Why it matters
- January Brent settled at $98.32 on Friday, Nov. 6, down 13.3% from $113.43 on Oct. 30, as Bloomberg reported a sharp weekly drop tied to hopes for an end to the Iran war.
- Chip-heavy Asian markets fell hardest. The Kospi lost 11.7% and the Nikkei 225 9.3% for the week, while the PHLX Semiconductor index fell 12.2% and the Nasdaq 3.4%, Yahoo Finance data show.
- Hong Kong's Hang Seng rose 5.1% and gold futures about 4.5%. The 10-year Treasury yield fell 0.08 point to 4.86%, Treasury data show.
Analysis: this piece includes our interpretation of the facts reported.
January Brent crude fell 13.3% in the week to Friday, Nov. 6, settling at $98.32 a barrel, Bloomberg reported via Rigzone. Chip stocks were the other big losers: South Korea's Kospi fell 11.7% and the PHLX Semiconductor index 12.2% from their Friday, Oct. 30 closes, Yahoo Finance data show. Gold futures rose about 4.5%.
The U.S. midterm elections were held on Tuesday, Nov. 3. Oil fell on bets that Washington would move to end the Iran war, while chip stocks sold off on fears of slower U.S. data center building, as covered in our pieces on the chip index's 38% slide and the Nikkei's drop into bear territory.
How did global markets move this week?
| Market | Oct. 30 close | Nov. 6 close | Change |
|---|---|---|---|
| S&P 500 | 7,580.07 | 7,376.86 | −2.68% |
| Dow Jones | 51,770.31 | 51,285.73 | −0.94% |
| Nasdaq Composite | 25,437.00 | 24,579.42 | −3.37% |
| Russell 2000 | 2,811.84 | 2,754.11 | −2.05% |
| PHLX Semiconductor | 10,688.80 | 9,390.25 | −12.15% |
| VIX | 19.42 | 25.64 | +32.0% |
| STOXX Europe 600 | 646.75 | 648.33 | +0.24% |
| Nikkei 225 (Japan) | 63,290.11 | 57,434.77 | −9.25% |
| Kospi (South Korea) | 5,730.74 | 5,059.69 | −11.71% |
| Hang Seng (Hong Kong) | 23,294.42 | 24,481.86 | +5.10% |
| Shanghai Composite | 3,599.02 | 3,649.18 | +1.39% |
| U.S. 2-year yield | 4.56% | 4.51% | −0.05 pt |
| U.S. 10-year yield | 4.94% | 4.86% | −0.08 pt |
| U.S. 30-year yield | 5.31% | 5.26% | −0.05 pt |
| Dollar index (DXY) | 101.88 | 102.29 (approx.) | +0.40% |
| EUR/USD | 1.1183 | 1.1142 (approx.) | −0.36% |
| USD/JPY | 157.80 | 158.53 (approx.) | +0.46% |
| Brent, January ($/barrel) | 113.43 | 98.32 | −13.32% |
| WTI, December ($/barrel) | 104.12 | 90.83 | −12.76% |
| Gold, December ($/ounce) | 3,898.90 | 4,074.70 (approx.) | +4.51% |
| Bitcoin ($) | 77,198 | 75,708 (approx.) | −1.93% |
Sources: Yahoo Finance daily closes; Treasury yields are U.S. Treasury Department par yields; Brent and WTI Nov. 6 figures are settlements reported by Bloomberg via Rigzone. Approximate figures are late-Friday levels, around 21:45 GMT. Bitcoin closes are at midnight UTC. Japan's market was shut Tuesday, Nov. 3, for a holiday. Changes are Global Terminal calculations.
Which markets fell the most?
Oil and Asian chip markets. Bloomberg said front-month oil futures fell about 13.2% this week, the biggest weekly percentage loss since 2022, as the U.S. and Iran moved closer to a deal to end the war and Gulf exports recovered. The Kospi and Nikkei fell as memory and chip-equipment stocks slumped; see our Kospi analysis.
U.S. stocks lost less. The Dow fell just 0.94% after a 3.03% jump on Wednesday, Nov. 4, while the Nasdaq dropped 3.37%. The VIX rose about 32% to 25.64.
What happened to bond yields and the dollar?
Yields fell, then edged up after the jobs report. U.S. employers added 165,000 jobs in October and the unemployment rate was 4.1%, the Bureau of Labor Statistics said Friday. Payrolls for August and September were revised up by a combined 84,000. The 2-year yield rose 0.05 point on Friday to 4.51% but was still down for the week, Treasury data show. The dollar index rose about 0.4%.
What gained this week?
Gold and Hong Kong. Gold futures rose about 4.5%, with most of the gain on Wednesday, as covered in our gold analysis. The Hang Seng rose 5.1%. Track live levels on our world markets page.
Sources
- Bloomberg via Rigzone, Oil Posts Biggest Weekly Drop Since 2022 (Nov. 6, 2026)
- Bureau of Labor Statistics, The Employment Situation — October 2026 (Nov. 6, 2026)
- U.S. Treasury Department, Daily Treasury par yield curve rates, 2026
- Yahoo Finance chart data: S&P 500, Dow, Nasdaq Composite, Russell 2000, PHLX Semiconductor, VIX, STOXX Europe 600, Nikkei 225, Kospi, Hang Seng, Shanghai Composite, dollar index, EUR/USD, USD/JPY, Brent January (BZF27.NYM), WTI December (CLZ26.NYM), gold and bitcoin