Based on US stock returns through the Nov 6, 2026 close. Weekly breadth counts all US stocks; "liquid names" are stocks over $5 with market cap over $100M, average volume over 1M shares and an average daily range (ATR) over 2.4%. Inferences are labelled (inference).
Market backdrop
| ETF | 1W | 1M | 3M | 6M |
|---|---|---|---|---|
| SPY | -2.7% | -5.4% | -4.9% | +0.5% |
| QQQ | -5.0% | -13.4% | -9.3% | -5.6% |
| IWM | -2.0% | -1.5% | -9.2% | -3.0% |
| SMH | -11.2% | -25.8% | -20.4% | -14.1% |
| IGV | -5.2% | -10.0% | -3.7% | +8.8% |
| XLE | -12.0% | -2.7% | +7.2% | +10.1% |
| XBI | -2.4% | +1.3% | -3.3% | +13.9% |
| GDX | +13.6% | +2.5% | -2.5% | -4.5% |
| TAN | +13.4% | +4.7% | -13.6% | -23.7% |
An election, an oil collapse and the worst AI selloff since April 2025.
- Across 5,575 US stocks, 530 rose 10% or more and 1,143 fell 10% or more (last week: 474 and 628). The average stock fell -1.1%. Of the 5,575, 364 have no Nov 6 price, so their weekly figures are out of date. They account for 32 of the risers and 64 of the fallers, and they are left out of the leader tables below.
- Election (Nov 3): Democrats won both the House and the Senate, based on AP projections (StockTitan).
- Nov 4: the Dow rose 3.03%, its best day since April 9, 2025. Financials, healthcare and consumer staples hit all-time highs (Investrade).
- Nov 5: the S&P 500 fell 4.36% and the Nasdaq 5.52%, both their worst days since April 2025. The iShares Semiconductor ETF fell more than 12%, its worst day since March 2020 (StockTitan).
- The stated fear: a Democratic Congress and state backlash would slow data center building. UBS said about 30% of expected 2028 data center additions are at risk (StockTitan).
- Texas holds about 27% of US data center power capacity, per Wells Fargo, and its governor-elect, Democrat Gina Hinojosa, has called for an immediate pause on data centers there (StockTitan).
- Nov 6: a partial rebound (Nasdaq +1.09%, S&P 500 +0.31%). October payrolls rose 165,000 against 59,000 expected, yields rose, and traders saw more than a 65% chance of a December Fed hike, per Reuters citing CME FedWatch. Jefferies called Thursday's drop "reactionary, not a fundamental reset" (StockTitan).
- Oil: Brent settled at $98.32, down about 13% on the week, its steepest weekly percentage drop since the start of COVID. WTI settled at $90.83 (Investrade). The drop followed Iran-Qatar talks (DTN) and election-driven hopes of de-escalation. Tanker attacks have not stopped (RTE), and on Friday Tehran was still reviewing mediator proposals (Closing Look).
- Gold and rates: spot gold rose 5.2% on the week. The 10-year yield ended at about 4.86%, down about 7 basis points on the week and 41.8 over five weeks (Investrade).
Weak groups (liquid-name averages, 1W):
- Energy: Oil & Gas Drilling -21.2% (only 4 liquid names), Exploration & Production -15.1%, Midstream -14.1%, Integrated -13.7%, Equipment & Services -13.5%, Refining -13.2%.
- AI hardware: Communication Equipment -13.0% (1M -25.8%), Electrical Equipment -12.2% (1M -24.3%), Semiconductors -12.2% (1M -30.6%), Hardware -7.7% (1M -23.0%), Computer Hardware -6.6% (1M -24.4%).
- Others: Marine Shipping -10.4%, Industrial Materials -9.7% (1M -23.6%), Independent Power Producers -8.4%, Uranium -7.8% (6M -50.1%), Engineering & Construction -7.8%.
| AI hardware | 1W | 1M | 3M | 6M |
|---|---|---|---|---|
| LITE | -35.9% | -51.5% | -39.5% | -39.7% |
| STX | -28.5% | -42.9% | -43.3% | -39.9% |
| MRVL | -28.1% | -50.4% | -35.4% | -11.8% |
| DELL | -22.6% | -43.3% | -27.6% | +42.7% |
| MU | -22.0% | -36.6% | -21.4% | +6.7% |
| VRT | -21.4% | -25.8% | -32.9% | -46.2% |
| INTC | -14.4% | -50.2% | -44.6% | -48.7% |
| AMD | -11.0% | -30.5% | -7.1% | +9.9% |
| AVGO | -9.9% | -22.0% | -31.3% | -28.8% |
| NVDA | -8.8% | -21.4% | -16.7% | -11.8% |
Marvell also agreed on Nov 2 to buy Lumentum in an all-stock deal at 4.5 Marvell shares per Lumentum share. That day Marvell fell 12.72% and Lumentum 18.59% (StockTitan).
| Energy | 1W | 1M | 3M | 6M |
|---|---|---|---|---|
| PTEN | -25.5% | -11.7% | +0.5% | -13.1% |
| RIG | -24.5% | -2.8% | -0.4% | -15.1% |
| MPC | -16.2% | -15.7% | +25.0% | +53.9% |
| PBF | -13.8% | -19.6% | +9.0% | +65.7% |
| VLO | -13.3% | -18.3% | +16.1% | +46.6% |
| COP | -11.5% | +5.0% | +15.9% | +18.6% |
| XOM | -11.4% | +1.1% | +8.4% | +13.2% |
| CVX | -9.7% | +3.6% | +14.0% | +16.5% |
Weekly themes
1. Gold and silver miners: the dollar and the election
Breadth:
- Gold: 25 of 47 stocks (53.2%) rose 10% or more in 1W, the highest share of any group with 8 or more members, up from 0.0% last week. 17 of 22 liquid names rose 10% or more. Liquid-name average 1W +14.0% (last week -3.8%), 1M +1.7%, 3M -6.8%.
- Other Precious Metals: 12/28 (42.9%), up from 3.6%. Liquid-name average 1W +5.4%, 1M -12.3%.
| Ticker | 1W | 1M | 3M |
|---|---|---|---|
| IAG | +21.4% | +4.0% | +2.4% |
| GFI | +19.0% | +11.8% | -4.0% |
| EQX | +18.8% | +5.2% | -0.5% |
| HMY | +18.8% | +4.1% | -12.8% |
| CDE | +18.1% | -6.2% | -11.0% |
| BTG | +17.4% | +8.0% | +7.4% |
| PPTA | +17.3% | -2.3% | -21.0% |
| WPM | +16.9% | +2.0% | +1.6% |
| AEM | +15.8% | +6.2% | +7.1% |
| NEM | +13.4% | +6.5% | +7.0% |
Why:
- December gold rose 3.37% to $4,073.00 and silver rose 5.08% to $52.28 on Nov 4 (Investrade). That day Newmont closed +9.9% and Agnico Eagle +9.7%.
- Yahoo Finance called the dollar's drop to a one-month low after the Democratic win "the central factor" behind the gold rally (Yahoo Finance).
- Friday's strong jobs report lifted the dollar and December gold fell 0.94% to $4,074.90 (Investrade), yet GDX still rose +2.2% that day.
- Earnings were not this week's trigger. Newmont reported on Oct 22 (Kitco). Agnico reported around Oct 28: free cash flow fell 36% from Q2 to $852M and all-in sustaining costs rose to $1,648 an ounce from $1,459, with diesel "the main pressure point" (The Deep Dive).
- (inference) A 13% drop in crude helps miners' fuel bills as well as their metal prices. With the liquid-name average still -11.3% over 6M, this is a sharp rebound inside a pullback, not yet a repaired trend.
2. Solar: policy hopes and a merger, not results
Breadth:
- Solar: 11 of 21 stocks (52.4%) rose 10% or more in 1W, up from 4.8%. 6 of 7 liquid names rose 10% or more. Liquid-name average 1W +26.3% (last week -5.5%), 1M +11.9%, 3M -11.3%.
| Ticker | 1W | 1M | 3M |
|---|---|---|---|
| ARRY | +72.7% | +53.3% | +5.5% |
| SHLS | +40.0% | +20.1% | +12.9% |
| RUN | +33.4% | +31.1% | -2.2% |
| NXT | +32.2% | +21.9% | +1.6% |
| CSIQ | +20.1% | -1.2% | -30.1% |
| FSLR | +15.3% | +11.7% | -19.6% |
| ENPH | +11.0% | -15.0% | -32.0% |
Why:
- Nov 4: TAN rose 5.7% while the oil-producer ETF XOP fell 6.4%, the best session for the TAN/XOP ratio since 2022. TAN had fallen for 12 straight weeks through Oct 30. Benzinga cited Democratic control as a possible check on further federal support cuts, plus the drop in oil (Benzinga via TradingView).
- Array and Shoals (Nov 4): an all-stock merger at 1.6931 Array shares per Shoals share, with Shoals holders owning about 65%. The companies project 2027 pro forma revenue of $2.2-2.4B and over $100M in annual synergies (PV Tech). Array's own Q3 missed: EPS of $0.05 against $0.08 expected, and revenue down 16.08% (MarketBeat).
- Nextpower: adjusted EPS of $1.31 beat the $1.10 estimate, and it raised fiscal 2027 revenue guidance to $4.2-4.45B (24/7 Wall St.). The stock rose +14.9% on Nov 2.
- Sunrun (Nov 4): it trimmed full-year cash generation guidance to about $200M from $200-375M (SEC 8-K, Finsee). The stock still rose +12.3% on Nov 5.
- First Solar: Q3 sales fell 22.8% and it cut 2026 sales guidance to $4.6-4.9B (PV Tech). William Blair upgraded it to Outperform on Nov 5 (Benzinga via TradingView).
- Not everyone joined: SolarEdge fell -8.5% after guiding Q4 revenue below Q3.
- (inference) Array missed and Sunrun and First Solar cut targets, yet all three jumped. This looks like heavy selling reversing on a policy headline, and we found no new solar policy. TAN is still -23.7% over 6M.
3. Airlines, travel, leisure and casinos: the other side of the oil trade
Breadth:
- Airlines: 8/27 (29.6%) up 10% or more in 1W, up from 11.1%. Liquid-name average 1W +12.1%, but 3M -12.1%.
- Casinos and resorts: 7/30 (23.3%), up from 6.7%. Travel Services: 4/18 (22.2%), up from 16.7%. Leisure: 7/34 (20.6%), up from 14.7%.
| Ticker | 1W | 1M | 3M |
|---|---|---|---|
| FUN | +33.7% | -14.0% | -38.9% |
| ABNB | +15.6% | +18.3% | +6.7% |
| ULCC | +15.2% | +22.4% | +0.7% |
| HGV | +14.3% | +27.1% | -3.7% |
| PLNT | +12.6% | +40.0% | +20.6% |
| WYNN | +11.3% | +10.9% | -18.9% |
| LVS | +10.2% | +13.7% | -11.0% |
| ALK | +9.0% | -1.6% | -22.1% |
| DAL | +8.8% | +5.1% | -4.5% |
| UAL | +8.2% | +2.3% | -13.0% |
Why:
- Nov 2: Brent closed 7.63% lower. United rose 4.80%, Delta 4.08% and American 3.81% (StockTitan).
- Nov 4: with crude down more than 8%, airlines, cruise lines, retailers, leisure and lodging names rallied (Investrade). United closed +8.0% and Delta +7.2%.
- Airbnb (Nov 5, after the close): EPS of $3.16 beat $2.85, revenue of $4.87B beat $4.75B, and it announced a new $12B buyback. The stock rose 11.67% on Nov 6 (Closing Look).
- Six Flags rose 16.52% on Nov 5 (StockTitan). No catalyst was confirmed.
- Not everyone joined: DraftKings fell -11.5% (down 21.30% on Friday after a wider loss and a lower profit outlook) (StockTitan Nov 6), and Tripadvisor fell -24.1% (down 27.65% on Nov 5 on CEO and CFO departures) (StockTitan Nov 5).
- (inference) This is direct fuel-cost relief, so it depends on oil staying down. With 3M returns still negative across airlines and casinos, it is a rebound rather than a new trend.
4. Housing and mortgages: lower yields and policy hopes
Breadth:
- Mortgages: 6/14 (42.9%) up 10% or more in 1W, up from 7.1%, but only 2 are liquid names, so Rocket is the real leader.
- Home Improvement: liquid-name average 1W +8.4%, 1M +25.0%. Residential Construction: 1W +7.9%, 1M +17.4%. Only 4.5% of homebuilder names rose 10% or more.
| Ticker | 1W | 1M | 3M |
|---|---|---|---|
| DFH | +26.7% | +30.5% | -17.5% |
| RKT | +17.7% | +31.6% | +9.8% |
| ARHS | +14.0% | +44.2% | +47.8% |
| SWK | +11.0% | +30.1% | +10.5% |
| FND | +7.7% | +11.9% | -18.2% |
| LOW | +7.4% | +23.7% | +0.5% |
| PHM | +6.2% | +17.9% | -0.3% |
| HD | +4.3% | +20.2% | -3.4% |
| DHI | +4.3% | +14.3% | +0.8% |
Why:
- Nov 4: D.R. Horton closed +8.1%, Lowe's +7.5%, Lennar +7.1% and Home Depot +6.5%, on hopes of housing-affordability action and lower mortgage rates as yields dipped. TD Cowen said Rep. Maxine Waters, a possible House Financial Services chair, plans to focus on housing, including down payment help, but its analysts doubt it becomes law (TIKR).
- Rates: one survey put the 30-year mortgage at 7.17% on Nov 5, its first reading under 7.20% since mid-September (Nadlan Capital).
- Rocket (Oct 29): net income of $709M on revenue of $3.28B, but it guided Q4 adjusted revenue to $2.1-2.3B, below the $2.5-2.7B it projected for Q3 (Panabee, RISMedia). The stock rose +7.6% on Nov 2 and +8.7% on Nov 4.
- Dream Finders rose +26.8% on Nov 4. No catalyst was confirmed.
- (inference) Homebuilders gave back ground on Friday (D.R. Horton -3.4%, Lennar -3.1%) as the jobs report lifted yields. A rate-driven rally is running into a Fed that traders still expect to hike. Home Depot's Nov 17 report is the next test (TIKR).
5. Ad tech, apps and games: earnings winners
Breadth:
- Electronic Gaming & Multimedia: 7/28 (25.0%) up 10% or more in 1W, up from 14.3%. All 3 liquid names rose 10% or more, averaging +14.4%.
- Software - Application: 30/233 (12.9%), up from 7.7%, but the liquid-name average was -0.6%. Winners and losers split sharply.
| Ticker | 1W | 1M | 3M |
|---|---|---|---|
| APP | +71.2% | +39.1% | +12.8% |
| U | +36.6% | +13.3% | +19.7% |
| MGNI | +27.5% | +8.5% | +10.8% |
| PCOR | +22.7% | +37.5% | +32.0% |
| DUOL | +21.9% | +5.7% | +22.6% |
| YOU | +21.4% | +31.1% | +8.8% |
| RBLX | +14.7% | +6.2% | +30.5% |
| TTWO | +13.0% | +5.3% | -12.8% |
Why:
- AppLovin (Nov 4, after the close): revenue rose 55% to $2.18B against $2.07B expected. It guided Q4 revenue to $2.37-2.40B against $2.25B and added $3.2B to its buyback (AskTraders). The stock rose 31.04% on Nov 5 (StockTitan).
- Unity (Nov 5): revenue rose 32% to $622M and it posted its first GAAP-profitable quarter since its IPO. Its Vector ad product grew 126% (Yahoo Finance). Reports differ slightly on Q4 guidance, but all place it well above the roughly $601-604M analysts expected (StockStory).
- Magnite (Nov 4): revenue rose 20% to $204.2M against $190.62M expected, connected-TV revenue rose 39%, and it raised full-year growth guidance to about 17% from 13-14% (Goldesel).
- Procore: revenue rose 18.7% to $402.3M, Q4 guidance of $420-422M beat about $396.1M expected, and it authorized a $300M buyback (StockStory).
- Duolingo: daily active users rose 29% to 64.9M (Duolingo shareholder letter). The stock rose 25.99% on Nov 4 (StockTitan).
- Clear Secure (Nov 4): revenue rose about 28% to $292.9M against $286.7M expected (StockStory).
- Roblox: no catalyst this week. It reported on Oct 29, when bookings fell 12% and weak Q4 guidance sent the stock sharply lower (Crypto Briefing, Gaming.net). (inference) This week's gain looks like a rebound from that drop.
- Take-Two: no single catalyst found this week. Grand Theft Auto VI is scheduled for Nov 19 (TIKR).
- The same week's losers: Datadog -23.9% (Q4 revenue expected roughly flat with Q3) and Amdocs -33.0% (fiscal 2027 revenue forecast down 14.3-17.9%) (StockTitan), Atlassian -19.8% (weaker data center outlook) (Closing Look) and MNTN -43.0% (revenue forecast cut) (StockTitan).
- (inference) This is a stock-by-stock earnings market, not a group re-rating. The clearest common thread among the winners is advertising strength.
6. Consumer brands and retail: money moving out of tech
Breadth:
- Luxury Goods: 3/12 (25.0%), up from 16.7%, with a liquid-name average of +10.6% (only 3 liquid names).
- Non-Alcoholic Beverages: 4/18 (22.2%), up from 5.6%. Liquid-name average +8.2%, 1M +20.1%.
- Specialty Retail: 16/81 (19.8%), up from 8.6%. Liquid-name average +4.8%, 1M +12.1%.
- For the week, XLY rose +1.9% and XLP +0.7%, while XLK fell -8.2%.
| Ticker | 1W | 1M | 3M |
|---|---|---|---|
| HLF | +17.1% | +20.8% | +23.7% |
| TPR | +14.2% | +17.1% | -18.2% |
| ASO | +13.6% | +27.8% | +39.8% |
| CLX | +13.6% | +21.6% | -4.9% |
| PRMB | +13.4% | +17.8% | -5.0% |
| VFC | +11.2% | +41.5% | +35.8% |
| CELH | +10.4% | +19.5% | +15.8% |
| CPRI | +10.0% | +42.2% | +34.2% |
Why:
- Tapestry (Nov 5): adjusted EPS of $1.82 beat $1.56, Coach revenue rose 16%, and it raised fiscal 2027 EPS guidance to $8.25-8.35 against a $7.96 consensus. The stock closed +7.1% on a day the S&P 500 fell 4.4% (Trefis, Benzinga).
- Clorox (Nov 2): fiscal Q1 net sales rose 33% to about $1.91B and adjusted EPS of $1.55 beat $0.97. Much of the growth came from an easy prior-year comparison and an acquisition, and it now expects full-year results near the low end of its range (Finviz).
- Herbalife (Nov 2): revenue rose 6% to $1.35B, and adjusted EPS of $0.64 beat $0.62 (StockStory).
- Capri (late October): adjusted EPS of $0.42 beat $0.21 and it raised its full-year outlook (TIKR).
- Consumer discretionary led the market on Nov 2 as Brent fell (StockTitan). Preliminary November consumer sentiment rose to 51.0 from 48.0, against 47.5 expected (StockTitan).
- Academy Sports, Primo Brands, Celsius and V.F.: no single catalyst found.
- (inference) Lower oil helps household budgets, and these groups don't depend on data center spending. That made them a natural place for money leaving tech.
One-off events (not themes)
- The midterm election itself: on Nov 4, Centene closed +12.6% and HCA +10.3% on hopes that Medicaid cuts get delayed and Affordable Care Act subsidies get extended. J.P. Morgan expects gridlock rather than sweeping reform (Reuters via WSAU). The pop faded: for the week Centene finished +1.9% and HCA +4.6%, and the health insurers' liquid-name average was -0.3%. Defense, crypto and credit card issuers fell that day (Investrade), and Trump Media fell 24.54% (StockTitan).
- Cricut (CRCT) +44.4%: revenue rose 11% to $188.6M and it declared a $0.70 special dividend (StockTitan).
- TransMedics (TMDX) +33.7%: Q3 revenue rose 41% to $203.0M and it raised its 2026 forecast (StockTitan).
- Riot Platforms (RIOT) +30.4%: a 15-year lease of its Corsicana campus to an AI lab, worth about $28B (StockTitan).
- Aurora Cannabis (ACB) +29.1%: Organigram agreed to buy it for C$7.80 a share (StockTitan).
- Fiserv (FISV) +25.7%: adjusted EPS of $1.75 beat $1.72, and it doubled its savings target to $1B (Yahoo Finance, Investing.com).
- Firefly (FLY) +15.8% and Karman (KRMN) +14.2%: Firefly signed a deal worth over $1.3B to supply rocket engines to AST SpaceMobile. Karman's Q3 revenue rose 66% to a record $202M (StockTitan).
- Instacart (CART) 1M +28.6%: DoorDash agreed on Oct 29 to buy it at an equity value of about $17B (Instacart release). This is a deal, not a consumer rebound.
- Big losers: Veracyte (VCYT) -51.7% after lowering its testing revenue forecast (StockTitan). Nurix (NRIX) -42.9% after Sanofi ended a drug program, and FIS -25.5% after cutting its 2026 EPS growth forecast (StockTitan).
Monthly themes
1. Health IT and diagnostics (most durable, diagnostics resting)
Breadth:
- Healthcare Information Services: 8/14 liquid names (57.1%) up 50% or more over 6M, the highest share of any group with 4 or more liquid names, and 4/14 (28.6%) up 25% or more in 1M. Liquid-name average 1M +13.5%, 3M +26.8%, 6M +63.4%.
- Diagnostics & Research: 9/17 (52.9%) up 50% or more over 6M, down from 11/17. Liquid-name average 6M +65.2%, but 1W -6.6%.
| Ticker | 1M | 3M | 6M |
|---|---|---|---|
| CDNA | +24.6% | +68.3% | +266.4% |
| TXG | -22.1% | +13.9% | +164.4% |
| SDGR | +9.3% | +64.2% | +124.5% |
| HNGE | +18.3% | +29.6% | +110.5% |
| TWST | -22.4% | +4.4% | +106.3% |
| CERT | +34.5% | +47.0% | +91.0% |
| CRL | +12.4% | +26.2% | +85.8% |
| PGNY | +26.5% | +24.0% | +81.8% |
| VEEV | +7.5% | +31.8% | +80.5% |
| TEM | +8.1% | +46.1% | +53.7% |
Why:
- No single catalyst found for the group this week. Results split it.
- Winners: IDEXX rose 21.85% on Nov 2 (Q3 revenue +10% to $1.21B, forecast raised), and Tempus AI rose 8.67% (revenue +23% to $411.5M, forecast raised) (StockTitan).
- Losers: Veracyte fell 54.30% on Nov 5 (StockTitan), and Natera fell 14.59% on Nov 6 after reporting results and naming a new CEO (StockTitan).
- Genomics: on Nov 2, 10x Genomics fell 12.1% and Twist 15.5%, with no news behind the drop, per TIKR. Twist reports on Nov 12.
- Resting leaders: TXG (1W -15.4%) and TWST (1W -20.9%) are still up 106-164% over 6M. (inference) A durable group pulling back with the broader tech selloff, with stock-specific damage in Veracyte and Natera.
2. IT services, consulting and credit bureaus (the "AI losers" rebound)
Breadth:
- IT Services: 8/29 liquid names (27.6%) up 25% or more in 1M, and 3/29 (10.3%) up 50% or more over 3M. Liquid-name average 1M +10.3%, 1W -0.4%.
- Consulting Services: 2/4 (50.0%) up 25% or more in 1M. Liquid-name average 1M +27.0%.
| Ticker | 1M | 3M | 6M |
|---|---|---|---|
| GDYN | +70.8% | +72.8% | +87.4% |
| EPAM | +47.1% | +63.5% | +52.8% |
| VYX | +45.3% | +18.2% | +20.5% |
| KD | +42.3% | +16.2% | +28.9% |
| FISV | +38.8% | +20.0% | +10.7% |
| GLOB | +33.6% | +26.8% | +15.7% |
| EFX | +33.1% | +3.9% | +8.0% |
| ACN | +32.5% | +48.2% | +44.6% |
| TRU | +29.2% | +1.4% | +11.3% |
Why:
- Accenture (Oct 1): its results eased AI-disruption fears and lifted battered IT services stocks (Reuters via The Star).
- Oct 8: Accenture rose 5.96%, Cognizant 5.15% and EPAM 5.11% as AI infrastructure stocks fell. 24/7 Wall St. said the move likely reflected investors unwinding crowded positions (24/7 Wall St.).
- This week: EPAM rose 20.63% on Nov 5 after adding $1.5B to its buyback (StockTitan, EPAM 8-K). Kyndryl rose 30.14% on Nov 4 with cloud-provider-linked revenue up 27.2% (StockTitan).
- Credit bureaus: TransUnion's Q3 revenue rose 12% and EPS of $1.25 beat $1.21. It added $1B to its buyback but warned of a more than 20% drop in Q4 mortgage inquiries (24/7 Wall St.). No confirmed Equifax Q3 report was found.
- (inference) Money left AI infrastructure for the companies investors had feared AI would replace. The big names rested this week (ACN +0.9%, IBM -5.0%), which is what a strong trend pausing looks like.
3. Restaurants, apparel and retail (consumer rebound)
Breadth:
- Restaurants: 4/19 liquid names (21.1%) up 25% or more in 1M. Liquid-name average 1M +16.5%, 3M +7.3%, 6M +11.9%.
- Apparel Manufacturers: 2/6 (33.3%). Specialty Retail: 4/25 (16.0%). Luxury Goods: 2/3, with a liquid-name average of 1M +32.1%.
| Ticker | 1M | 3M | 6M |
|---|---|---|---|
| PTLO | +75.2% | +49.9% | +52.3% |
| CPRI | +42.2% | +34.2% | +9.9% |
| VFC | +41.5% | +35.8% | +6.8% |
| FIGS | +41.0% | +39.0% | +29.0% |
| WING | +39.9% | +39.8% | +21.1% |
| WEN | +33.4% | +6.0% | +17.3% |
| CROX | +31.8% | +11.2% | +45.9% |
| SG | +31.1% | +122.4% | +74.8% |
| ASO | +27.8% | +39.8% | +25.6% |
Why:
- Portillo's rose 28.81% on Nov 5 after raising its EBITDA forecast (StockTitan).
- Wingstop rose about 13% on Oct 28. Adjusted EPS of $1.08 beat $1.02 despite a revenue miss, while average domestic store sales fell to $1.85M from $2.06M (TIKR).
- Crocs rose over 25% on Oct 29 after beating its own guidance and raising its full-year outlook for the third time this year (FashionUnited, Stocktwits).
- Wendy's, Sweetgreen, V.F. and Academy Sports: no single catalyst found this week. FIGS reports on Nov 9 (Earnings Whispers).
- (inference) Beaten-down names bouncing on "less bad" results while money leaves tech. Restaurant breadth cooled sharply after last week's surge, though the leaders still rose (WEN +13.0%, WING +9.0%, SG +8.5%).
4. Housing and home improvement (a one-month trend)
Breadth:
- Home Improvement: 1/4 liquid names up 25% or more in 1M, with a liquid-name average of 1M +25.0%, 6M +25.9%.
- Residential Construction: 1M +17.4%, but 3M -5.8%. Both liquid mortgage names rose 25% or more in 1M.
| Ticker | 1M | 3M | 6M |
|---|---|---|---|
| ARHS | +44.2% | +47.8% | +100.4% |
| RKT | +31.6% | +9.8% | +6.4% |
| DFH | +30.5% | -17.5% | -13.6% |
| SWK | +30.1% | +10.5% | +43.2% |
| MHK | +26.3% | +10.6% | +46.5% |
| LOW | +23.7% | +0.5% | -2.7% |
| HD | +20.2% | -3.4% | +6.5% |
| PHM | +17.9% | -0.3% | +13.4% |
Why: the 10-year yield fell 41.8 basis points over five weeks (Investrade), and the election added policy hopes (see weekly theme 4). (inference) Modest 3M returns (home improvement +6.7%, homebuilders -5.8%) mark this as young. It needs yields to keep falling, and Friday's jobs report pushed the other way.
5. Biotech (durable, stock-specific)
Breadth:
- Biotechnology: 12/124 liquid names (9.7%) up 25% or more in 1M, 9/124 (7.3%) up 50% or more over 3M, and 20/124 (16.1%) up 50% or more over 6M, down from 29/120. Liquid-name average 1W -1.5%, 6M +17.9%.
| Ticker | 1M | 3M | 6M |
|---|---|---|---|
| REPL | +63.8% | +79.3% | +547.3% |
| MRNA | +29.4% | +329.6% | +423.7% |
| XNCR | +47.4% | +71.8% | +190.4% |
| TRAX | +56.6% | +5.7% | +168.8% |
| XERS | +50.3% | +91.7% | +129.3% |
| GMAB | +46.3% | +71.6% | +98.2% |
| VRDN | +55.9% | +20.8% | +67.6% |
| ADMA | +25.5% | +28.6% | +50.3% |
Why:
- Moderna: on Nov 6 it raised its 2026 revenue growth forecast to 15-25% from up to 10% and rose 5.27% (StockTitan). Zacks tied its 2026 rally to positive Phase 3 results for its cancer drug intismeran (Zacks).
- Xencor (Nov 4): one summary put Q3 revenue at $116.5M, up from $21M (BioPharmaWatch).
- ADMA rose 26.05% on Nov 5 with drug sales up 31%, and Xeris rose 25.05% on the day of its scheduled Q3 report (StockTitan). Xeris's results themselves were not confirmed.
- First Tracks: it planned to report Phase 1b celiac disease data on Oct 12 (Schwab). (inference) The link to the 1M gain is based on timing only.
- Replimune: no single catalyst found this week.
- (inference) Weekly breadth slipped to 11.6% of names from 15.1%. Biotech stays a market of individual wins rather than a group move.
6. Software and cybersecurity (durable, pulling back harder)
Breadth:
- Software - Application: 15/67 liquid names (22.4%) up 50% or more over 6M, down from 19/66. Software - Infrastructure: 10/52 (19.2%), down from 17/48.
- Liquid-name averages 1W -0.6% and -6.3%. IGV fell -5.2% on the week.
| Ticker | 1W | 1M | 3M | 6M |
|---|---|---|---|---|
| AMPL | -2.2% | +13.1% | +48.3% | +182.6% |
| RPD | -11.4% | +17.5% | +26.9% | +118.8% |
| APPN | +5.1% | +36.7% | +49.0% | +117.2% |
| OKTA | -19.0% | -22.6% | +13.7% | +108.6% |
| TENB | -17.0% | +8.2% | +15.8% | +95.6% |
| GTLB | -11.1% | -7.5% | +23.4% | +85.5% |
| SNOW | -9.9% | -17.1% | -16.5% | +79.5% |
| RBRK | -14.8% | -14.5% | +17.4% | +72.0% |
| CRWD | -13.4% | -18.3% | +1.2% | +71.6% |
Why:
- Software fell with Thursday's market-wide selloff: CrowdStrike -9.9% and Okta -10.4% that day.
- Guidance hit others directly: Datadog (StockTitan), plus Atlassian, Five9 (cut its EPS guide) and BlackLine (longer enterprise sales cycles) (Closing Look).
- Not everything fell. JFrog rose 35.33% on Friday with revenue up 31%, and Cloudflare rose 9.91% on its fastest growth in nearly four years (StockTitan).
- Resting leaders: OKTA, CRWD, RBRK and GTLB are still up 72-109% over 6M. (inference) A durable theme pulling back. The test is whether they hold above their 3M starting points, and CRWD is already close at +1.2%.
Weekly vs monthly
| Theme | Weekly | Monthly | Read |
|---|---|---|---|
| Gold / silver miners | Hot (53.2% / 42.9% of names up 10%+) | Weak (gold 3M -6.8%, 6M -11.3%) | Sharp rebound on the dollar; trend not repaired |
| Solar | Hot (52.4%, average +26.3%) | 1M +11.9%, 6M -17.1% | Policy hope and a merger; results were weak |
| Airlines / travel / casinos | Hot (29.6% / 22.2% / 23.3%) | Weak (3M -12.1% / -13.4% / -15.2%) | Moves with oil; depends on Iran talks |
| Housing / mortgages | Firm (mortgages 42.9%, home improvement +8.4%) | Strong 1M (+25.0%), modest 3M (+6.7%) | Young rate trade running into Fed hike odds |
| Ad tech / apps / games | Hot for winners (APP +71.2%) | Mixed (application software 1M +0.6%) | Stock-by-stock earnings |
| Consumer brands / retail | Firm (25.0% / 22.2% / 19.8%) | Strong (luxury 1M +32.1%, retail +12.1%) | Weekly and monthly agree: strongest combination |
| IT services / consulting | Flat (-0.4% / +2.3%) | Strong (27.6% / 50.0% up 25%+ in 1M) | Durable; large names resting |
| Restaurants | Cooled (41.7% to 6.3% of names) | Strong (21.1% up 25%+, 1M +16.5%) | Durable; breadth cooled, leaders still rising |
| Health IT / diagnostics | Split (+1.4% / -6.6%) | Most durable (57.1% / 52.9% up 50%+ over 6M) | Resting leaders TXG, TWST |
| Biotech | Red (-1.5%) | Durable (16.1% up 50%+ over 6M) | Stock-specific |
| Software / cybersecurity | Red (-0.6% / -6.3%) | Durable but fading (22.4% / 19.2%) | Pulling back harder; resting leaders |
| Oil producers / drillers | Broken (-15.1% / -21.2%) | Flipped (E&P 1M -4.4%, was +17.3%) | Depends on Iran talks |
| Refiners | Broken (-13.2%) | Fading (22.2% up 50%+ over 6M, was 75.0%) | Durable trend cracked |
| AI chips / hardware | Red (-12.2%) | Broken (semis 1M -30.6%, 6M -26.6%) | Policy fear added to earlier doubts |
What changed since last week
New this week:
- Gold: 0.0% to 53.2% of names up 10% or more. Other Precious Metals: 3.6% to 42.9%. Both were falling last week.
- Solar: 4.8% to 52.4%. Liquid-name average -5.5% to +26.3%.
- Mortgages: 7.1% to 42.9%. Airlines: 11.1% to 29.6%. Casinos: 6.7% to 23.3%.
- Non-Alcoholic Beverages: 5.6% to 22.2%. Specialty Retail: 8.6% to 19.8%.
- Electronic Gaming: 14.3% to 25.0%. Liquid-name average -10.4% to +14.4%.
Persistent:
- Luxury Goods (2nd week): 16.7% to 25.0%. Leisure (2nd week): 14.7% to 20.6%. Medical Devices: 10.5% to 14.5%.
- Health IT and diagnostics stay the most durable monthly group, with 6M leaders resting.
- IT services and consulting stay strong on 1M with flat weeks.
- Biotech breadth: 15.1% to 11.6%.
Dropped / cooling:
- Oil drillers: 44.4% to 0.0%. Liquid-name average +8.2% to -21.2%.
- Oil producers: 7.5% to 1.3%. Liquid-name average +1.5% to -15.1%. Energy's trend flipped in a single week.
- Refiners: liquid names up 50% or more over 6M fell from 75.0% to 22.2%. No longer a durable leader.
- Restaurants: 41.7% to 6.3%. Liquid-name average +9.5% to +3.6%.
- AI power and grid contractors: Electrical Equipment 20.8% to 5.7% (average +9.3% to -12.2%). Engineering & Construction 19.6% to 7.8% (average +5.2% to -7.8%). Last week's rebound failed.
- Diagnostics: liquid-name average 1W +3.8% to -6.6%.
Correction: last week's issue listed Paramount Skydance at +34.6% for the week. Our price data for that stock stopped updating on Oct 22, so that figure was out of date.
Sources
- Closing Look — Friday, November 6, 2026
- StockTitan — Stock market today, November 6, 2026
- StockTitan — Stock market today, November 5, 2026
- StockTitan — Stock market today, November 4, 2026
- StockTitan — Stock market today, November 3, 2026
- StockTitan — Stock market today, November 2, 2026
- Investrade — Market review, November 6, 2026
- Investrade — Market review, November 4, 2026
- DTN — Oil sinks 6% as Hormuz diplomacy gathers momentum
- RTE — Brent set for biggest weekly drop since 2020
- Yahoo Finance — Gold mining shares rally on Democratic midterm victory
- Kitco — Newmont beats third-quarter expectations
- The Deep Dive — Agnico Eagle Q3 free cash flow falls 36%
- Benzinga via TradingView — Solar's best rally against oil in four years
- PV Tech — Array and Shoals agree to merge
- MarketBeat — Solar stocks, November 4, 2026
- 24/7 Wall St. — Nextpower Q2 fiscal 2027
- Sunrun — Q3 2026 results (SEC 8-K)
- Finsee — Sunrun Q3 2026 review
- PV Tech — First Solar cuts full-year revenue guidance
- TIKR — Home Depot and housing stocks rally on midterm results
- Nadlan Capital — Mortgage rates, November 6, 2026
- Panabee — Rocket Companies Q3 2026
- RISMedia — Rocket beats expectations in Q3
- AskTraders — AppLovin Q3 2026 results
- Yahoo Finance — Unity Q3 2026 earnings call highlights
- StockStory — Unity reports upbeat Q3 2026
- Goldesel — Magnite Q3 2026 and raised outlook
- StockStory — Why Procore stock rose
- Duolingo — Q3 2026 shareholder letter (SEC 8-K)
- StockStory — Clear Secure Q3 2026
- Crypto Briefing — Roblox falls on weak Q4 guidance
- Gaming.net — Roblox Q3 revenue and bookings
- TIKR — Take-Two and the November 19 launch
- Trefis — What sent Tapestry stock higher
- Benzinga — Why Tapestry stock rose on Thursday
- Finviz — Clorox Q1 fiscal 2027 results
- StockStory — Herbalife Q3 2026
- TIKR — Capri soars on earnings beat
- Reuters via WSAU — Health insurers and hospitals rally after midterms
- Yahoo Finance — Fiserv Q3 earnings beat estimates
- Investing.com — Fiserv Q3 2026 call transcript
- Instacart — Q3 2026 results and DoorDash acquisition release
- TIKR — Genomics stocks give back rebound
- Reuters via The Star — Accenture's forecast lifts IT services stocks
- 24/7 Wall St. — The stocks Wall Street thought AI would kill
- EPAM — Q3 2026 results (SEC 8-K)
- 24/7 Wall St. — TransUnion Q3 2026
- TIKR — Wingstop soars on Q3 beat
- FashionUnited — Crocs lifts annual outlook
- Stocktwits — Why Crocs stock rose
- Earnings Whispers — FIGS
- BioPharmaWatch — Xencor Q3 2026
- Schwab — First Tracks Biotherapeutics
- Zacks — Moderna before Q3 earnings