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Good morning. The Nasdaq just had one of its roughest days in years and slid into a correction, and the October jobs report lands at 8:30 AM ET.
The Market Gauge
Thursday wiped out Wednesday's postelection rally and then some. The Nasdaq plunged 1,421.52 points, or 5.52%, to 24,315.00, the biggest one-day point drop in its history. The S&P 500 fell 4.36% to 7,353.73, and the Dow lost 1,833.06 points, or 3.44%, to 51,523.06.
The selling started in chip and AI stocks and spread from there. The PHLX Semiconductor Index dropped 12.25%, AMD fell as much as 15% during the day, and SpaceX and Tesla each lost more than 9%. Traders pointed to two things: worries that the new Democratic Congress could slow AI data center buildouts, and big funds locking in gains on the year's biggest winners before year-end. The VIX, Wall Street's “fear gauge,” jumped more than 65% at one point. IBD called it a sharp, broad Day 2 reaction to the election, with the Nasdaq falling below its 200-day moving average. The Nasdaq now sits about 12% below its high of 27,722.75, which puts it in correction territory.
Beginner note: A correction means an index has fallen 10% or more from its peak. It isn't an order to sell everything, but it is a signal to slow down: fewer new buys, smaller positions and tighter sell rules until the market proves itself again.
On today's calendar
October jobs report, 8:30 AM ET. The government's monthly count of how many jobs the economy added and where the unemployment rate stands. After a day like Thursday, a surprise in either direction can move stocks fast: strong hiring can stir worries about higher interest rates, while weak hiring feeds worries about the economy.
Consumer sentiment (University of Michigan, preliminary), 10:00 AM ET. A survey of how confident Americans feel about their finances and the economy. Shoppers drive about two-thirds of the U.S. economy, so their mood matters to companies' sales.
On the radar: Quest Diagnostics
$DGX ( ▼ 0.4% ) Quest Diagnostics runs one of the largest networks of medical labs in the U.S. When a doctor orders blood work, there's a good chance Quest runs the test. On a day the S&P 500 fell 4.36%, Quest slipped just 0.37% to 254.74, after hitting a new 52-week high of 259.00 during the session. IBD flagged the stock last week as being in a buy zone from a 248.84 buy point. Thursday's close sits about 2.4% above that entry, inside the buy zone that runs to about 261.28. Volume was close to its daily average. The business is growing too: third-quarter revenue rose 10% to $3.1 billion, adjusted earnings per share rose 15.4% to $3.00, and Quest raised its full-year outlook.
Why it's worth watching: When the market sells off hard, the stocks that barely budge are showing relative strength, a sign that big investors are holding on instead of dumping shares. That's how future leaders often reveal themselves. But most stocks eventually follow the general market, so in a correction even strong names can get pulled down. Watchlist first, and let the market steady before acting.
How useful was today's Before the Bell?
ONE FOR THE ROAD
When the Nasdaq drops more than 5% in a day, what's your first instinct: sell, buy, or step away from the screen? Hit reply and tell me.
Educational content only. Not financial advice. Past performance does not predict future results. Read the full financial disclosure.
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