The Nightcap: chips bounce, an Anthropic IPO price is in doubt, and futures reopen Sunday
US futures are shut for the weekend after Nasdaq futures recovered 1.3% Friday, about a fifth of Thursday's fall. Anthropic investors are marking down the IPO, and Trump named Stephen Miller chief of staff.
Nothing is trading live tonight. CME equity and gold futures stopped at 5:00 PM ET Friday, and the numbers below are the final prints, not live quotes. The biggest open question is how far the AI trade has left to fall, and the clearest sign of it is the price investors now put on Anthropic's IPO: CNBC reported Friday that some backers expect it to list below $1.5 trillion, and one said $1 trillion to $1.25 trillion is more likely. The company had been aiming for $2 trillion.
Where futures finished Friday
| Instrument | Final price (5:00 PM ET) | Vs Thursday's close |
|---|---|---|
| S&P 500 futures | 7,404.0 | +0.28% (from 7,383.0) |
| Nasdaq-100 futures | 27,107.5 | +1.33% (from 26,752.0) |
| Dow futures | 51,390 | -0.44% (from 51,615) |
| Gold futures | $4,079.50 | -0.83% (from $4,113.50) |
| Crude oil futures (WTI) | $90.34 | -0.2% (from $90.52) |
Source: Yahoo Finance daily and intraday futures data pulled about 9 PM ET Nov. 6; percent changes are our arithmetic. Futures carry a premium to the cash index, so compare them with each other, not with index closes. Yahoo's crude quote is the continuous front contract; we have not matched it to a specific delivery month.
The cash market told the same story. The Nasdaq Composite closed at 24,579.42, up 1.09% on the day but 3.4% lower on the week and 10.9% below its Oct. 6 record, according to our Friday close report. The 10-year Treasury yield ended at 4.86%, per the Treasury's par yield curve, after the strong jobs report.
Headlines to carry into the weekend
Anthropic's IPO. CNBC says the $1.5 trillion figure is now in doubt, and quotes D.A. Davidson analyst Gil Luria saying investors will expect pricing "at least at the low end of previous expectations." Our earlier report has the Bloomberg and Wall Street Journal figures. The company plans to list under the ticker ANT and, per our earlier reporting, a roadshow planned for next week; no pricing has been set.
A new chief of staff. AP, Reuters and the New York Times all reported Friday that Trump chose Stephen Miller to replace Susie Wiles, after the midterm losses. Our report says Trump has Miller starting Monday. We found no sourced market reaction, and we are not drawing one.
Bitcoin. Bitcoin traded at $75,956 on Coinbase around 9 PM ET, with a 24-hour range of $74,722 to $76,256 and almost no change from $76,072 a day earlier. Ether was $2,243, against $2,239 a day earlier. It is the only major market open tonight.
What to watch at Sunday's reopen
- Sunday evening: CME equity futures normally reopen at 6:00 PM ET Sunday. Nasdaq-100 futures ended 1.3% above Thursday's close, so a gap in either direction is the first read on how the weekend's headlines land.
- Chip names: the Philadelphia Semiconductor index regained 4.2% Friday after a 12.3% fall Thursday, per our close report. One day does not make a trend.
- Calendar: we could not confirm next week's data release dates from a primary source tonight. Check our economic calendar before the open.
Sources: CNBC; Yahoo Finance; U.S. Treasury; Coinbase; AP, Reuters and New York Times headlines. Prices are final Friday prints and are not live. This is market information, not investment advice.
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