Mid-Morning Look: November 02, 2026

Mid-Morning Look

Monday, November 02, 2026

U.S. stock markets kicking off the new month in solid fashion, rebounding after the sharp selloff in technology shares last week/month, helped by a notable decline in oil prices ahead of Apple (AAPL) earnings results tonight, midterm elections tomorrow and key jobs data later this week. More than 1% gains early for the Nasdaq, Dow, S&P 500 and Russell 2000 in broad rally with Energy (XLE) the main laggard due to falling oil prices on renewed Iran-related diplomacy, supporting a risk-on opening, but more than 2% gains early for Consumer Discretionary (XLY), Materials (XLB) on metals strength and Industrials (XLI) as power plays bounce. Oil prices tumbled as Qatari-mediated U.S.-Iran talks progress. Overall it looks like investors are glad to put October behind them following the Nasdaq’s 5% monthly fall after reports from Amazon, Alphabet, and Intel hurt tech stocks badly last week.  

• ISM U.S. manufacturing activity index 55.5 in October (consensus 54.5) vs 54.5 in September; prices paid index 75.2 in October vs 77.9 (consensus 77.5) in September; new orders index 55.5 in October vs 55.3 in September and employment index 52.4 in October (consensus 52.0) vs 52.7 in September
• September construction spending -1.9% (consensus +0.3%); US Sept construction spending -1.9% (consensus +0.3%) to $2.186 trln, vs Aug +2.0% (prev +0.9%); US Sept private construction spending -2.4%, public spending -0.1%.

• Lodging sector: CHH beat top and bottom line estimates for Q3 while lowers full-year 2026 net Income outlook to $178M-$185M from $230M-$241M; raises full-year 2026 global RevPAR growth forecast to 1.5%-2.5% from 0%-1% and raises full-year 2026 adjusted EBITDA outlook to $641M-$651M from $635M-$650; MAR raised its full-year room revenue growth forecast as expects 2026 revenue per available room (RevPAR) to grow between 4.5% and 5%, compared with its prior forecast of a 3% to 3.5% increase. HGV was downgraded to Market Perform at Citizens after the company reported Q326 results that show continued weakness in its core business, while they lowered their full-year adjusted EBITDA guidance by $72.5mm at the midpoint.
• Solar sector: shares of FSLR, ENPH, SEDG, RUN, ARRY, and other solar related names rallied ahead of midterm elections where sector friendly Democrats are expected to take the House; Senate still up in air. Clean energy sector potentially as Reuters notes a strong Democratic showing could reinforce expectations that federal support for clean-energy development will remain in place. The Democratic-controlled Congress passed the Inflation Reduction Act in 2022, devoting hundreds of billions to climate and energy-security measures.
• Chinese Ev sector: monthly delivery data out as LI delivered 29,025 vehicles in October 2026, representing a 43.6% Y/Y decline from 51,443 units in October 2025 and an 8.8% M/M drop from 31,817 units in September 2026; NIO delivered 34,246 electric vehicles in October 2026, representing an 8.4% M/M decline from September’s 37,408 units and fell 15.2% Y/Y, while bringing its cumulative deliveries to 1,332,139 as of October 31. XPEV achieved a new monthly record with total deliveries of 50,237 electric vehicles in October 2026, representing a 22% M/M increase from September and a 20% Y/Y increase. Monthly performance was further bolstered by overseas deliveries, which reached an all-time monthly high of 13,326 units, up 166% Y/Y.

• EVGO +49%; shares jumped after SEC filing shows the company to be acquired by private co LS Power Equity Advisors for $2 per share.
• IDXX +16%; shares rose after Q3 top and bottom line beat, mgmt raising FY organic growth to 9.3%-10.0% vs prior guidance 8.5%-9.7%. Q3 EPS $4.01 vs $3.73 est. Q3 revs $1.21B vs $1.19B est. FY EPS guide $14.96-15.16 vs prior guidance $14.69-14.94.
• INO +194%; after the FDA approved its treatment INO-3107, branded Voceryq, for a rare respiratory condition, marking the company’s first approved product; was also upgraded to Buy from Neutral with a $5.00 PT at H.C. Wainwright
• RIVN +7%; was upgraded to Buy from Neutral at UBS with $17 tgt as sees the recent selloff (-19% over the past month vs S&P500 -1%) as a buying opportunity ahead of an inflection in R2 ramp and gross margins.
• TEM +8%; Q3 revs and adjusted EBITDA slightly above expectations, reaffirms FY adjusted EBITDA guide. Q3 revenue $411.5M vs $409M est. Q3 adj EBITDA $25.6M vs $18.6M est. FY26 rev guide $1.60-1.605B vs prior guidance $1.595-1.605B. Reaffirms adjusted EBITDA.
• WING +9%; topping its 200dma resistance of $162.85; extending gains post earnings recently.

• AXSM -10%; following earnings results this morning.
• CHKP -6%; after Q3 revs fell -1.1% y/y to $669.8M vs. est. $672M, while security subscriptions revenue rose 11% to $339M. Remaining performance obligations increased 5% to $2.5B; cuts FY26 revenue view to $2.73B-$2.78B from $2.77B-$2.85B, vs consensus $2.8B.
• FND -2%; was downgraded to Sell at Goldman Sachs and cuts PT to $38, as persistent housing pressure, slowing comps, and higher supply-chain costs limit the near-term earnings outlook.
• LITE -9%; MRVL agreed to acquire LITE for implied enterprise value of $115B. LITE holders will receive a fixed exchange ratio of 4.500 shares of Marvell common stock for each share of Lumentum common stock they own.
• ORCL -5%; after the company announced it would sell $10 bln in stock and offer $10 bln of bonds and use net proceeds from concurrent offerings for general corporate purposes, including capex, debt paydown, acquisitions, cash dividends on and share repurchases.
• TEVA -2%; said it was discontinuing its mid-stage neurodegenerative disorder study due to a low probability of the study meeting its main goal if continued. The company was testing its experimental oral drug, emrusolmin, in adults with multiple system atrophy.