Wall Street needed some good news after Thursday, November 5, 2026, and on Friday, November 6, it got some.
Thursday was brutal. The S&P 500 fell 4.36% to 7,353.73, its worst second day after a midterm election in nearly a century of data. The Nasdaq Composite fell 5.52%, the Philadelphia semiconductor index dropped 12% and the VIX jumped almost 70%. Investors worried that Democratic control of Congress could slow the AI data-center buildout.
Friday morning brought a much stronger read on the economy. The Bureau of Labor Statistics reported that employers added 165,000 jobs in October, well above the Dow Jones estimate of 59,000. The unemployment rate dipped to 4.1% from 4.2%, and August and September were revised up by a combined 84,000 jobs. Average hourly earnings rose 3.1% from a year earlier.
The report had a catch. Strong hiring gives the Federal Reserve more room to keep raising rates. CME FedWatch showed traders putting 76.8% odds on a quarter-point hike at the December 8–9 meeting.
Two of Friday's biggest gainers show where investors went once the selling stopped: companies with accelerating growth that don't depend on new data centers being built.
Airbnb (NASDAQ: ABNB)
"Airbnb is back in growth mode," CEO Brian Chesky declared, and the numbers support him. Third-quarter revenue rose 19% to $4.87 billion, its fastest growth in more than three years, and beat the roughly $4.75 billion consensus. EPS of $3.16 topped estimates of $2.85. Gross booking value grew 21% to $27.70 billion, and nights and seats booked rose 16% to 155 million. Net income reached $1.90 billion, and adjusted EBITDA rose 22% to $2.50 billion.
The gains were broad. Every region delivered double-digit growth in nights booked, and North America posted its fastest growth in four years. First-time bookers grew 13%, the highest rate since early 2022.
Airbnb raised its full-year 2026 revenue growth forecast to the high teens. It also guided fourth-quarter revenue to $3.22 billion to $3.28 billion, above the $3.16 billion analysts expected. The board authorized a new $12.00 billion buyback, backed by $12.60 billion in cash and short-term investments as of September 30.
Shares were up 12.28% at $191.03 as of 2:10 p.m. ET, against a prior close of $170.13. That puts Airbnb's market value near $114.39 billion and its P/E at about 35.80. The stock is now just 1.25% below its 52-week high of $193.45 and 72.39% above its low of $110.81.
Six firms raised their targets on November 6. Oppenheimer, B. Riley and Evercore ISI each now sit at $230.00, and Barclays raised its target to $195.00 from $150.00 while keeping an Equal-Weight rating. The average target of $219.17 implies about 14.73% upside, and the $230.00 high target implies about 20.40%.
Cloudflare (NYSE: NET)
Cloudflare called the third quarter its "best quarter ever." Revenue rose 39% to $782.50 million, its fastest growth in nearly four years, and beat the $736.80 million consensus. Adjusted EPS of $0.38 topped the $0.34 estimate. The number of customers paying more than $100,000 a year rose 25% to more than 5,000, and dollar-based net retention improved to 122%. Free cash flow came to $82.10 million.
Guidance was even stronger. Cloudflare expects fourth-quarter revenue of $845.00 million to $846.00 million, compared with the $798.20 million consensus. It raised full-year 2026 revenue guidance to about $2.96 billion, from a prior $2.86 billion to $2.87 billion, and full-year adjusted EPS guidance to $1.35. "We have built the development platform for the AI-powered Internet," said CEO Matthew Prince.
Shares were up 11.26% at $272.05 as of 2:10 p.m. ET, against a prior close of $244.51. That puts Cloudflare's market value near $96.87 billion. It has no meaningful trailing P/E because GAAP results are still a loss. The stock remains 26.54% below its 52-week high of $370.35 and 71.28% above its low of $158.83.
Analysts were mixed despite the beat. RBC cut its target to $350.00 from $405.00 and Scotiabank lowered its target to $360.00 from $390.00, though both kept bullish ratings. Guggenheim maintained a Sell rating with a $190.00 target. The average target of $322.40 implies about 18.51% upside, and KeyBanc's $375.00 high target implies about 37.84%.
What to Watch
The Fed's December 8–9 meeting is the next major event for markets. Airbnb's fourth-quarter outlook implies 16% to 19% growth, so investors will watch whether travel demand holds up into the holidays. For Cloudflare, the question is whether AI-driven demand can keep growth near 40%.
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