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Review the November 2-6 market highlights, from the midterms and the AI stock sell-off to bitcoin's drop below $75,000, plus the dates to watch this week.
Week covered: November 2-6, 2026, with crypto prices through November 8. Prepared on November 9, 2026, with the dates to watch for November 9-13.
The US midterm elections gave Democrats control of both chambers of Congress, and stocks had their best and worst days of the week back to back. On Wednesday, the Dow gained 3%. On Thursday, a sell-off in AI and chip stocks gave the S&P 500 its worst day since April 2025. A stronger-than-expected jobs report then raised the odds of another Fed rate increase, and bitcoin fell below $75,000 for the first time since August. This edition follows what happened, why it matters and what comes next, then sets out this week's calendar.
Earnings figures below describe each company's most recent quarter. Price moves refer to the sessions stated next to them; after-hours and premarket moves are not closing prices. Crypto prices use Kraken's daily data in UTC.
What happened: Late on November 3, the Associated Press projected that Democrats had won control of the Senate, flipping at least seven seats held by Republicans. Al Jazeera on the AP projection. Early on November 4, the AP projected that Democrats would also take the House. News 5 Cleveland on the House projection. Some races were still uncalled on November 5, so final seat counts may change.
Markets rose the next day. On November 4, the Dow gained 3.0%, the S&P 500 1.6% and the Nasdaq 1.4%, while Brent crude fell 8.7% to $94.62 a barrel and the 10-year Treasury yield eased to 4.88%. AP on the November 4 session. Bitcoin briefly climbed back above $80,000 the same day. The Block on bitcoin's move.
Why it matters: For crypto, the main open question is the CLARITY Act, the market structure bill that passed the House in July 2025. Its Senate cloture vote failed 49-50 on September 15, and the bill expires when the current Congress ends on January 3, 2027, unless the Senate acts first. Cointelegraph Magazine on the bill's path. After the election, House Democrats were reported to be planning a broader market structure bill for the next Congress, with a larger role for the SEC. Decrypt report.
What to watch next: Whether the Senate schedules another CLARITY vote before January 3. As of November 9, we found no report of a scheduled vote.
What happened: On November 5, the S&P 500 fell 4.4% to 7,353.73, its worst day since the April 2025 tariff sell-off. The Nasdaq Composite fell 5.5% to 24,315.00 and the Dow 3.4%. Nvidia lost 9.3% and AMD 17.3%. The AP linked the sell-off to concern that higher borrowing costs could slow the construction of AI data centers, to worries that AI stocks had risen too far and to the chance of pauses on new data center projects after the election. AP on the November 5 sell-off.
AMD's drop came two days after strong results. Third-quarter revenue rose 45% to $13.38 billion, and its fourth-quarter outlook of about $17 billion was above estimates. AMD results coverage. Arm and Qualcomm also beat revenue estimates on November 4, but Arm's outlook was roughly in line with expectations and the midpoint of Qualcomm's earnings outlook was below them. On November 5, Qualcomm closed 9.5% lower and Arm fell more than 10%. Chip earnings coverage. AppLovin went the other way: revenue grew 55% and the shares closed about 31% higher on November 5. AppLovin results.
For the week, the S&P 500 fell 2.7% to 7,376.86, the Nasdaq Composite 3.4% and the Dow 0.9%. AP weekly index figures.
Why it matters: As in the previous week, strong results did not protect the stocks. Our reading is that investors are focused on how AI infrastructure will be paid for and how fast it can be built, not only on current demand.
What to watch next: CoreWeave, Nebius, Cisco and Applied Materials report this week, another test for AI infrastructure names. The dates are below.
What happened: Apple reported on November 2, its first results call with John Ternus as CEO. Revenue rose 12% to $114.5 billion and earnings per share of $2.10 beat estimates, but the December-quarter gross margin outlook of 45%-46% came in below expectations, and Ternus called memory pricing "unprecedented." The shares closed 1.9% lower at $331.90 on November 3. 24/7 Wall St on Apple.
Palantir's revenue rose 96% to $2.31 billion, and US commercial revenue of $984 million was larger than its US government revenue for the first time. The shares closed 1.6% lower on November 3. Palantir coverage.
Circle reported on November 4. Revenue and reserve income rose 17% to $865 million, helped by a $182 million presale of its ARC token. Reserve income fell 8% to $658 million, and USDC in circulation was $73.9 billion at September 30, about flat from a year earlier. Circle Q3 results.
Why it matters: Beating estimates was not enough this week. Guidance and costs, such as Apple's margin outlook, drew as much attention as the quarter itself. For Circle, reserve income depends on how much USDC is outstanding and on interest rates, so flat supply limits growth even when rates stay high.
What to watch next: Whether USDC supply starts growing again in the fourth quarter.
What happened: On November 6, the Bureau of Labor Statistics reported that payrolls rose by 165,000 in October and the unemployment rate was 4.1%. Average hourly earnings rose 0.4% for the month and 3.1% from a year earlier, and August and September were revised up by a combined 84,000 jobs. BLS employment report. Forecasts had pointed to roughly 60,000-65,000 new jobs. After the release, CME FedWatch put the probability of a quarter-point rate increase at the December 8-9 meeting at 76.8%, up from 66.9% a week earlier. InvestmentNews on the jobs report.
Why it matters: The Fed raised rates in September and held them at 3.75%-4.00% in October, with two votes for another increase. Our interpretation is that a stronger job market gives the Fed more room to focus on inflation, which makes this week's inflation data more important. The same day, bitcoin fell to $74,762, its lowest level since August 21. Cointelegraph on bitcoin's drop.
What to watch next: The October CPI on Tuesday and PPI on Friday.
What happened: Bitcoin started the week at about $78,200 and ended November 8 near $74,700, down about 4.5%. It briefly topped $80,000 on November 4, then fell below $75,000 on November 6 for the first time since August. Ether lost about 6.5% over the same period, SOL about 8% and HYPE about 15%, giving back part of its late-October rise after ICE's Hyperliquid announcement.
US spot bitcoin ETFs had net outflows of $1.28 billion over November 2-6, with BlackRock's IBIT accounting for about $1.21 billion. Ether ETFs had about $365 million in net outflows, their sixth straight week of outflows. 24/7 Wall St on ETF flows.
Why it matters: Crypto fell on the same days as tech stocks and moved with rate expectations. Our reading is that bitcoin traded as a risk asset this week. ETF flows describe one channel, not all buying and selling, but they show that demand through US funds was weak.
What to watch next: Whether ETF flows turn positive, and how bitcoin reacts to the inflation data.
What happened: On November 2, Binance said it had completed a zero-knowledge proof of reserves for 10 assets: BTC, ETH, USDT, BNB, SOL, USDC, XRP, USD1, RLUSD and ZEC. Binance says the proof shows user balances in those assets are backed 1:1. It also said about 95% of the assets affected by the October 29 hack had been replenished from its own funds, and it began reopening withdrawals in phases from November 1. The Block on Binance's update. A broader snapshot covering more assets was taken on November 4; we could not confirm its results.
Why it matters: A proof of reserves shows an exchange's assets against user balances at one moment. On an exchange, the exchange holds the coins and users depend on its reserves and security. With self-custody on KriptoK, your assets stay at addresses you control while you trade.
What to watch next: The results of the broader proof of reserves and Binance's post-mortem on the hack.
These are scheduled or expected events, not results.
BTC, ETH, SOL and HYPE trade as perpetuals on KriptoK. Tokenized versions of several stocks in this recap, including Apple, AMD, Palantir, Arm, Qualcomm and Circle, are available on KriptoK through Ondo Global Markets, subject to regional availability. Tokenized stocks and perpetuals work differently: our guide to tokenized stocks and our guide to perpetuals, funding and liquidation explain how.
Round 6, the final round of KriptoK League Season 1, ends this week, and the season's top three share $14,000. Follow the current leaderboard.
This recap is informational and is not a trading recommendation. Figures reflect the linked sources available on November 9, 2026, with US stock prices as of the November 6 close and crypto prices as of November 8 (UTC); source data may be revised.
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