Nasdaq Futures Rebound After Rout as U.S., Canadian Jobs Data Loom

Nasdaq futures rebounded on Friday morning after a steep sell-off in U.S. stocks, according to investingLive, although the Dow and European shares remained under pressure. Traders are now focused on the U.S. and Canadian employment reports, both due at 8:30 a.m. ET.

Key points

• investingLive reported that the Nasdaq 100 fell 6.36% in the previous session, its worst day since March 2020.
• At 8:00 a.m. ET, Nasdaq 100 futures were implying a gain of 359 points, while the implied Dow move was down 570 points.
• The 10-year Treasury yield was near 4.864%, up 2.65 basis points on the day.
• The U.S. dollar rose against the major currencies tracked in the report, led by the NZD and AUD.
• The U.S. October jobs report and the Canadian October jobs report are both scheduled for 8:30 a.m. ET.

What happened in the markets

According to investingLive, the sell-off in U.S. equities was broad. The Dow fell 3.4%, the S&P 500 dropped 4.36%, the Nasdaq Composite lost 5.52%, and the Nasdaq 100 sank 6.36%. The report said the selling went well beyond the tech-heavy index.

The early bounce in futures was described as a mixed signal. The Dow was still under pressure, and European shares were broadly lower, with Germany's DAX down 2.21% and the UK's FTSE 100 down 2.05%. France's CAC 40 fell 1.63%, Spain's IBEX 35 lost 1.27%, and Italy's FTSE MIB slipped 1.06%.

The tech selloff also carried into Asian trading, according to investingLive's Asia-Pacific news wrap. That made the Monday-style rebound less convincing for some observers, as the report put it in general terms, since the broader market had not yet stabilized.

In currency markets, the dollar was higher against most majors. Gains were largest against the NZD (+0.82%) and AUD (+0.75%), with smaller moves against the JPY (+0.40%), EUR (+0.39%), GBP (+0.37%), CAD (+0.30%) and CHF (+0.22%). The Swiss franc held up best against the greenback.

investingLive also compared session ranges with 22-day average ranges, which reflect roughly a month of trading. Most majors had already met or exceeded their typical movement. AUD/USD traded 79 pips, or 161% of its average, and NZD/USD covered 65 pips, or 141%. USD/JPY moved 111 pips, or 129% of average, while GBP/USD moved 81 pips, or 116%. USD/CAD covered 72 pips, or 111%, and EUR/USD 66 pips, or 105%. USD/CHF was the calmest at 41 pips, or 77%.

U.S. Treasury yields were higher across the curve. The report noted that the 10-year yield remained below the 5.36% high reached a few weeks earlier, but the bounce suggested some resistance to lower yields. The 2-year yield stood at 4.491%, the 5-year at 4.629% and the 30-year at 5.284%.

Why the Nasdaq futures rebound matters for traders

The Nasdaq futures rebound is a test of whether the first move in stocks holds. investingLive said it would watch whether Treasury yields and the dollar confirm that move after payrolls or fade back. In general terms, higher yields and a firmer dollar can weigh on equity valuations, while falling yields can ease that pressure.

Wages matter as much as the headline payroll number. A payroll beat paired with softer earnings could produce a different reaction in yields than a beat with hotter wage growth. That distinction affects both the dollar and the recovery in the Nasdaq.

For currency markets, USD/CAD is a focus because both reports land at the same moment. According to investingLive, stronger U.S. data alongside weaker Canadian data would favor the upside in USD/CAD, while the reverse would favor the downside. The report also noted that USD/CHF had the most room left within its normal range, while AUD/USD and NZD/USD had already stretched furthest.

Market reaction and data

Commodities were mixed in investingLive's morning data. WTI crude was up $0.47 at $90.99 after trading between $89.07 and $92.53. Spot gold was down about 0.5% near $4,068, silver rose 0.58% near $52.07, and copper was little changed near $6.27.

Bitcoin was nearly flat at $76,031 in the investingLive data. Later Binance spot data, stamped 2026-11-07 05:37 UTC, showed Bitcoin at $76,048.00, up 0.54% over 24 hours, within a 24-hour range of $74,888.00 to $76,378.00.

The U.S. payroll forecasts cited by investingLive were a gain of 65K after 29K, private payrolls of +64K after +46K and manufacturing of +5K after +9K. Unemployment was expected to hold at 4.2%, and average hourly earnings were forecast to rise 0.3% on the month after 0.1%, with annual growth easing to 2.9% from 3.0%. In Canada, employment was expected to rise 13.6K after a 68.3K decline, with unemployment seen steady at 6.5%.

What to watch next

• 8:30 a.m. ET: U.S. October jobs report, including revisions, wages and the average workweek, which was expected to hold at 34.4 hours.
• 8:30 a.m. ET: Canada October jobs report, with attention on whether full-time employment recovers after last month's 35.4K loss.
• 10:00 a.m. ET: University of Michigan preliminary November sentiment, with the headline index expected at 48.0.
• Friday, 21:45 UTC: NZD Parliamentary Elections, which investingLive lists as a high-impact event.

On charts, investingLive identified EUR/USD's 1.1168 session low as the first downside target and 1.1200 as the first upside barometer. For USD/JPY, it flagged 158.00 as a level buyers have leaned on, with 158.37 and 158.50 above. For GBP/USD, the 1.3400 area was the first barometer, with the 1.3382 session low below.

Follow every update in our Top 10 Forex News Today, read Canada Jobs Report Misses: Employment Falls 4,700 as Unemployment Hits 6.7% or see all of today's top market news.

FAQ

What does the Nasdaq futures rebound signal?

According to investingLive, the early bounce was a mixed signal because the Dow and European shares were still lower. Confirmation would depend on whether yields and the dollar hold their moves after the jobs data.

Which jobs data matters most for the dollar and yields?

U.S. payrolls and wage growth are central, since a strong headline paired with soft earnings could read differently from one with hotter wages. Canadian employment also matters for USD/CAD because both reports land together.

What levels is investingLive watching in EUR/USD?

The report flagged the 1.1168 session low as the first downside target and 1.1200 as the first upside barometer. It also pointed to the prior close at 1.1218 and the session high at 1.1234 as levels to watch.