US adds 165,000 jobs; Nasdaq closes up 1.1%
Employers added 165,000 jobs in October, far above forecasts near 60,000, and unemployment edged to 4.1%, the Labor Department said. The Nasdaq Composite closed up 1.1% as chip stocks clawed back part of Thursday's AI-led correction, though the index still finished the week lower.
AI-assisted · US Brief desk · Sources listed below
What happened
The U.S. Bureau of Labor Statistics said Friday that nonfarm payrolls rose by 165,000 in October and the unemployment rate changed little at 4.1%. Economists had expected roughly 59,000 to 65,000 new jobs, according to Dow Jones and LSEG surveys cited by CNBC, Fox Business, and Kiplinger. August was revised up by 53,000 to 186,000 and September by 31,000 to 60,000, so those two months combined are 84,000 higher than previously reported.
Why it matters
A hot payroll print lands the same week Democrats took Congress after campaigning on affordability, and one day after the Nasdaq fell about 5.5% into a correction on AI and data-center fears. Stronger hiring and faster wage growth keep December rate-hike odds high even as investors buy the dip in chips.
What’s next
Tuesday's October CPI print, how Treasury yields hold the jobs shock, CoreWeave earnings next week, and the Federal Reserve's Dec. 8–9 meeting. The next Employment Situation is due Dec. 4.
More context
Where the jobs were: Professional and business services led with 70,000 jobs, health care added 42,000, transportation and warehousing 25,000, and manufacturing 19,000, BLS said. Average hourly earnings rose 0.4% on the month to $38.00, up 3.1% over the year. The average workweek held at 34.4 hours.
Markets at the close: Fox Business said the Nasdaq Composite rose 1.09%, or 264 points, to 24,579.42; the S&P 500 gained 0.31% to 7,376.86; and the Dow Jones Industrial Average fell 0.46%, or 237 points, to 51,285.73. The PHLX Semiconductor Index rose 4.2%. Nvidia closed up 2.8% at $186.64, AMD jumped 11%, Intel rose 7.7%, and Micron gained 5.1%, Fox Business reported. Kiplinger said Microsoft slipped about 1.0% after reports it plans to use fewer neocloud partners.
Original layer — jobs beat vs. a partial AI rebound: Thursday's crash priced in slower data-center buildout and tighter AI rules after the midterms. Friday's BLS print says the broader labor market is still adding jobs well above its recent 48,000 monthly average. CME FedWatch odds of a December quarter-point hike sat around 77%, CNBC and Kiplinger reported. Dip-buyers treated the payroll beat as proof the economy can take higher rates — but Kiplinger noted the Nasdaq is still in correction territory and finished the week down about 3.4%, with the S&P 500 down 2.7% for the week.
Weak spot / What the evidence shows: Headline payrolls beat, but softer underemployment worsened. CNBC said the broader U-6 rate rose to 7.9%, up 0.3 point. BLS said people working part time for economic reasons jumped by 339,000 to 4.8 million. Long-term unemployment stayed near 2.0 million. On the market side, Adam Crisafulli of Vital Knowledge told CBS the tech rebound looked "tentative and tepid, without much aggressive chasing." A single strong month and one bounce day do not erase spare-capacity signals or Thursday's AI damage.
Sources across the spectrum This story cites right-leaning and left-leaning outlets. Every source is listed below.
6 listed sources
- U.S. Bureau of Labor Statistics, The Employment Situation — October 2026, Nov. 6, 2026
- Fox Business (Matthew Kazin), Nasdaq rises as AI and chip stocks recover, Nov. 6, 2026
- CBS News (Mary Cunningham), Stocks rebound after tech selloff that pushed Nasdaq into correction, Nov. 6, 2026
- Kiplinger (Karee Venema), Nasdaq Adds 264 Points in Tech Rebound, Nov. 6, 2026
- CNBC (Jeff Cox), U.S. economy added 165,000 jobs in October, Nov. 6, 2026
- Associated Press (Stan Choe), AI stocks halt their brutal, worldwide sell-off, Nov. 6, 2026
References listed by US Brief; a source count is not a verification score.
Editorial sourcing notes
Updated Nov. 6 ~2:10 p.m. PT after the cash close. Payrolls, unemployment, revisions, sector gains, earnings, hours, and part-time-for-economic-reasons from BLS. Consensus: Dow Jones ~59,000 (CNBC/Kiplinger) / LSEG ~65,000 (Fox Business). Cash closes from Fox Business: Nasdaq +1.09% (+264.43) to 24,579.42; S&P 500 +0.31% (+23.13) to 7,376.86; Dow −0.46% (−237.33) to 51,285.73; NVDA +2.78% to $186.64; AMD +11.04%; INTC +7.71%; MU +5.12%; SOX +4.2%. Weekly: Nasdaq −3.4%, S&P −2.7%, Dow −0.9% (Kiplinger). CME FedWatch Dec. hike ~76.8%–77% (CNBC; Kiplinger). U-6 7.9% from CNBC. Photos unchanged.
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