Good morning NYC. Key highlights for 2026-11-06:
- US equity markets experienced a record $3 trillion value erosion on Thursday following midterm elections, with all three major indexes posting their worst days since April and Nasdaq entering correction territory with a 6.4% drop.
- Hedge funds face continued forced selling across the industry after a difficult October, with Goldman Sachs equities desk reporting explosive trading volume as market volatility disrupts crowded trades.
- AI spending concerns triggered panic selling this week, leading Dutch bank ING to dump approximately $500 million in data center loans including a $25 million slice backing OpenAI's Stargate project in New Mexico.
- Corporate profit margins hit record levels in Q2 at twice the historical 6% GDP average, but face headwinds from rising interest rates, lower tax benefits from recent cuts, and potential accounting distortions from AI capital expenditure spending.
- Futures markets point to a rebound at open with Nasdaq-100 futures up 1.57% and S&P 500 futures up 0.33%, though Airbnb surged over 10% premarket on stronger Gen Z travel demand offsetting broader tech selloff concerns.