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A Big Intraday Reversal Saves the Week From Being Worse
RiskReversal Recap: Friday, Nov 7th
RiskReversal Media
November 07, 2025
MARKET WRAP
Today started off looking like the market was going to close out a rough week with another sea of red, but a midday reversal from the lows — driven by what looked like some seller exhaustion combined with some potential shutdown deals — sent stocks steadily higher into the close, with all but the Nasdaq able to eke out a gain on the day. On the day, SPX +0.1%, QQQ -0.3% and IWM +0.6%.
Elsewhere, the US10YY finishes the week at 4.09%, Gold closes just above 4k, Oil just below $60, and DXY back below $100, now $95.54. The VIX spiked at high as 22.50 potentially marking a near-term oversold condition for the SPY before the afternoon rally, it closed the week at 19.08, a pretty big intraday reversal.
Notable Gainers: EXPE +17%, SBUX +4%, DASH +4%, KO +2%
Notable Losers: TTWO -2%, TTD -6.3%, TSLA -3.7%, SHOP -2.4%, IBM -2%, BA -1%
After Hours: SPY and QQQ closed on their highs of the day and are adding a tock higher after the close.
Today’s RiskReversal Pod: Dan and Guy are joined by Partners Group Chief Investment Strategist Anastasia Amoroso to discuss the Fed, a softening labor market, inflation risks, and how AI is reshaping opportunities across sectors.
MRKT MATRIX: TODAY’S TOP STORIES
Nasdaq falls again on Friday, putting it on track for worst week since April (CNBC)
Republicans Reject Shutdown Offer as Travel, Food Aid Delays Hit
Shutdown means another missed jobs report Friday. Here’s what it probably would have shown (CNBC)
Consumer Sentiment Falls Toward Record-Low Levels (WSJ)
Chinese Exports Unexpectedly Slump for First Time Since February (Bloomberg)
Altimeter’s Brad Gerstner says market pullback is healthy, sees no bubble in tech (CNBC)
S&P 500 Earnings Season Update (FactSet)
An analyst worries OpenAI will miss its ‘extravagant’ spending commitments. These stocks would be the most vulnerable (CNBC)
Microsoft to Pursue Superintelligence After OpenAI Deal (Bloomberg)
The AI Revolution Is an Afterthought for Phone Buyers (Bloomberg)
WHAT’S NEXT?
The Week That Was
The VIX hit as high as 22.50 this morning before fading, suggesting a bit of short-term capitulation. Even with the late-day bounce, equities still finished the week lower, with the SPX down about -2%, and now roughly -3% off the highs. As mentioned in this space all week, today was yet another session where all the Mag7+ names moved in unison — a pattern seen alot this week as seven of the nine have now reported (with the remaining NVDA in late November and AVGO in early December). That’s putting extra pressure on the index vol for now, given the group represents more than a third of both SPY and QQQ’s market cap.
Looking Ahead
Looking ahead, this weekend and Monday’s headlines will likely hinge on the government shutdown — if we get a deal it may justify today’s bounce, but if not, things could get messy again. We’ll also see a packed earnings slate, not of the megacap variety but plenty of story names like CRVW, CRCL, OKLO and others.
We’ll be back this weekend with a full catalyst calendar and a look at the setup after a week of serious day-to-day volatility. Check your inbox Sunday.
TODAY’S EPISODES
Watch RiskReversal Podcast’s newest episode: Anastasia Amoroso’s SPX Outlook & What Derails This Rally
Dan Nathan and Guy Adami host Anastasia Amoroso, Chief Investment Strategist at Partners Group. Anastasia discusses her new role at Partners Group, a firm specializing in private markets including private equity, credit, real estate, infrastructure, and royalties. The conversation covers the Federal Reserve, the weakening labor picture and AI’s impact, and inflation concerns. The episode also explores financials, healthcare, and gold.
Learn more about our sponsor Fidelity, CME Group, and iConnections.
