Market Review: November 03, 2026

Closing Recap

Tuesday, November 03, 2026

U.S. stocks finished mostly higher as the tech heavy Nasdaq recouped some its prior day losses, while the Dow Jones Industrial Average was dragged lower by Apple (AAPL) shares after earnings beat, but warned that rising memory costs would squeeze gross margins. Stocks slipped late in the day while the CBOE Volatility index (VIX) stayed above the 20 level throughout the trading session ahead of another busy evening of earnings highlighted by semiconductor giant AMD, and midterm elections on Tuesday where prediction markets pushed the odds of a Democratic sweep of Congress above 75% early Tuesday, as voters head to the polls. Bothe the Nasdaq and S&P 500 remain not far off all-time highs, thanks in large part to outperformance in sectors such as Consumer Staples (XLP), Energy (XLE), Healthcare (XLV) and Materials (XLB) this year, while tech (XLK) remains +22% this year, but fell over 6% in October. It appears the last few weeks has been more of a rotation out of crowded AI, not a broken tape with the NDX in its third correction of the year (still +11% YTD), SOX gave back ~12% in three days into today, and beats are getting sold (see AAPL). The market quit paying for the story and wants cash flow now while tech credit spreads have continued to widen. In Central bank action, the RBA raised cash rate target 25bps to 4.85% as expected; policy decision was by majority, 6 voted for hike, 3 voted for unchanged; inflation remains elevated and recent data indicate that it is broadly based; board will continue to do what it considers necessary to bring inflation sustainably back to target. Meanwhile the Bank of England (BoE) this week is expected to raise rates by 25 bps. Lots of hopes in tech on AMD tonight to revive the AI trade which has been lagging for weeks. As of this morning, of 337 S&P 500 companies reporting thus far vs 336 LY (per Reuters), we have seen an 83% beat vs 85% LY with the avg beat 25% vs 22% LY, avg miss -11% vs -12% LY and avg yr/yr earnings growth 31% vs 16% LY.

• September U.S. job openings 7.523M vs. 7.160M consensus and 7.190M in August (revised from 7.079M); Number of quits: 3.365M vs. 3.044M (revised from 3.066M).
• US factory orders rose 1.8% in September, exceeding the 1.2% consensus forecast and accelerating from August’s upwardly revised 0.3% gain.
• Orders excluding transportation increased 1.3%, while orders excluding defense jumped 2.0%, signaling broad-based manufacturing strength.
• Durable goods orders were revised higher to +1.9%, and core capital goods orders improved to +0.6%, with shipments rising 1.2%.

• December gold prices failed to rally off Monday’s advance, falling -$29.20 or 0.74% to settle at $3,940.40 an ounce while silver prices dropped -$1.14, or 2.23% to $49.75 an ounce, unable to maintain any upward momentum for months now after hitting year to date losses last Friday.
• US 10-year Treasury yield rises around 6 basis points to 4.951% as investors waited for US midterm election results while monitoring economic data and watching for progress in Middle East diplomacy. US Treasury yields pared gains briefly as oil futures turned lower after US President Donald Trump said he would cut funding for Israel after year end, in an interview with Fox News. The British Pound held near 6-week highs vs. the US dollar ahead of this week’s Bank of England policy meeting where a 25bps rate hike is expected

• Online retail: SHOP shares tumbled after Q3 GMV of $119.145B, revenue of $3.742B and adj EPS of $0.49, with guidance for Q4 2026 gross profit dollars to grow at a high-twenties percentage rate YoY and free cash flow margin consistent with Q4 2025; the company also filed for a mixed shelf of undisclosed size.
• Food & Beverage sector: KDP beats Q3 revenue and profit estimates, helped by steady demand for its energy drinks and carbonated soft beverages and reaffirmed guidance but said reduced prices in certain regions and products to reflect lower coffee costs during Q3. SYY shares fell after lowering its annual sales growth in the lower end of its prior 6% to 7% and maintains adjusted EPS growth in the range of 9% to 11% following a Q1 sales miss.
• Consumer Products: CLX beats estimates for Q1 sales, and also tops quarterly profit expectations, aided by higher sales volume and cost savings; maintains adjusted EPS forecast for fiscal year 2027, but management says they now expect results to come in toward the low end of the range.
• Towable & RV sector: CWH shares fell after posted top- and bottom-line misses; reiterated lowered FY26 view issued 10/5. CWH delivered adj. EBITDA -$30.2M vs. consensus, on revenue -$67.5M vs. consensus, including Vehicles (-$86.2M) and F&I (-$16.7M).
• Auto sector: BMWYY shares fell after cutting its 2026 automotive EBIT margin w forecast to be between negative 0.5% and positive 0.5%, down from up 1-3% citing one offs related to job cuts and restructuring measures outlined earlier this year; auto supplier APTV shares fell after missing earnings and cut 2026 adjusted profit between $5.60- $5.80, below analysts’ average estimate of $5.82 per share.

• Crypto sector: Goldman Sachs said they view the $6.3B Binance cybersecurity breach as a negative for digital-asset coverage near term through potentially lower crypto balances, trading volumes and stablecoin balances, partially offset over time by a potential flight to regulated platforms. Approximately $19.9bn, or 14%, of Binance platform assets have left since the incident, while total crypto market capitalization has declined ~4%. The firm said they see BTGO, COIN and GEMI as the most directly exposed given their custody, staking and trading businesses, with ETOR GLXY, HOOD and SQN less directly exposed.
• Insurance sector: EVER reported strong Q3 results, with revenue and adj. EBITDA both coming in well above consensus and the upper end of guidance/auto revenue grew in the low twenties Y/y as continued strong underwriting profitability supported broad-based Carrier demand. In multi-line insurance brokers, AON was upgraded to Outperform at BMO Capital saying they prefer the insurance brokers with exposure to large-employers which will exhibit organic growth that’s less correlated with property and casualty pricing-power, while downgraded AJG to Market Perform from Outperform but raise tgt to $295 citing valuation.

• DOC 2Q26 FFOA beat consensus. Management increased ’26 FFOA guidance by ~1% at the midpoint, but 4Q implied FFOA guidance is slightly below consensus. Leasing across DOC’s OM and Lab portfolios was strong in 3Q26, with positive net absorption.
• IRT 3Q26 nFFO was in line with cons., while management affirmed ’26 nFFO guidance. SSRev. growth accelerated to +2% y/ y due to strong contribution from its bulk Wi-Fi initiative. With YTD SSRev. growth of +1.4% y/y, guidance implies acceleration to +2.6% growth in 4Q.
• O beat 3Q26 AFFO by $0.02 and raised FY26 guidance by 0.2%, affirming $10B of investments. Investment volumes rose to $2.2B at 6.8%; mix drove yields lower, with a 4Q rebound expected. Spreads and funding execution support growth, but refinancing remains a headwind.
• SBRA reported an in-line 3Q26 result, which excludes a ~$0.02 net benefit from deferred cash rent. Management nudged nFFO guidance higher, which we suspect includes the one-time benefit in 3Q, slightly higher SHOP SSNOI growth, and new investments.
• UDR 3Q26 actual results were consistent with previously reported preliminary results released on October 21, 2026 (see here ). Notably, the Company reported $185M of incremental share repurchases at a weighted average price of $35.48.

• JAZZ reported Q3 beat-and-raise as revenue had a nice beat with upside in Oncology and Oxybate driving another guidance raise, while EPS included a significant IPR&D charge from the Actio deal that was previously disclosed.
• PFE top and bottom line Q3 earnings/revs beat and raises FY rev outlook to $62.0B-$64.0B from prior $60.5B-$62.5B and adj EPS view to $2.95-$3.05, vs est $2.96 and prior $2.80-$3.00.
• VRTX reported 3Q Trikafta revenue of $2.44bn and Alyftrek revenue of $706mn, with Alyftrek beating expectations; mgmt highlighted the pove review is on track and they are fully ready to launch ahead of the Nov 30th PDUFA.

• Defense & Gov’t Services: HWM upgraded to Overweight from Sector Weight with $237 PT at Keybanc post Q3 results and raises its 2026–2027 estimates on Commercial Aerospace and IGT momentum. LDOS shares fall after the defense supplier trims FY26 revenue forecast to $18B-$18.2B from $18.2B-$18.4B prior (est. $18.26B) after Q3 revs misses (beat on EPS and guidance). PLTR shares slid early despite better results while Commercial revenue surpassed USG for the first time on a quarterly basis; with US Comm. now at a $3.94B run rate growing 148% Y/y.

• Paper & Packaging sector: BALL shares fell after swinging to Q3 loss after $475M non-cash pension settlement charge; Q3 net loss of $94M, compared with year-ago net income of $321M; did beat Q3 net sales, adj profit est on strong demand for beverage cans, higher shipments, favorable pricing. GPK shares jump after reporting Q3 sales of $2.192B (vs. $2.171B est.) and adj. EPS of $0.23 (vs. $0.22 est.), with FY2026 guidance of $0.68 EPS on $8.63B revenue

• AAPL results impact: the iPhone maker posted F4Q26 (Sep) iPhone revenue of $57.6B (+17% y/y), above consensus of $56.6B, with strong DD% growth in U.S./ China despite supply constraints. For F1Q, AAPL guided total rev growth of +7-10% y/y, above cons est of +6.5% y/y despite supply constraints. Memory remains a headwind, with costs expected to increase further into F1Q+. Keybanc said they see moderately positive implications for our Apple supply chain coverage (ARM, AVGO, CRUS, QCOM, QRVO, SWKS).
• Internet and Media sector: SIRI was upgraded to Buy from Neutral and raise PT to $37 from $33 at Goldman Sachs citing the improving risk/reward driven by greater durability in the core Satellite business, incremental YouTube monetization, higher spectrum value and stronger FCF conversion. RDDT shares bounced off 52-week lows and snapped its 9 day losing streak/

• Optical and Photonics sector: after a rough pullback yesterday in the space (AAOI, COHR, CIEN) after an M&A deal saw MRVL acquire LITE in a more than $114B deal, but shares fell as the all-stock deal weigh on prices with Marvel shares tumbling, the group gets a small bounce today. FN results and guidance are better helping the sector; Q1 adj EPS $4.34 vs. est. $4.20 and Q1 revs $1.47B vs. est. $1.41B; guides Q2 adj EPS $4.77-$4.92 vs. est. $4.43 and revs $1.6B-$1.65B vs. est. $1.48B.
• Software sector: MNDY was downgraded from Buy to Hold at TD Cowen and trim tgt to $105 saying top-of-funnel headwinds are growing & MNDY is pivoting more aggressively up-market, likely to result in greater pressure on its down-market business (~40% of ARR). Meanwhile, MNDY faces growing Ai competitive challenges & its own Ai product/ pricing initiatives are still immature. TWLO was upgraded from Reduce to Hold at HSBC noting shares are down c32% since 24 September (vs S&P500 down 1.6%), which was about two weeks after Meta launched Muse. PENG shares jumped after SKHY reported a $377M, or 9.1% stake in PENG, as of October 29.

• AEIS shares rose following strong results, guide as sees 30% growth in 2027, called 2028 a growth year; in Semi, it expects a strong cycle and share gains from new products given the current dep and etch environment; sees Q4 revenue $735M, plus or minus $25M, vs. consensus $693.57M.
• LSCC reported strong 3Q results and higher 4Q guidance, with most of the upside driven by AI DC revs, as Compute & Comms grew over 130% y/y. Additionally, both Industrial and Embedded and AMI also exceeded expectations as well. Looking into 2027, LSCC sees 60%+ rev growth (cons +47%) with backlog visibility now extending into 2028.
• ON said it would acquire Ferric for $600M cash, plus up to $175M in contingent consideration and posted solid 3Q results and guided 4Q higher. Upside in the quarter was driven by Industrials (+10% y/y), particularly the AI-related subsegments and AI DC, which has now broken out and grew over 160% y/y. AI DC now expected $620M vs. $500M+ in ’26 and expected to double in ’27.
• A broad rebound across the group today, with several names posting double-digit gains after tumbling overt the last few weeks with HUT, CIFR, RIOT, WULF, IREN, CLSK among gainers.