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- Gold prices today, Thursday, November 5, 2026: Did one of 2026's worst assets just get a boost?
Gold futures opened at $4,075.40 per troy ounce on Thursday, up 0.1% from Wednesday's close, and rose to $4,134.30 by 9:14 a.m. ET. The article links the Democratic sweep in the midterm elections to a weaker dollar and lower oil prices, which lifted gold and bitcoin, the market's two worst bets of 2026. Gold futures jumped more than 3% Wednesday to back above $4,000 an ounce, bitcoin rose nearly 4% to above $80,000, and silver gained about 5%. Compared with a week, month and year earlier, the opening gold price changed -0.1%, -2.3% and +3.4%. The piece also explains gold IRAs, which must hold gold in an IRS-approved facility and meet purity and approved-refiner rules.
- Wall Street's 'everything but AI' rally just got a second wind from Washington
Democrats' sweep of both congressional chambers sent the Dow Jones Industrial Average up 3% on Wednesday, its best day since the April 9, 2025 rally, as roughly three in four S&P 500 stocks rose. Airlines, homebuilders and retailers jumped as oil fell below $90 a barrel on bets the Iran war is winding down, while chipmakers fell, with the PHLX Semiconductor Index down 3% and chip stocks sliding again premarket Thursday after Qualcomm's outlook fell short. Since Nvidia's record close on Oct. 6, 29 major chip stocks have lost about $3.8 trillion in value, with Nvidia alone down about $940 billion, while 474 other S&P 500 and Nasdaq 100 stocks gained about $1.5 trillion. Value has outperformed growth since early October, gaining about 6% while growth dropped about 8%. Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez have also proposed a moratorium on new AI data centers.
- Coherent Now Sees Growth Above 60% and Its First $4 Billion Quarter by Fiscal 2028
Coherent closed at $195.09 before reporting fiscal first-quarter results, then traded at $204.79 after the release, and the stock remains about 55.7% below its 52-week high. Revenue rose 50% to $2.37 billion, beating the $2.31 billion consensus, while non-GAAP EPS of $2.09 topped the $1.97 estimate. The company forecasts fiscal 2027 pro forma revenue growth above 60%, targets its first $3 billion quarter by the end of fiscal 2027, and sees a clear path to a $4 billion quarter in fiscal 2028. It signed a roughly $20 billion, five-year PhotonLink deal with an unnamed major AI company, but revenue from it starts growing only in early calendar 2028, while first-quarter capital spending reached $776 million. The article says the evidence leans toward Coherent and suggests two checks: fiscal second-quarter revenue of at least $2.55 billion and PhotonLink revenue above $100 million in the March quarter.
- Liz Ann Sonders Says “Rotation Is the New Momentum Trade.” Here’s Where Money Could Move Next
Liz Ann Sonders told CNBC that market rotation is “the new momentum trade” and expects leadership to keep spreading, with breadth improving even if the AI trade winds down. Year to date, Exxon Mobil is up 43.36%, Freeport-McMoRan has gained 60.85% over the past year, and the Vanguard Value ETF is up 22.44% in 2026, with earnings support such as Exxon's $19.10B of third-quarter free cash flow and Freeport's $6.54/lb copper realized price. Caterpillar illustrates the risk: revenue rose 17.3% to $20.68B and its backlog hit a record $78 billion, yet shares are down 29.94% over the past month after Reuters reported the company kept its annual sales forecast. The article notes that market-cap-weighted index funds lean heavily toward megacaps, and that low-cost value and small-cap funds such as VTV (0.03%) and IWM (0.19%) can lag for long periods. Key catalysts include Freeport's decision on a roughly $4.5B Baghdad expansion in Q4 2026.
- Bill Ackman Says Long-Term Investors Can Benefit From a Broken Market. Here's the Price I'd Pay for Netflix Stock.
Bill Ackman told CNBC that markets sometimes seem broken, but long-term investors can benefit when they buy shares at prices that are far too low, and he named Netflix, where he reported a stake in August. Netflix shares are near $66, about half the $133.91 record close of June 2025 (split-adjusted). Third-quarter EPS rose 49% to $0.87 and operating income grew 37%, but both were helped by an easy comparison with a roughly $619 million Brazil tax charge a year earlier; adding that charge back, operating income still rose around 15%. Revenue growth has slowed each quarter to 11.8% last quarter, and Netflix cut its 2026 ad revenue forecast to about $2.7 billion from about $3 billion. At around $66, the stock trades near 18 times analysts' 2027 earnings estimate, while the writer says he would pay about 16 times, or around $60, and would be glad to add shares gradually at that level.
- Qualcomm stock drops on rising memory pricing, supply challenges
Shares of Qualcomm (QCOM) and Arm Holdings (ARM) fell in pre-market trading Thursday after both reported earnings the day before. Qualcomm beat on results, but its phone business shrank sharply and its next-quarter profit forecast fell short, which the article attributes to soaring memory costs hitting its AI-driven businesses. Qualcomm shares were down about 11% pre-market. The CEO said the issue is supply rather than demand, while Interactive Brokers strategist Steve Sosnick noted that chips are cyclical and that investors currently have little tolerance for bad news on the AI trade. Qualcomm's auto business is small but growing 90%, and the company reportedly signed a deal with SpaceX for chips used in towers for the 5G terrestrial build-out.
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