Nasdaq 100 Falls 6.4% in Worst Day Since Covid as NFP Beats
thePropTrade Week – Sunday 8 November 2026
5 min read
- November 8, 2026
Hi Traders,
Hope you had a good week. Here’s what moved the markets, and what’s coming up next.
It was a volatile week. The US midterm results rocked markets on Tuesday, stocks rallied on Wednesday and then gave it all back and more on Thursday, when the Nasdaq 100 had its worst single day since the Covid pandemic. A blowout NFP jobs report on Friday lifted the Dollar, while gold rallied over 5% and Brent broke under $100.
Missed last week’s action? Catch up on last week’s recap, where Alphabet fell 12.6% and Intel had its worst day since 1974. The Nasdaq also lost 6.6% in October.
US Midterm Results Rock Markets
The Democratic Party won sweeping victories in Tuesday’s US midterm elections, the largest in 50 years, and the ripples were felt globally. The result points to continued gridlock on the key geopolitical hotspots for the rest of the year, which means more uncertainty and little clarity.
Nasdaq 100 Has Its Worst Day Since Covid, S&P 500 Its Worst Week Since April 2025
Stock markets rallied hard on Wednesday, with the Dow up over 3%, following the clear result and the lack of uncertainty. It was all given back, and more, on Thursday. The Nasdaq 100 fell 6.4%, its worst single day since the Covid pandemic, as the technology sector took the brunt of the sell-off.
The strong NFP report produced a minor bounce on Friday, but all three major US indices still finished the week lower. The S&P 500 lost 2.7%, its worst week since April 2025. The Nasdaq fell 3.4%, a fourth consecutive weekly decline, and the Dow lost 0.9%.
NFP Beats at 165,000 as the 10-Year Yield Falls to 4.86%
The Dollar had a mixed week but rallied strongly into the close after Friday’s NFP report. Headline job growth came in at 165,000 against a consensus of 65,000, beating even the most optimistic Wall Street estimate of 125,000. Unemployment fell to 4.1% from 4.2%, and monthly earnings growth was a stronger 0.4%.
Yields declined over the week, with the key US 10-year yield under 5% and closing on Friday at 4.86%.
Euro, Aussie and Kiwi Slip Back After the Dollar Rally
EUR/USD touched 1.1275 on Wednesday and closed the week at 1.1136. The Aussie and the Kiwi were weaker still. AUD/USD closed at 0.6858 from highs of 0.7035, and NZD/USD closed at 0.5533 from highs of 0.5660.
Gold Rallies Over 5% to $4,060, Brent Breaks Under $100, Bitcoin Tests $75,000
The volatile Dollar and lower yields helped gold rally more than 5% during the week to close at $4,060. Brent fell from last week’s highs near $118 to break under $100, trading as low as $97, as contact between the US and Iran continues and President Trump holds off on military action, at least for now. It closed the week around $101.
Bitcoin touched a low of $75,000 as risk-off momentum swept through crypto. It remains below its key 200-day moving average at $76,500.
RBA and Bank of England Hike, Eurozone Inflation Rises
The RBA and the Bank of England both raised interest rates by 25 basis points, to 4.85% and 4.00% respectively. London warned that inflation could hit 5% next year. Eurozone inflation ticked higher to 4.0% from 3.8%. Canada’s jobs report disappointed again, with unemployment rising to 6.7% and a third consecutive month of contraction.
Week Ahead: US CPI, PPI and UK GDP
The key US CPI report arrives on Tuesday and PPI on Friday. UK GDP is due on Thursday.
Happy trading, everyone.
Written by Stuart Cowell, Head of Education