composite climbed 264.43 points, or 1.09%, to 24,579.42.

U.S. employers added 165,000 workers to payrolls in October, far above economists’ forecast of 59,000. The two-year Treasury yield rose 0.045 percentage point to 4.520%, while the 10-year yield gained 0.023 point to 4.858% and the 30-year yield rose 0.010 point to 5.26%. Despite the day’s increases, the two-year yield has declined for six consecutive weeks, its steepest six-week fall in more than a year. The 30-year yield has fallen for five straight weeks, its longest such run since 2022.

Oil futures were nearly flat, up 31 cents, or 0.3%, at $90.83 a barrel in New York, as traders awaited possible changes in Iran policy after the midterm elections. Prices posted their largest weekly retreat since April after comments from President Trump and Vice President Vance indicated the U.S. might seek to leave the conflict. Gold fell $38, or 0.9%, to $4,064.50 an ounce, surrendering part of Thursday’s gains.

James Steel, chief precious metals analyst at HSBC Global Investment Research, said in a client note that Democratic control of Congress could support gold because Democrats are associated with higher spending and wider deficits. He also cited hopes for an end to the Middle East war, saying a possible Iran settlement could weaken the case for higher interest rates and benefit the metal.

Asian technology shares had slumped overnight: South Korea’s Kospi fell 6% and stood 44% below its June peak, while Japan’s Nikkei 225 entered bear-market territory. In the U.S., the PHLX Semiconductor Sector index rose 4.2%, recovering some of Thursday’s 12% loss. Nvidia gained 2.8% to $186.64, and CoreWeave rose 6.3% to $46.40. Three major investors planning to take part in Anthropic’s initial public offering said its $1.5 trillion valuation would likely need to fall; one put a possible level near $1 trillion.

Tesla rose 4.2% to $358.22, recovering some post-election losses. Chief Executive Elon Musk said the company would wind down Cybertruck production at its Texas gigafactory next year. Alphabet plans to open a Texas factory for its Wing drones. Elsewhere, Charter Communications fell 6.2% to $118.07 after reporting another quarterly decline in internet and video subscribers. Humana rose 5.3% to $433.74 after raising its 2026 earnings projection. Moderna returned to profit in the third quarter and increased its full-year revenue-growth forecast as demand for Covid-19 vaccines steadied.