Low-Altitude Economy Index Jumps 11.6% in One Session as All 16 Stocks Rise, Ahead of Archer and Ondas Earnings

On Friday, November 6, all sixteen stocks in LAEX, the Low Altitude Economy Index, rose. The smallest gain was Surf Air Mobility's 1.5 percent. Weighted equally, the index gained 11.6 percent in one session, its largest one-day gain in the 30 sessions on file. The previous day it had fallen 7.4 percent, its largest one-day loss and its lowest close in those 30 sessions. From the October 30 close, the sixteen stocks gained 3.4 percent over the week.

By group, eVTOL makers gained 15.5 percent for the week, while operators lost 3.9 percent and enablers lost 3.8 percent. On Friday, makers rose 11.3 percent, operators 11.5 percent and enablers 12.1 percent. The enablers group includes drone and defense names, which fell on Wednesday and Thursday along with the defense industry after the midterm elections. LAEX tracks sixteen US-listed low-altitude economy stocks in three groups: eVTOL makers, operators and enablers.

Friday's rally followed a stronger October jobs report (165,000 jobs added) and a rebound in growth stocks, according to 24/7 Wall St. The 10-year Treasury yield fell from 4.95 percent on November 3 to 4.84 percent on November 5 and ended Friday at 4.86 percent.

Three eVTOL makers reported results during the week. BETA Technologies, on November 3, reported third-quarter revenue up 98 percent to $17.7 million, a backlog above $4.0 billion across 1,040 aircraft in firm and option orders, and raised 2026 revenue guidance to $52 million to $57 million; it also lost $119.1 million in the quarter. Its stock gained 35.3 percent for the week.

Joby Aviation, reporting after the close on November 4, posted revenue of $55 million against about $40.4 million expected by analysts and raised full-year guidance to $135 million to $140 million.

Drone and defense names fell on November 4 and 5 on expectations of a Democratic-led House. Lockheed Martin and L3Harris each lost 6.9 percent on November 4. Jefferies analysts said they expect the 2027 defense budget to land closer to the House's roughly $1.15 trillion proposal than the administration's $1.5 trillion request, which includes $53.6 billion for autonomous systems.

Red Cat lost 10.3 percent and then 14.9 percent on the two days, AeroVironment 8.3 and 9.8 percent, and Kratos 12.3 and 7.1 percent; all three ended the week down.

The pattern across the week is a group that moves together on macro and policy signals. A 7.4 percent one-day loss followed by an 11.6 percent gain, with all sixteen names rising on the second day, points to shared drivers such as Treasury yields and defense-budget expectations rather than company-specific news. Higher yields have hurt the eVTOL makers more than any other LAEX group, and their weekly gain of 15.5 percent against losses for operators and enablers shows how unevenly the week's moves landed.

The next dated checkpoints are close together. Archer Aviation reports third-quarter results on Monday, November 9, after the close; over the 30 sessions since September 28 it lost 14.6 percent, versus a 2.9 percent loss for Joby and an 18.5 percent gain for BETA. The Bureau of Labor Statistics releases the October consumer price index on Tuesday, November 10, and Ondas reports on Thursday, November 12. Which of these moves the index next will show whether Friday's breadth was a rebound or a change in direction.