The Dow Jumped 1,569 Points. Britain Just Raised Rates

Brad Roth
November 05, 2026

TL;DR

• The Dow rose 3.03% Wednesday as West Texas crude lost about 8%. Eight of eleven sectors gained.

• The even-weight strategy now owns seven sectors at about 14% each, with 97.6% in stocks. The index strategy runs 50.1% Dow and 49.4% S&P 500.

• The Bank of England raised its rate to 4.00% on a 9 to 0 vote. October jobs land Friday at 8:30.

Market Pulse

Futures as of 7:13 AM ET, commodities as of 7:22 AM ET, yields as of 7:25 AM ET, currencies as of 7:11 AM ET

• S&P 500 futures are up 0.22% at 7,737.50.

• Nasdaq 100 futures are down 0.51% at 28,420.00.

• Dow futures are up 0.63% at 53,841.00.

• Russell 2000 futures are up 0.51% at 2,880.50.

Wednesday belonged to the broad market. The Dow gained 1,569 points to 53,356.12. The S&P 500 rose 1.58% to 7,688.62 and the Nasdaq Composite 1.44%. Consumer discretionary led at 4.26%, then financials at 3.51%. Energy fell 4.74% and industrials 1.09%.

• West Texas is $89.52, up 1.59%. Brent is $96.87, up 2.38%.

• Gold is $4,137.25, up 1.58%. Silver is up 0.76% at $52.68.

• The three-month bill yields 4.128%. The two-year is 4.608%, up 2.7 basis points, and the ten-year 4.894%, up 0.1.

• Euro/dollar is 1.1220. The dollar buys 158.40 yen. The VIX is 16.89, up 1.93%. Bitcoin is near $80,150.

• Jobless claims, productivity and unit labor costs hit at 8:30, with claims expected at 197,000. The Fed's Thomas Barkin speaks at 9:10.

THOR Risk Gauge

Cautious, unchanged from yesterday. The VIX is under 17, crude is back under $90 and the gains reached most of the market. Fed funds futures near 80% for a December hike and Friday's jobs report keep it from going further. The index strategy is 99.4% in stocks and the even-weight strategy 97.6%.

The THOR View

The biggest change this morning is in the lineup. The even-weight strategy now owns financials, healthcare, real estate, utilities, materials, consumer discretionary and consumer staples. Each runs about 14%, and no sector tops 14.3%. Stocks went to 97.6% from about 60%, and Treasury bills fell to 1.9% from 39.9%. Seven sectors means no one group sets the result.

Consumer discretionary is the new name with the most to say. It led Wednesday as Home Depot gained 6.53% and Amazon 6.12%. West Texas lost about 8% the same day. Cheaper gasoline is money back in a household budget, and stores feel it fast. The sector closed 2.1% under its 52-week high.

Real estate and utilities are the rate-sensitive pair, 27.7% of the strategy together. Britain just gave them a test. The Bank of England hiked 9 to 0 when economists expected 7 to 2, and Investing.com calls it the first hike in three years. The U.S. ten-year barely moved at 4.894%, and that's the rate real estate cares about most. The sector rose 3.32% Wednesday.

Financials are the largest piece at 14.3%. They closed at a 52-week high, with JPMorgan up 4.18% and Goldman Sachs 3.56%. The two-year to ten-year spread is about 29 basis points, and a positive curve helps lending.

The index strategy now holds the Dow and S&P 500 in near-equal pieces. Microsoft rose 6.68% and Apple 5.31% Wednesday, and both sit in each index. The Dow also has Goldman at $928, and a price-weighted index gives that real pull. This morning Dow futures are green while Nasdaq 100 futures slip with the chip makers. Reuters reports Nvidia chips piling up in Hong Kong, waiting on Chinese import approval.

Signal Watch

THOR Index Rotation — As of 11/4/26

Two indexes at about half each, and still fully invested. The system owns trends that have confirmed.

THOR Low Volatility — As of 11/4/26

Seven sectors within about half a point of each other. Staples and healthcare steady the lineup, and discretionary and materials give it the cyclical side. Bills are down to 2.4% with cash.

THOR AdaptiveRisk Dynamic — As of 11/4/26

The mix runs 71.5% equity, 10.5% fixed income, 10.0% alternatives, 5.3% commodity and 2.7% specialty currency. Walmart climbed to 6.6% from 6.3%, and the energy fund slipped to 9.3% from 9.7% on crude's drop.

One Thing to Watch

October jobs, Friday at 8:30. A hot number leans on that 80% December hike bet and the ten-year at 4.894%. A steady one leaves real estate and utilities, 27.7% of the even-weight strategy, plenty of room.

This week on Behind the Ticker: A Couple Retiring Today Needs $600,000 for Healthcare with Adam Schenck, Milliman. New episode every week.

Brad Roth / CIO, THOR Financial Technologies

This content reflects the opinions, analyses, and research of THOR Financial Technologies as of the date published. It is provided for informational and educational purposes only and does not constitute investment advice and should not be relied upon as the basis for any investment decision. Past performance doesn't guarantee future results, and all investments involve risk. For more information, please go to: thorft.com