Futures reopen tonight with Nasdaq 100 down 5.1% on the week, oil down 12.8% and CPI due Tuesday

Equity and gold futures reopen at 6 PM ET Sunday. Every market figure below is as of Friday's close, Nov. 6; nothing here is a live quote. The week was a tech rout and an oil collapse. Reuters reports that the S&P 500 technology sector fell 7.3% on Thursday and the Philadelphia semiconductor index fell more than 12%, both the biggest one-day drops in over six years, and that the Nasdaq Composite closed nearly 12% below its Oct. 6 high.

Where the contracts closed

Contract	Fri, Nov. 6	Fri, Oct. 30	Week
E-mini S&P 500	7,402.00	7,614.00	-2.78%
E-mini Nasdaq 100	27,085.25	28,534.00	-5.08%
E-mini Dow	51,385	51,918	-1.03%
Gold	$4,074.90	$3,898.90	+4.51%
WTI crude (December)	$90.83	$104.12	-12.76%

Front-month settlements from Yahoo Finance; percentages are our arithmetic. Index futures carry a premium to the cash indexes, so compare them with each other, not with index closes.

Our own chart of Nasdaq 100 futures shows them 14.0% below the Oct. 6 peak at Friday's close. Friday's bounce did not change the picture: the contract had fallen from 28,566.75 on Wednesday to 26,752.00 on Thursday, a drop of 6.4%, before recovering to 27,085.25.

Gold is the week's quiet winner, up $176 an ounce, in a week when stocks fell and oil dropped. Oil's fall was driven by hopes that midterm results would push the U.S. and Iran toward a deal; our oil report has the analysts' 80% warning that fighting resumes.

Yields: a small drop that hides a bigger question

Maturity	Oct. 30	Nov. 6	Change
2-year	4.56%	4.51%	-5 bp
10-year	4.94%	4.86%	-8 bp
20-year	5.34%	5.29%	-5 bp

U.S. Treasury daily par yield curve.

Yields fell even though Friday's jobs report, 165,000 payrolls against 59,000 expected (see our jobs story), pushed the 2-year up from 4.46% on Thursday. See the 10-year chart.

Tuesday's CPI is the main event

The October consumer price index is due Tuesday, Nov. 10 at 8:30 AM ET, per the BLS schedule. Reuters' week-ahead cites LSEG data showing fed funds futures implied about a 65% chance of a quarter-point Fed hike at the Dec. 8 to 9 meeting, trimmed modestly on Thursday. The Fed raised rates in September, its first hike in three years, and held in October, according to the same report. We did not find a primary-source consensus for the CPI, so we do not quote one.

State Street's Marvin Loh told Reuters a hot number "could add to investors' concerns." The setup for futures: a hot print keeps the December hike near-certain and pressures a Nasdaq that is already in correction; a soft one could pull the odds down, which would matter most for the rate-sensitive 2-year and for gold.

Earnings: the AI financing test

Reuters names CoreWeave, Applied Materials and Cisco as the week's key reports, with CoreWeave central to worries about financing the AI buildout; its shares have been hit hard in recent weeks. We could not confirm report dates and times from the companies' own releases, so check each investor-relations page. Reuters quotes Truist's Keith Lerner calling the tech slump "something of a buyers' strike." After Thursday's rout, the semiconductor equipment and networking names are where futures could move on guidance. Nvidia reports Nov. 18, as covered in our Nvidia story.

Headlines that could gap the open

The biggest overnight risk is the Gulf. U.S. Central Command's new Task Force Iron Gate and Iran's denial that Saturday's blasts were U.S. strikes (our update) leave crude exposed after a 12.8% weekly fall. Our War Room brief has the Houthi strike on Riyadh.

What could move each market

• Equity index futures: Tuesday's CPI, then Cisco, Applied Materials and CoreWeave guidance. See our futures page.
• Treasury futures: CPI and the December-hike odds; the 10-year ended at 4.86%.
• Crude: Gulf headlines against a peace discount. See our crude chart.
• Gold: up 4.5% last week; the CPI reaction in yields. See the gold chart.

Bitcoin is the only market trading now; see today's crypto prices. Last week's preview and the Friday read are in our weekend brief.

Sources: Reuters Wall St Week Ahead via Kitco; U.S. Department of the Treasury; BLS; Yahoo Finance; Chronicle stories linked above. Odds are market-implied, not forecasts. This is market information, not trading advice.