- The close scored Choppy: S&P proxy −0.48%, Nasdaq proxy −1.36%, Dow proxy +0.43%, small caps −0.06%, vol proxy +0.16%, long Treasuries −0.13%, the dollar −0.09%, crude −7.04%, gold +1.64% and Bitcoin about −2.0%.
- It was two markets: the equal-weight S&P rose 0.76% and eight of eleven sector groups gained, led by consumer stocks at +2.39%, while Marvell fell 12.75%, Oracle 8.83%, AMD 7.54% and energy 3.93%.
- Apple and Palantir both beat after the close, with Apple up about 0.4% and Palantir flat after hours. Tuesday brings JOLTS and factory orders at 10:00 AM ET, Shopify and Pfizer before the open, and AMD after the close.
Key numbers
Monday, November 2 split the market in two. The S&P proxy was up about 0.6% shortly before 10:00 AM ET, then gave it all back as chipmakers sold off for a third session, closing down about 0.5%. The Nasdaq proxy fell about 1.4% while the Dow proxy rose about 0.4% and the equal-weight S&P about 0.8%. That gap of about 2.1 points between the Nasdaq proxy and the equal-weight S&P scores the close Choppy, with the vol proxy barely moved.
Under the index, most stocks went up. Eight of eleven sector groups gained, led by consumer stocks at about +2.4%, financials about +1.8%, materials about +1.7% and staples about +1.6%. Tech fell about 2.9% and energy about 3.9% as crude dropped about 7.0%, which sent airlines up about 4.2%. AMD fell about 7.5%, Intel about 8.8% after Friday's collapse, Micron about 5.8%, Marvell about 12.8% and Oracle about 8.8%. Gold rose about 1.6%, long Treasuries slipped about 0.1% and Bitcoin fell about 2.0%.
ISM manufacturing came in at 55.5 in a street report, above the calendar's 54.5 forecast and prior, with prices paid easing to 75.2 from 77.9. After the close, Apple's street-reported earnings were $2.10 a share against the calendar's $1.98, on revenue of $114.48 billion, though Greater China missed. Palantir earned $0.44 against $0.41 and raised its full-year revenue outlook to about $8.53 billion.
Research
Crude futures settled at $96.46, down about 7.4%, and Brent at $104.77, down about 7.6%. Accounts report Qatari mediators traveled to Tehran to discuss a draft US-Iran deal, and that President Trump said there is no rush to decide on restarting the war. An Iranian agency's source said there was no new development. Options priced a move of about 3.9% for Apple and about 11.0% for Palantir.
What X is saying
Posts say chips fell even with oil down about 7%, which they read as money leaving semis rather than a macro scare. Accounts report Oracle filed to raise $20 billion in stock and debt, and Marvell agreed to buy Lumentum in an all-stock deal, which hit both shares. Others point to hedge funds cutting exposure to crowded AI names.
Insight
For a third day the average stock beat the index, and this time it rose outright while the chipmakers fell. Cheaper oil helped everything that burns fuel, but it did nothing for semis. Two strong reports after the close barely moved Apple or Palantir, so AMD on Tuesday, with an implied move of about 7.7% on midterm election night, is the next test of whether chip selling has run its course.
- HeatingThe average stock catching upThe equal-weight S&P rose 0.76% while the S&P proxy fell 0.48%, a third straight day of beating the index, with eight of eleven sector groups higher.
- CoolingThe AI spending boomThe chip ETF fell 2.76%, AMD 7.54% and Oracle 8.83% as the selling in AI names ran to a third day, ahead of AMD's report Tuesday.
- CoolingOil keeps climbingCrude fell 7.04% and energy 3.93% on Iran deal hopes, with futures settling at $96.46 a barrel.
SOURCES ›
- Economic calendar 2026-11-02: ISM manufacturing 10:00 AM ET (forecast 54.5, prior 54.5, no actual posted), S&P manufacturing PMI 9:45 AM ET (prior 55.9), construction spending 10:00 AM ET (forecast 0.4%, prior 0.9%); 2026-11-03: JOLTS 10:00 AM ET (forecast 7.1 million, prior 7.1 million), factory orders 10:00 AM ET (forecast 1.5%, prior 0.1%)
- Earnings 2026-11-02 after the close (EPS est, implied move): AAPL (1.98, 3.9%), PLTR (0.41, 11.0%); MAR before the open
- Earnings 2026-11-03: SHOP and PFE before the open; AMD (1.94, implied move 7.7%) after the close
- Quotes as of 4:00 PM ET 2026-11-02 vs 2026-10-30 closes: SPY, QQQ, IWM, DIA, RSP, SMH, TLT, VXX, UUP, USO, BNO, GLD, JETS, XLK, XLY, XLI, XLB, XLU, XLE, XLP, XLRE, XLC, XLF, XLV, AMD, INTC, MU, MRVL, LITE, ORCL, AMZN, MAR, AAPL, PLTR
- After-hours quotes as of about 5:12 PM ET vs the 4:00 PM ET close: AAPL, PLTR, SPY, QQQ, SMH
- Bitcoin as of 5:12 PM ET vs midnight ET
- Intraday mood refresh Nov 2 at 9:57 AM ET (S&P proxy +0.61%)
- Chart: the same closing quotes for MRVL, ORCL, AMD, USO, XLE, XLK, SMH, QQQ, SPY, IWM, DIA, RSP, GLD, XLF, XLY and JETS
- @wallstengine — “ISM Manufacturing PMI: 55.5 (Est. 54.5, Prior 54.5) Prices Paid: 75.2 (Est. 77.5, Prior 77.9)”
- @DeItaone — “*APPLE 4Q EPS $2.10, EST. $2.00 *APPLE 4Q REV. $114.48B, EST. $113.47B”
- @FirstSquawk — “GREATER CHINA REVENUE $17.54 BLN CAME IN BELOW ESTIMATES”
- @FirstSquawk — “PALANTIR Q3 2026 REVENUE $2.31 BLN, ABOVE ESTIMATE OF $2.17 BLN, WITH ADJUSTED EPS 44 CENTS, ABOVE ESTIMATE OF 41 CENTS”
- @FirstSquawk — “RAISES ITS FY REVENUE VIEW TO $8.53 BLN”
- @FirstSquawk — “US CRUDE OIL FUTURES PLUNGE 7.36% TO SETTLE AT $96.46/BBL, DOWN $7.66”
- @FirstSquawk — “BRENT CRUDE FUTURES SETTLE AT $104.77/BBL, DOWN $8.66, 7.63%”
- @FirstSquawk — “QATARI MEDIATORS TRAVELED TO TEHRAN LATE MONDAY FOR TALKS WITH IRAN’S FOREIGN MINISTER ARAGHCHI ON A POTENTIAL U.S.-IRAN DEAL”
- @FirstSquawk — “TRUMP TELLS AXIOS THERE IS NO RUSH TO DECIDE ON RESTARTING THE WAR IN IRAN”
- @FirstSquawk — “THERE HAS BEEN NO NEW DEVELOPMENT IN THIS REGARD”
- @Rekter — “Chips are bleeding on a day oil fell about 7%, so this isn't macro, it's money walking out of semis.”
- @MilkRoadAI — “$ORCL fell about 6% after filing to raise $20 billion, split between $10 billion in common stock and $10 billion in”
- @mattmeek3373 — “LITE -17.6%, MRVL -11.4% (Marvell agreed to buy Lumentum in an all-stock deal today)”
- @MelvinInvests — “A HUGE part of the recent selloff comes down to hedge funds aggressively cutting their exposure”
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