Bitget UEX Daily Report | Bitcoin falls below $77,000; Nasdaq plunges 5.52%; Non-farm payrolls test interest rate expectations (November 6, 2026)

I. Selected Hot News

Technology and Policy | AI Industry Chain Sell-off Intensifies, Market Reassesses Construction Expectations

On November 5, U.S. stocks fell sharply, with the Nasdaq down 5.52%. Nvidia dropped 9.26%, AMD fell 17.26%, and Micron decreased by 17.46%, putting pressure on data center supporting companies.

Concerns about post-election AI infrastructure regulation and construction pace are rising, but a drop in stock prices does not equate to order cancellations. Next, it is important to distinguish between valuation compression, changes in financing conditions, and actual downward revisions in customer capital expenditures to assess whether the impact is transmitted to profits.

UK Monetary Policy | Central Bank Raises Interest Rates by 25 Basis Points to 4%, Energy Inflation Remains a Constraint

The Bank of England raised the policy interest rate by 25 basis points to 4%, with a voting result of 8 to 1, and another member supporting a 50 basis point increase. The central bank noted that UK inflation in September was 3.5% and is expected to rise to around 5% by mid-next year.

Recent fluctuations in oil prices are not enough to eliminate the lagging effects of previous increases in energy costs. For the global market, this serves as a reminder to investors: there is no necessary correlation between the decline in risk assets and the central bank's immediate shift to easing.

U.S. Employment | Initial Claims Drop to 189,000, Tonight's Non-Farm Payrolls Become a Key Test

For the week ending October 31, the number of initial unemployment claims in the U.S. was 189,000, a decrease of 6,000 from the previous week's revised figure; for the week ending October 24, the number of continuing claims rose to 1.718 million.

The low initial claims indicate that layoffs have not yet spread significantly, while the rise in continuing claims warrants attention to the speed of re-employment after unemployment. Tonight's non-farm payrolls, unemployment rate, and wage data will jointly determine how the market weighs employment resilience, inflation, and interest rate paths.

II. Market Review

Commodity and Forex Performance

Item | Reference Price | Data Source

Gold | $4,095.40/ounce | December 2026 futures, 07:52 intraday

Silver | $51.695/ounce | December 2026 futures, 07:52 intraday

WTI Crude Oil | $91.24/barrel | December 2026 contract, 07:52 intraday

Brent Crude Oil | $99.24/barrel | January 2027 contract, 07:50 intraday

U.S. Dollar Index DXY | 101.566 | 07:04 reference quote

The rebound in crude oil and the decline in U.S. Treasury yields occurred simultaneously, and the market did not trade along a single "strong or weak growth" logic. A rise in oil prices will affect inflation expectations, while the decline in tech stocks increases sensitivity to financing, profits, and valuations; gold will need to be observed further to see if real interest rates and safe-haven demand can form a synergy.

Cryptocurrency Performance

BTC is at 76,152.06 USDT, down 5.47% in 24 hours; ETH is at 2,241.20 USDT, down 7.53% in 24 hours. The total market capitalization of the cryptocurrency market is approximately $2.57 trillion, down 7.84% in 24 hours, with the total market cap update time at 07:59 Beijing time.

BTC/ETH Liquidation Zone: Today's major potential liquidation zones for both coins lack verifiable latest data, so specific ranges, distances, or near-side liquidation judgments are not listed.

Institutional Holding Cost | BTC: Strategy's latest disclosure on November 2 shows the overall holding average price at $75,451, with holdings of 849,327 BTC, and the current coin price is about 0.83% higher than its cost, corresponding to a reference floating profit. Glassnode's estimate of the overall cost of the U.S. spot BTC ETF published on October 28 is approximately $81,500, with the current coin price about 6.66% lower, corresponding to a reference floating loss; this estimate retains the original disclosure date and is not considered today's real-time cost.

In a nutshell: BTC is approaching the reference of Strategy's overall holding cost, with a key focus on whether it can achieve sustained support around $75,451 and whether the rebound can recover to $77,000; ETH has a larger decline, and short-term risk appetite remains weak, making the dollar and interest rate reactions after tonight's non-farm payrolls worth simultaneous observation. Institutional costs do not guarantee support and do not represent new buying.

Major U.S. Stock Index Performance

Index | Closing Level | Change

Dow Jones Industrial Average | 51,523.06 | -3.44%

S&P 500 Index | 7,353.73 | -4.36%

Nasdaq Composite Index | 24,315.00 | -5.52%

The broad-based rally from the previous trading day quickly turned into a comprehensive pullback, with the Nasdaq experiencing the largest decline. The simultaneous weakness in tech-heavy, cyclical stocks, and crypto-related stocks indicates that risk contraction has exceeded a few individual stocks, and the good performance of a single company is difficult to fully offset the overall market valuation pressure.

Performance of the Seven Tech Giants

Company | Closing Price (USD) | Change

Nvidia NVDA | 181.60 | -9.26%

Apple AAPL | 344.17 | -1.53%

Microsoft MSFT | 535.93 | -3.58%

Alphabet GOOGL | 282.57 | -2.20%

Amazon AMZN | 260.21 | -2.19%

Meta META | 605.08 | -3.96%

Tesla TSLA | 343.69 | -10.77%

All seven giants fell, with Tesla and Nvidia leading the declines, while Apple was relatively resilient. The previous divergence between platform stocks and hardware stocks did not prevent the overall risk appetite from declining, and it will be necessary to observe whether selling pressure converges and whether profit expectations stabilize.

Sector Movement Observation

Chips and Data Centers: AMD fell 17.26%, Micron dropped 17.46%, Vertiv decreased by 14.02%, and GE Vernova fell 7.48%. Market concerns are focused on the AI construction and capital expenditure chain, and the next step should verify customer orders, project progress, and financing arrangements, rather than judging industry demand solely based on declines.

Crypto-related Stocks: Coinbase fell 9.69%, Strategy dropped 9.29%, and Robinhood decreased by 10.32%. The weakening of coin prices coincides with stock valuation pressure, and the volatility brought by business operations, financing, and coin exposure needs to be assessed separately.

Application Side Performs Against the Trend: AppLovin rose 31.04%, showing that during a market decline, realized revenue, profits, and cash flow can still create stock differentiation; this performance cannot be directly generalized as the entire software sector has strengthened.

III. In-depth Analysis of Key U.S. Stocks

AppLovin APP | Revenue and Cash Flow Realized, Stock Price Soars Against the Trend

Event Overview: The company disclosed third-quarter revenue of $2.185 billion after the market closed on November 4, a year-on-year increase of 55%; net profit was $1.439 billion, a year-on-year increase of 72%, with free cash flow of approximately $1.4 billion. On November 5, the stock closed at $356.10, up 31.04%.

Market Interpretation: Compared to the hardware narrative that relies on future construction scale, the revenue and cash flow generated by the advertising platform provide more direct performance evidence, but high growth still needs to be validated in subsequent quarters.

Investment Insight: Focus on tracking advertising return on investment, customer expansion, and cash flow sustainability. The fourth-quarter revenue guidance is $2.365 billion to $2.395 billion, and a single-day surge should not be equated with the disappearance of valuation risk.

Airbnb ABNB | Revenue Growth Accelerates, New Buyback Authorization of $12 Billion

Event Overview: Airbnb announced third-quarter revenue of approximately $4.9 billion after the market closed on November 5, a year-on-year increase of 19%; total booking value was $27.7 billion, a year-on-year increase of 21%, with net profit of approximately $1.9 billion. The company has a new buyback authorization of up to $12 billion. The regular closing price was $170.13, down 3.54%, occurring before the earnings report was released.

Market Interpretation: The simultaneous growth in bookings and revenue provides evidence of travel demand, and the buyback authorization reflects capital allocation intentions, but it does not equate to buybacks already being executed.

Investment Insight: Observe the balance of booking growth, average room prices, and new business investments, distinguishing between real demand growth, price contributions, and changes in profit margins.

Qualcomm QCOM | Concerns About Mobile Business Reflected After Earnings Report

Event Overview: Qualcomm closed at $156.75 on November 5, down 9.49%. The previously disclosed GAAP revenue for the fourth quarter of fiscal year 2026 was $10.322 billion, a year-on-year decrease of 8%, with a non-GAAP earnings per share of $2.17, down 28% year-on-year.

Market Interpretation: The pressure on the mobile business combined with the overall pullback in the AI hardware sector means the market needs clearer non-mobile revenue realization to assess the compensation strength of business transformation on profits.

Investment Insight: Track mobile customer demand, automotive business, and data center project ramp-up; the fiscal year 2027 data center revenue target remains a guideline and cannot be counted as realized revenue in advance.

IV. Market and Project Dynamics

Hadron collaborates with RedStone to supplement tokenized asset pricing and settlement capabilities. Tether announced on November 5 a partnership to provide Hadron issuers with access to pricing, net value data, and T+0 liquidity arrangements for eligible assets. The actual effect depends on asset qualifications, liquidity providers, and redemption mechanisms and should not be understood as all tokenized assets being able to exit without loss at any time.

Tokenized Gold Disclosure Update, Note Reserve and Sales Criteria. Tether Gold disclosed on November 4 that as of September 30, the XAU₮ corresponding gold reserves were approximately 25.7 tons, with a total reserve market value of about $3.44 billion, including gold corresponding to sold and available-for-sale tokens. This figure represents the reserve size at the end of the quarter and does not represent new inflows today.

V. Today's Market Calendar

Beijing Time | Country/Region | Event | Market Attention Level

21:30 | U.S. | October Non-Farm Employment, Unemployment Rate, and Average Hourly Earnings, released simultaneously | ★★★★★

23:00 | U.S. | November University of Michigan Consumer Confidence and Inflation Expectations Preliminary Value | ★★★★

November 7, 01:45 | U.S. | New York Fed Nowcast Update | ★★★

Key Event Outlook: Focus on whether non-farm employment, unemployment rate, and wages mutually corroborate. Strong employment and wages may maintain interest rate pressure; if there is a significant weakening, it will be necessary to assess whether lower interest rate expectations can offset profit concerns. Consumer inflation expectations will supplement observations on the recent impact of energy fluctuations on residents' judgments.

Institutional View: Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, pointed out in the market commentary on November 5 that aggressive AI construction post-election may face more scrutiny. This view explains part of the risk reassessment, but the actual impact still needs to be validated by policies, approvals, and corporate spending plans.

This article is for market information exchange only and does not constitute investment advice.