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Friday Focus - November 6, 2026
11/06/26
FRIDAY FOCUS: Smart insight and clear visuals that matter – what we’re watching now and how intention and conviction shape our portfolios.
Markets
Growth, Inflation, and Interest Rates Remain in Focus
According to J.P. Morgan Asset Management, the election outcome is likely to reinforce a period of policy gridlock, reducing the probability of major fiscal stimulus, significant tax changes, or large spending initiatives over the next two years. A divided government has historically been associated with greater policy predictability, leaving economic growth, inflation, and Federal Reserve policy as more important drivers of asset returns than Washington-led fiscal developments.
Federal funding and debt-ceiling negotiations will likely remain periodic sources of market volatility, but eventual compromises that avoid a prolonged government shutdown or debt default are a likely possibility. As a result, the roughly $2 trillion federal deficit is unlikely to meaningfully widen or narrow in the near term.
Affordability concerns were a dominant theme in the election, suggesting ongoing political focus on healthcare and household costs. However, the constraints of divided government may limit the scope for major legislation, favoring incremental policy changes rather than broad reforms.
Tech
Data Centers
The political climate surrounding data center expansion has shifted from state-level competition for investment to broad-based voter and political resistance. What had been a growing regulatory risk entering the 2026 midterms became more of a reality on Election Day. According to Ballotpedia, voters considered approximately 40 data center-related ballot measures across 10 states on Nov. 3, with communities overwhelmingly backing restrictions, moratoriums, or additional approval requirements for new development.
The election results underscore the growing prominence of data centers as a public policy issue, with debates increasingly centered on electricity demand, water use, land development, and community impacts. The outcomes of several gubernatorial and statewide races, together with the results of local ballot measures, suggest that regulators and policymakers in some jurisdictions may place greater emphasis on permitting reviews, environmental assessments, and infrastructure planning as data center development continues to accelerate. As a result, project timelines and approval processes could become a more important consideration in key data center markets.
Gold
Gold Remains a Strategic Hedge Despite Recent Volatility
While the recent AI driven market correction reaffirmed Treasuries, evidenced by their negative correlation to S&P 500 returns, gold has uncharacteristically behaved like a risk asset by maintaining a stubbornly positive correlation to equities. As the precious metal drops below the $4,000 per ounce mark to test critical support levels, a downward breach risks triggering an unwinding of crowded ETF long positions, underscoring a newly more volatile regime that challenges its defensive reputation. Nevertheless, the risk reward asymmetry is compelling for strategic investors, as there is substantial potential upside if global governments spend to tamper social unrest and central banks start printing more money.
Economic Calendar: Week Ahead (Eastern Time)
Mon, 11/9 @ 10:00 am: Monthly Wholesale Trade
Tues, 11/10 @ 6:00 am: NFIB Index of Small Business Optimism
@ 8:30 am: CPI M/M% and Y/Y%
@ 8:30 am: Core CPI M/M% and Y/Y%
Thur, 11/12 @ 8:30 am: Weekly Jobless Claims
@ 10:00 am: Existing Home Sales
@ 2:00 pm: Monthly Treasury Balance
Fri, 11/13 @ 8:30 am: PPI, M/M% and Y/Y%
@ 8:30 am: Ex-Food & Energy PPI, M/M%
The Team Behind Friday Focus
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Investment advisory services offered by FirstSun Advisors, an SEC registered investment adviser. All investment strategies have the potential for profit or loss. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s investment portfolio. There are no assurances that an investor’s portfolio will match or exceed any particular benchmark.