Stocks Tumble, Airbnb Revenue Jumps, Jobs Report Due and Cook Hearing Delay
By Juliegrace Brufke | Quincy News Correspondent
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Washington (Quincy News) — Market Recap: U.S. stocks plunged Thursday as investors dumped companies tied to artificial intelligence and data-center spending. The Dow dropped 1,833 points, or 3.4%, while the S&P 500 fell 4.4% and the tech-heavy Nasdaq slid 5.5%. The Nasdaq is now in a “correction,” meaning it has fallen more than 10% from its recent high. Chip stocks took the worst of it. Nvidia, the AI chip leader, fell about 9%.
The selling came as investors worried that Democratic election gains could mean tougher rules on data-center development, and that could slow the industry’s growth.
Airbnb reported after the closing bell that quarterly revenue rose 19% to $4.9 billion, its fastest growth in more than three years. Profit was $1.9 billion. The company also announced a new $12 billion share-buyback plan, citing accelerating demand.
Update: Lisa Cook Hearing Moved to Dec. 14
The White House has rescheduled a hearing on mortgage-fraud allegations against Federal Reserve Governor Lisa Cook for Dec. 14. Originally scheduled for Nov. 5, the hearing is part of President Trump’s effort to remove Cook from the central bank’s board.
Cook denies wrongdoing. Her attorney, Abbe Lowell, has questioned the fairness of the proceedings and previously said she would be unavailable until after the Fed’s Dec. 8–9 policy meeting.
Georgetown finance professor James Angel told Quincy News that the effort to remove Cook sends a warning to other Fed governors. He described the message as a threat to “make your life miserable” if they do not follow the president’s wishes.
White House spokesperson Matthew Middleton previously told Quincy News that Trump was “performing his constitutional duty” in evaluating Cook’s eligibility to serve and said the hearing would follow a “fair and open process.”
Under the White House’s announced procedures, the hearing will be closed to the public but transcribed. A three-member committee will examine the allegations and recommend whether grounds exist for Cook’s removal.
-Reporting by Jacqueline Policastro, Quincy News Correspondent
Today’s Focus: The government releases the October jobs report at 8:30 a.m. ET. Economists surveyed by FactSet expect employers added 65,000 jobs, up from a weak 29,000 in September, and the unemployment rate to hold at 4.2%. Wage growth and changes to earlier months’ numbers will also show how strong the job market is.
At 10 a.m. ET, the University of Michigan releases its early November survey of consumer sentiment, which shows how Americans feel about the economy and where they think prices are headed.
ON THE SCHEDULE FOR FRIDAY, NOVEMBER 6, 2026
-Friday, 8:30 a.m. ET – October employment report
-Friday, 10 a.m. ET – Preliminary November University of Michigan consumer sentiment
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