The Morning Signal

Markets in 5 minutes. No noise.

Friday, November 6, 2026 · 5 min read · by Wealth Signal

At The Last Close

In Wednesday's session, the S&P 500 rose to 7,689 (+1.58%); the Nasdaq Composite rose to 25,737 (+1.44%); the Dow fell to 51,523 (−3.44%).
The 10-year Treasury yield ended on Wednesday at 4.90%, down 5.0 basis points on the day.
WTI crude settled at $99.64 a barrel; bitcoin traded near $76,153.
The VIX closed at 16.61 on Wednesday, down 20.26% on the day.

The Big Story

One stock fell 12.64%, the index fell 0.38%: the arithmetic

Alphabet fell 12.64% and Amazon 4.25% on October 29, 2026; the S&P 500 fell 0.38%. The recovery, concentration and volatility arithmetic for a household.

Read the full analysis →

Two Things That Matter

Employment Situation, today — Payrolls and the unemployment rate. The broadest monthly read on whether the labour market is tightening or loosening.
Consumer Price Index, Tue 10 Nov — The headline inflation print. Measures what a fixed basket of goods and services costs a household compared with a year ago.

Moving

Live quotes are not available for this edition.

Earnings

No verified earnings schedule is available for this window.

One Chart

Loss-recovery arithmetic

Gain needed to get back to even: losses on or to October 29, 2026

The index's one-day loss needs 0.38% back. Alphabet's one-day loss needs 14.47%, and its drawdown from the high needs 41.8%.

Gain needed to get back to even: losses on or to October 29, 2026
S&P 500, one day (−0.38%)	0.4%
S&P 500, from high (−1.2%)	1.2%
Amazon, one day (−4.25%)	4.4%
Alphabet, one day (−12.64%)	14.5%
Amazon, from high (−14.2%)	16.6%
Alphabet, from high (−29.5%)	41.8%

% gain required, computed as 1 ÷ (1 − loss) − 1Source: Losses: Wealth Signal NYC Market Memory, S&P 500 (SPY proxy) Oct 29, 2026 close; Alphabet and Amazon Oct 29, 2026 close. Recovery gains: calculation.

From One stock fell 12.64%, the index fell 0.38%: the arithmetic.

Next On The Calendar

Advance Monthly Sales for Retail and Food Services — Tue 17 Nov, 11 days away
New Residential Construction — Wed 18 Nov, 12 days away
Gross Domestic Product — Wed 25 Nov, 19 days away

Market Memory of the day: how unusual is a 4.41% fall in the S&P 500 (SPY)? Larger than 99% of daily moves since 1993; 22 similar sessions on record. See what followed → Historical context, not a forecast.

The Morning Signal is assembled from dated sources every time this site is built: the levels come from the market data feed, the calendar from the Federal Reserve Bank of St. Louis, and the lead story from the site. A panel with no current data is left out rather than filled with the last edition. How we work.