Morning Preview: November 02, 2026

Early Look

Monday, November 2, 2026

After sharp declines last week, U.S. stock futures are looking higher on Monday as traders prepare for a busy week filled with corporate earnings, monthly employment data, and the U.S. midterm elections, while we get earnings after the close from Apple (AAPL). The new week starts with oil prices tumbling off their highest levels in 5 months, and U.S. midterm elections to be held Tuesday where results could impact various sectors and individual stocks depending on the new makeup of Congress. In the prediction markets, the Kalshi contract for Democrats recapturing the House sits at 94%, the more closely watched Senate race sitting at 73% for Democrats, up 1% on the day. On the economic front, investors will monitor the PMI Manufacturing Final and ISM Manufacturing Index reports for fresh signals on manufacturing activity. In Asian markets, The Nikkei Index declined -208 points to 63,081, the Shanghai Index rose 39 points to 3,638, and the Hang Seng Index gained 98 points to 23,393. In Europe, the German DAX is up 93 points to 25,912, while the FTSE 100 gains 14 points to 1,743. Oil prices declined ahead of Tuesday’s U.S. midterm elections as investors weighed renewed attacks on commercial vessels near the Strait of Hormuz against prospects for a diplomatic resolution to the conflict with Iran.

After a stock market selling bloodbath on Friday, with the Nasdaq falling -2.86%, its biggest one-day percentage loss since June 5th (and posted its biggest monthly % decline since March 2025 falling -5.3%), investors turn toward November, awaiting mid-term election results tomorrow, monthly jobs data, and another busy week of corporate earnings, highlighted by Apple (AAPL) results after the close tonight. Note the S&P 500, Nasdaq fell for a third straight week on Friday, its longest weekly run of declines since March, as the S&P 500 fell -0.58%, the Nasdaq declined -2%, and the Dow fell -0.85%. October was dreadful for tech stocks (XLK, SOX, QQQ) but was a great month for most of the other S&P 500 names, with 9 of 11 sectors posting monthly gains and 4 of those 9 racking up for double digit % gains. The iShares Semiconductor ETF (SOXX) fell 17% in October, ending the month below its 200-day moving average as a broad selloff in semiconductor stocks weighed on the fund. Energy (XLE) was up 13% in October due to surging oil/energy prices, while defensive Healthcare (XLV), Utilities (XLU) and Consumer Staples (XLP) are posted monthly gains of around 10%.

• The Dow Jones Industrial Average fell -572.25 points, or 1.09%, to 51,770.31
• The Nasdaq Composite tanked -747.73 points, or 2.86%, to 25,437.00
• The Russell 2000 Index declined -47.37 points, or 1.66% to 2,811.84

• 10:00 AM ET                Construction Spending for September
• 10:00 AM ET ISM Manufacturing PMI for October

• Earnings After the Close: AAPL ADTN AEHR AEIS ALG ALSN APPS BCC BLZE BMRN BRCC BSM BVS BWXT CALX CBT CC CE CERS CLX CRBG CRC CRGY CSR CSWC CWH DHC DOC EBS EQH ESRT EVER FANG FN GAIA HLF HLIT HNGE HSTM HUN ICHR IIPR INSP IRT JAZZ LSCC MSA MTCH NBIX NMFC O OGS ON OPAD OTTR PAY PLOW PLTR PS RHP RIG ROKU RXRX SBAC SBRA SIBN SITC SNDX TBBB TNC TTI TVTX UDR UPWK UTL VAL VNO VNOM VOYA VRTX VTS VVX WAY WMB

• The RatingDog China Manufacturing PMI edged down slightly to 52.0 in October 2026 from September’s five-month high of 52.1, but beat market expectations of 51.6, marking the eleventh consecutive month of expansion.
• China’s official NBS Manufacturing PMI fell to 49.3 in October from 50.1 in September, missing forecasts of 50.0 and reaching its lowest level since July.
• China’s official NBS Non-Manufacturing PMI dropped to 49.7 in October from 50.2 in September (below the 50.5 consensus), marking the sixth services contraction this year.
• S&P Global Japan Manufacturing PMI was confirmed at 53.3 in October 2026, matching preliminary estimates but stepping down from September’s 54.1 reading.
• South Korean manufacturing sector experienced a notable slowdown in October, with the S&P Global PMI dropping from 53.9 to 51.3.
• Reuters reported Iran/Qatari mediators hold 3rd day of talks to end US-Iran war; purpose of ongoing/progressing talks was to continue consultations with the Qatari mediators; Tehran is prepared for both defense and diplomacy.
• The Reserve Bank of Australia announces its policy decision on November 3. Consensus looks for a fourth 25bps cash rate hike for the year, to 4.85%, putting rates at a high since 2008.

• Floor & Decor (FND) was downgraded to Sell from Neutral at Goldman Sachs and cut tgt to $38 from $53 citing the company’s decelerating quarter-to-date comps, macro-driven sales headwinds, and Q4 gross margin pressures from escalating supply chain costs for the downgrade.
• Li Auto (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 (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. Deliveries consisted of 18,125 vehicles from the core NIO brand, 8,383 vehicles from the ONVO sub-brand, and 7,738 vehicles from the FIREFLY brand.
• Tesla (TSLA) registrations jump 248% in Sweden, 131% in Norway and 34% in Denmark; recovery benefited from easy comparisons, pricier fuel, subsidies and rising EV demand; Tesla was Norway’s top-selling brand in October with 9.8% market share. Denmark showed stiffer pressure, with Tesla trailing BYD, Leapmotor, Xpeng and MG.
• XPeng (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.

• Loar Holdings Inc. (LOAR) will replace LiveRamp Holdings Inc. (RAMP) in the S&P SmallCap 600. Publicis Groupe SA (PUB) is acquiring LiveRamp Holdings in a deal expected to close soon, pending final closing conditions.
• SpaceX (SPCX) is reportedly in talks with EchoStar (ECHO) over a potential acquisition of Boost Mobile or a deal to use its wireless network, as Elon Musk looks to launch a full-fledged U.S. cellphone service. Musk previously approached Verizon (VZ), AT&T (T) and T-Mobile (TMUS) seeking access to their networks, but all three rejected the proposal.
• Tutor Perini Corporation (TPC) announced today that its subsidiary, Perini Management Services, Inc., has been awarded a design-build contract valued at approximately $19 million by the U.S. Army Corps of Engineers, Huntsville Center.
• V2X (VVX) received a $104.6M modification to an existing U.S. Army contract to operate, maintain and defend Army communications systems supporting military installations and infrastructure across parts of the Middle East.

• Coinbase (COIN) downgraded to Underweight from Equal Weight at Morgan Stanley and slashed its tgt to $120 from $258 saying confidence in Coinbase’s earnings recovery has deteriorated as recent trading trends, a softer forward revenue outlook and uncertainty around the backdrop for crypto following the Binance hack suggest a weaker recovery than previously expected.

• Glaukos Corp. (GKOS) will replace Okta in the S&P MidCap 400, and McGrath RentCorp (MGRC) will replace Glaukos in the S&P SmallCap 600.
• Inovio Pharmaceuticals’ (INO) shares surge after the FDA approved its treatment INO-3107 (branded Voceryq) for a rare respiratory condition, marking the company’s first approved product. Inovio said it expects Voceryq to be available for order and shipment within about 60 days, with a full commercial launch planned for the first quarter of 2027.
• Johnson & Johnson (JNJ) announced three clinical analyses showing lower mortality with Impella-supported high-risk coronary procedures than reported in CHIP-BCIS3. The real-world and observational analyses covered 1,379 U.S. and European patients; results will be presented at TCT Nov. 1-3, 2026. PROTECT IV randomized controlled trial is expected to report results in 2027.

• Check Point (CHKP) Q3 EPS $2.49 was in line with consensus $2.49 and revs $669.8M vs. consensus $672.14M; said Q3 security subscriptions revenue grew 11 percent year over year, supported by strong demand.
• CrowdStrike (CRWD) was upgraded to Buy from Hold at Deutsche Bank and raised tgt to $300 from $240 saying the market has still not appreciated the extent to which AI will expand the market for cybersecurity.
• Meta Platforms (META) has built a prototype humanoid with Chinese Robotics company Fourier and is already working on a second version, as the Social Media giant steps up efforts to develop robots for people’s homes, The Information reported according to people familiar with the initiative. Meta and Fourier built the roughly 106-pound humanoid in just three months.
• Okta Inc. (OKTA) will replace Kenvue Inc. (KVUE) in the S&P 500 effective prior to the opening of trading on Wednesday, November 4; Kimberly-Clark (KMB) is acquiring Kenvue in a deal expected to be completed soon, pending final closing conditions.