Election Day, Apple and Palantir Slide Despite Earnings Beats
By Tom LoBianco | Quincy News Correspondent
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Washington (Quincy News) — Market Recap: U.S. stocks finished mixed Monday as an early rally faded and technology shares remained under pressure. The Dow rose 0.4%, while the S&P 500 fell 0.5% and the Nasdaq dropped 1.1%.
Apple reported quarterly sales of $114.5 billion, up 12%, and profit of $2.10 per share, both beating expectations. But shares fell about 3% after hours as Apple warned that higher memory-chip prices and the Siri AI rollout would squeeze its profit margins this quarter.
Palantir’s sales jumped 96% to $2.31 billion, beating expectations. It raised its full-year sales forecast to about $8.53 billion, but shares slipped after hours.
Anthropic’s updated IPO filing showed nearly $17 billion in quarterly sales and a $567 million operating loss. It also disclosed roughly $895 billion in long-term spending commitments, mostly for computing and infrastructure.
Oil fell sharply as diplomatic talks raised hopes of easing tensions with Iran. U.S. crude dropped 7.4% to $96.46 a barrel, while Brent fell 7.6% to $104.77. The benchmark 10-year Treasury yield fell to 4.94%, extending its recent decline.
Today’s Focus: Voters head to the polls in midterm elections that will decide control of Congress and shape President Trump’s agenda for the next two years. Stock futures were mixed early Tuesday, while oil rebounded after reported U.S. strikes on an Iranian island near the Strait of Hormuz, a major oil shipping route.
September job openings and factory orders arrive at 10 a.m. ET. The openings report tracks demand for workers, hiring, quits and layoffs, offering a look at the labor market ahead of Friday’s October jobs report.
AMD reports after the close, giving investors another look at demand for computer and AI chips following last week’s chip selloff. Biotech company Amgen also reports.
ON THE SCHEDULE FOR TUESDAY, NOVEMBER 3, 2026
-After the close – AMD and Amgen earnings
-Wednesday, 8:15 a.m. ET – October ADP private-sector employment report
-Wednesday, 8:30 a.m. ET – Treasury quarterly refunding announcement
-Wednesday, 9:45 a.m. ET – October S&P Global U.S. services PMI, final reading
-Wednesday, 10 a.m. ET – October ISM services PMI
-Thursday, 8:30 a.m. ET – Weekly jobless claims; preliminary third-quarter productivity and unit labor costs
-Friday, 8:30 a.m. ET – October employment report
-Friday, 10 a.m. ET – Preliminary November University of Michigan consumer sentiment
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