Morning Preview: November 03, 2026

Early Look

Tuesday, November 3, 2026

U.S. futures are mixed as Dow futures tumble following mixed earnings/guidance results from Apple (AAPL) overnight, sending shares down roughly 4% as the company warned that rising memory costs would squeeze gross margins. Meanwhile the tech heavy Nasdaq looks to rebound after tumbling over 1% Monday and over 5% in October led by a further pullback in semi chip and AI names. Attention turns to politics this morning (in addition to earnings) as prediction market odds of Democrats sweeping midterms House and Senate rise above 75% on Election Day. The contract for a split Congress with a Republican Senate and Democratic House fell to 20%, while a Republican sweep stood at 6%. While politics is in focus there are a few economic data points today including monthly JOLTs job opening data and Factory orders, as well as another barrage of corporate earnings.

In Asian markets, The Nikkei Index decline d-208 points to 63,081, the Shanghai Index fell -29 points to 3,608, and the Hang Seng Index rose 132 points to 23,535. In Europe, the German DAX is…while the FTSE 100. Oil prices rebound 1.75% to $98.16 per barrel for WTI as an Iranian official said Tehran and Washington remained far from a deal to end the war and the US struck Iran’s Qeshm Island according to reports. Both Brent and WTI had dropped more than 7% on Monday as talks between Iranian and Qatari officials lifted hopes for an end to the US-Israeli war with Iran.

The S&P 500 ended lower on Monday as oil prices tumbled on optimism about a potential US-Iran peace agreement, while Apple shares dipped ahead of the iPhone maker’s quarterly report and investors awaited Tuesday’s US midterm elections. Seven of the 11 S&P 500 sector indexes rose, led by consumer discretionary (XLY) up 2.25%, followed by a 1.83% gain in materials (XLB) while the energy index (XLE) fell 4%, followed by Technology (XLK) down nearly -3%. Longer-dated US Treasury yields moved lower and Brent crude/WTI prices fell over 7% as Iran indicated it was open to peace talks after eight months of war in the Middle East that have kept energy prices elevated and stoked inflation.

The Dow finished higher on Monday, and early in the session, the S&P 500 and Nasdaq gained on the first day of trading in November. In October, the Nasdaq fell 5.3% for the month following a selloff on Friday related to worries that massive spending on AI infrastructure is outpacing near-term cash generation.

• The Dow Jones Industrial Average rose 213.67 points, or 0.41%, to 51,983.98
• The Nasdaq Composite tumbled -272.68 points, or 1.07%, to 25,164.32
• The Russell 2000 Index declined -6.00 points, or 0.21% to 2,805.84

• 8:55 AM ET                  Johnson/Redbook Weekly Sales
• 10:00 AM ET                Durable Goods, M/M for September
• 10:00 AM ET                JOLTs Job openings for September…est. 7.1M (prior 7.079M)
• 10:00 AM ET                Factory Orders M/M for September…est. +1.2%
• 4:30 PM ET API Weekly Inventory Data

• Earnings After the Close: ACEL ADUS AFG AIG AIZ ALAB ALIT AMD AMGN AMWL ANDE ANET ANGI AQST ARDX ASH ATRC BKNG BXC CAR CBLL CHCT CORT CPNG CRCT CURLF CXDO DEI DOX DRH DUOL EVTC FBIN FLYW FRSH FTEK FTK GEF GOOD GSM GXO HL HMN HURN IFF IOSP IPI ITUB JELD JKHY JXN KODK LMB LTC MCY METC MIRM MOD MOS MQ MTDR MTW NVTS OHI OUST OVV PARR PCOR PRIM PRU PXED QDEL RARE RRR RWT RYAM SAFE SDRL SGHC SKY SM SMCI SPT SU SWIM SWKS TALO TOST TREE TRVG TSLX UFCS UNM USNA VRNS WTRG XYZ ZVRA

• Clorox Co (CLX) Q1 adj EPS $1.55 tops consensus $1.07; Q1 revs $1.91B vs. est. $1.88B; Q1 gross margin down 130 bps to 40.4% from 41.7% last year; Sees FY outlook for adj EPS of $5.70-$6.00 above consensus of $5.69; in fiscal year 2027, will lap 2026 inventory drawdown, which is expected to result in more than 3.5 points of benefit to net sales growth.
• Match Inc. (MTCH) Q3 EPS $0.73 vs. est. $0.72 (beat); revenue $891.232Mm vs. est. $892.468Mm (miss); adj. EBITDA $344.5Mm vs. est. $332.1Mm (beat), margin 39%; payers 13.8M, -5%; Q4 revenue outlook $865-875Mm vs. est. $871.4Mm (in line) and adj. EBITDA $327.5-332.5Mm vs. est. $327.8Mm (in line); FY26 revenue expected flat YoY and slightly above prior guidance midpoint, with adj. EBITDA margin 38.8% at Q4 guidance midpoints.

• BWX Technologies (BWXT) Q3 adj. EPS $1.26 vs. est. $1.19 (beat); revenue $953Mm vs. est. $970.4Mm (miss); adj. EBITDA $179.7Mm vs. est. $167.5Mm (beat); FCF $150.5Mm; FY26 revenue outlook $3.8B vs. est. $3.807B (in line), adj. EBITDA $667Mm vs est $660.56Mm (above), adj. EPS $4.72-4.77 vs. est. $4.74 (in line), and FCF $350-360Mm
• California Resources Corporation (CRC), and its carbon management business, Carbon TerraVault announced the signing of a memorandum of understanding with Bloom Energy (BE) to jointly evaluate and target the potential development of 1 gigawatt (GW) or more of solid-oxide fuel cell power generation paired with carbon capture and storage in California.
• CVR Energy (CVI) announces transformative transaction to acquire 2 refineries and marketing platform from Marathon Petroleum (MPC) for $4.20B plus net working capital. To buy 105,000 bpd st. Paul Park refinery in Minnesota and 72,000 bpd Mandan refinery in North Dakota.
• Diamondback Energy (FANG) Q3 adj. EPS $5.86 vs. est. $5.46; revenue $5.43B vs. est. $4.6B; adj. FCF $2.15B; oil production 525 MBO/d, flat QoQ, and total production 1,034 MBOE/d, +2% QoQ; Q4 oil production outlook 518-528 MBO/d and CAPEX $1.00-1.05B; FY26 oil production outlook about 524 MBO/d and CAPEX $3.95-4.00B; base dividend increased over 7%.
• Enovix Corporation (ENVX) files registration to offer up to $500M in securities.
• Transocean (RIG) Q3 adj EPS $0.02, in-line with consensus on revs $937M vs. est. $942.29M; sees FY26 revenue $3.900B-$3.950B vs. consensus $3.94B and FY26 capital expenditures $145M; said total backlog about $8B as of today, adding about $2B to contract backlog.
• Williams Company (WMB) Q3 adj. EPS $0.54 vs. est. $0.55 (miss); revenue $3.223B vs. est. $2.893B (beat); adj. EBITDA $2.04B vs est $2.017B (beat); operating cash flow $1.505B; FY26 adj. EBITDA outlook $8.3-8.5B vs. est. $8.466B , tracking toward upper half; FY26 growth CAPEX $7.3-7.9B.

• Realty Income (O) Q3 revs $1.62B vs. est. $1.53B; raises 2026 AFFO per share guidance to $4.45–$4.46; reaffirms 2026 investment volume target at $10.0B; expects 2026 occupancy above 98.5%
• UDR Inc. (UDR) Q3 FFO/share $0.65 vs. est. $0.64 (beat); revenue $424.581Mm vs. est. $428.633Mm (miss); Q4 FFO/share outlook $0.63-0.65 vs. est. $0.64 (in line); FY26 FFO/share outlook $2.54-2.56 vs. est. $2.53.
• Upwork Holdings (UPWK) Q3 adj. EPS $0.40 vs est $0.31 (beat); revenue $185.6Mm vs. est. $180.2Mm (beat); adj. EBITDA $63.8Mm vs. est. $52.3Mm (beat); FCF $53.9Mm; Q4 revenue outlook $169-177Mm vs. est. $174.8Mm (in line), adj. EBITDA $51-55Mm vs est $52.35Mm (in-line), and adj. EPS $0.30-0.32 vs. est. $0.33 (below); FY26 revenue outlook $742-750Mm vs est $742.2Mm (in-line/above) and adj. EPS $1.45-1.47 vs est $1.38.
• Vornado Realty (VNO) Q3 adj. FFO/share $0.65 vs. est. $0.64 (beat); revenue $467.657Mm vs. est. $461.996Mm.

• Healthpeak Properties (DOC) Q3 adj. FFO/share $0.44 vs. est. $0.43 (beat); revenue $820.892Mm vs. est. $736.787Mm (beat); FY26 diluted FFO/share outlook $1.76-1.78 vs est $1.76 (in-line/above)
• Hinge Health (HNGE) Q3 adj EPS $0.66 vs. est. $0.60; Q3 sales rose 52% y/y to $235M vs. est. $224.56M; raised full-year 2026 revenue guidance, now sees 50% yr/yr growth at midpoint; now sees FY26 sales $879M-$881M above prior $856M-$860M view (est. $861.5M).
• Jazz Pharma (JAZZ) Q3 adj. EPS ($3.88) vs. est. ($3.86); revenue $1.243B vs. est. $1.208B; adj. net loss $250.8Mm vs. est. loss $207.8Mm; Xywav revenue $482.8Mm; guides FY revs $4.775-4.85B vs est $4.719B and adj gr mgn 90.5-91.5%.
• Neurocrine Biosciences (NBIX) Q3 adj EPS $3.29 tops consensus $1.91 on revs $1.11B vs. est. $1.04B.
• Travere Therapeutics (TVTX) Q3 adj. EPS ($0.31) vs. est. ($0.06) (miss); revenue $224.563Mm vs. est. $195.292Mm (beat); product sales $220.196Mm; operating loss $68.105Mm; operating expenses $292.668Mm.
• Vertex Pharma (VRTX) Q3 adj. EPS $4.76 vs. est. $4.79; revenue $3.44B vs. est. $3.417B; adj. operating Income $1.41B; adj. net Income $1.21B; FY26 revenue outlook $13.15-13.25B vs. est. $13.245B.
• Waters (WAT) Q3 adj EPS $4.10 vs. est. $4.00 on sales $1.767B vs. est. $1.754B; raises FY26 adjusted EPS view to $14.60-$14.70 from $14.45-$14.65 and boosts FY26 revenue view to $6.48B-$6.5B from $6.42B-$6.48B, consensus $6.46B.

• Allison Transmission (ALSN) Q3 adj EPS $2.90 vs. est. $2.43; Q3 revs rose 121% y/y to $1.53B vs. est. $1.47B; said Higher volumes for medium-duty and Class 8 vocational trucks in North America On-Highway market drove record revenue; now expects 2026 net income of $645-$685M.
• Chemours Company (CC) Q3 adj EPS $0.21 vs. est. $0.27; Q3 sales $1.5B vs. est. $1.53B; Q3 adj Ebitda $200M vs. est. $193.6M, net income $31M; expects Q4 net sales to decline 5%-10% sequentially and forecasts Q4 adjusted EBITDA between $160M-$185M.
• Celanese Corp. (CE) Q3 adj. EPS $1.65 vs. est. $1.56 (beat); sales $2.556B vs. est. $2.622B (miss); EBITDA $548Mm vs est $540.17Mm (beat); operating Income $198Mm; raises FY26 adj. EPS outlook to $6.00-6.25 vs est $6.01; expects Q4 year-end seasonal moderation across both business
• DuPont de Nemours Inc (DD) Q3 sales $1.868B vs. est. $1.843B and Q3 adj EPS $2.09 vs. est. $1.87; Q3 operating EBITDA $469M vs. est. $449.4M; Q3 operating EBITDA margin 25.1%; guides FY operating EBITDA $1.785B vs. est. $1.762B and FY adj EPS $7.47-7.52 vs. est. $7.25.
• Hunstman Corp. (HUN) Q3 adj EPS $0.04 vs. est. $0.07; Q3 revs $1.72B vs. consensus $1.61B; Q3 operating income $39M, adj Ebitda $132M and net loss -$18M.

• Advanced Energy Industries (AEIS) Q3 adj EPS $3.65 vs. consensus $3.06 and revs rose 50% y/y to $696M vs. consensus $647.11M; sees Q4 adj EPS $3.90, plus or minus 30c, consensus $3.42 and sees Q4 revenue $735M, plus or minus $25M, vs. consensus $693.57M.
• Aehr Test Systems (AEHR) Q1 adj. EPS $0.28; record revenue $33.007Mm vs. est. $27.1Mm (beat); gross profit $15.7Mm; operating Income $6.05Mm; raises FY27 revenue outlook to $150Mm vs est $137.06Mm (above), triple FY26 revenue.
• Backblaze Inc. (BLZE) Q3 revs $46.7M vs. est. $44.6M; sees Q4 revs $49.8M-$50.2M vs. est. $47M and raises year sales view to $177.8M-$178.2M from prior $172M-$174M; said broad-based customer momentum drove 47% yr/yr growth in B2 Cloud Storage revenue.
• Cloudflare (NET) upgraded to Overweight from Neutral at JPMorgan with a $350 price target saying they see expansion among existing customers and sustained developer adoption of Cloudflare Workers, with revenue growth potentially accelerating to 35% or more over the medium term.
• Fabrinet (FN) 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. 44.43 and revs $1.6B-$1.65B vs. est. $1.48B.
• Lattice Semiconductor (LSCC) Q3 adj. EPS $0.72 vs. est. $0.55; record revenue $291.035Mm vs. est. $255.5Mm, +118% YoY; adj. gross margin 70.9%; Q4 revenue outlook $335Mm vs. est. $293.2Mm and adj. EPS $0.82-0.86 vs. est. $0.65
• Nvidia (NVDA) is ordering its data centre partners to reduce exposure to Chinese customers in a move that further restrains China’s ability to keep up with US rivals as the race between the world’s two AI superpowers intensifies. – Financial Times
• On Semi (ON) announced that it has entered into an agreement to acquire Ferric, Inc. for $600M in cash, plus up to $175 million in contingent consideration upon achievement of certain revenue milestones; reported Q3 adj EPS $0.90 vs. est. $0.88 and revs $1.72B vs. est. $1.7B; raises 2030 AI data center revenue target to more than $3B.
• Oracle (ORCL) 86.2M share Spot Secondary priced at $116.00.
• SBA Communications (SBAC) Q3 adj. FFO/share $3.19 vs est $3.10 (beat); revenue $713.924Mm vs. est. $724.6Mm (miss); adj. EBITDA $488.1Mm vs est $490.24Mm (miss); site leasing revenue $665.4Mm and site development revenue $48.5Mm; lowers FY26 revenue outlook to $2.833-2.858B from $2.841-2.886B vs. est. $2.864B (miss); latest FY26 adj. FFO/share outlook $12.15-12.37 vs est $12.21; quarterly dividend $1.25/share.
• Walt Disney Co. (DIS) is moving toward thousands of job cuts with the entertainment giant asking some managers to target 20% in annual cost savings, according to people familiar with the matter, per Bloomberg