Today's Top Stories
6 stories
Deals
Marvell and Lumentum executives defend $115B AI optical merger as shares slide
Leadership from Marvell and Lumentum defended their all-stock mega-merger as a critical move to unite semiconductors and optics for next-generation AI connectivity, despite Marvell falling 13% and Lumentum plunging 19%. Executives rejected market concerns surrounding circular AI infrastructure spending and noted strong multi-year backlogs for optical solutions.
CNBC ↗
Markets
Oracle files for $20 billion stock and bond offering to finance AI buildout
Oracle shares declined 6% after the company submitted regulatory filings to raise $10 billion through newly issued common stock and $10 billion in senior debt securities. The capital will fund large-scale data center infrastructure, but the sheer scale of the financing raised investor concerns about balance-sheet leverage and dilution.
CNBC ↗Central Banks
Alphabet tests tech debt demand with €6 billion bond sale
Alphabet launched a multi-tranche European debt sale of approximately €6 billion, paying a premium to issue in foreign currency amid widening corporate spreads. The offering serves as a major test of global investor appetite for big tech debt as hyperscalers ramp up capital expenditures.
Reuters ↗
Tech
Apple faces high-stakes earnings test under new CEO John Ternus
Apple reports fiscal fourth-quarter results after the bell, where consensus estimates project $113.39 billion in revenue and EPS of $1.99. Investors are eyeing initial demand for the new iPhone 18 Pro line, recent price increases, memory chip supply constraints, and Chinese AI software clearance during Ternus's first earnings conference call.
CNBC ↗
Policy
Betting markets shift heavily toward Democratic Senate majority on election eve
Prediction market traders on Kalshi increased the odds of Democrats retaining or taking control of the U.S. Senate to 74%, the highest level recorded on the platform. The move followed weekend battleground polling, driving shifts in contested races across Texas, Iowa, and Kansas hours ahead of Tuesday's midterm voting.
CNBC ↗
Policy
Ryanair warns of up to 20% airfare hikes as fuel hedges expire
Ryanair reported a 15% drop in first-half profit to €2.15 billion and warned that European airfares will need to rise sharply next year to cover a projected €2 billion increase in fuel bills. CEO Michael O'Leary cautioned that existing hedges are expiring while unhedged jet fuel trades near $170 a barrel, prompting the carrier to freeze seat capacity this winter.
CNBC ↗Markets at a Glance
vs. previous closeLevels as of 4:09 PM EST. Source: Yahoo Finance; may be delayed.
The Market Today
U.S. equities diverged on Monday as an ongoing retreat in major technology and semiconductor shares weighed down the Nasdaq and S&P 500, while the Dow Jones Industrial Average and Russell 2000 held modest gains. Crude oil experienced a dramatic collapse, with WTI dropping over 8% below $96 per barrel amid signs of diplomatic progress between the U.S. and Iran, triggering an easing of Treasury yields and a rally in gold. Trading activity remained guarded as investors positioned ahead of Tuesday's pivotal U.S. congressional elections and critical corporate earnings reports due after the close.
Since the Open
vs. this morning's brief- Tech losses intensified: Major indexes slipped from their morning peaks, with the S&P 500 retreating 0.99% since the open to turn negative at 7,541.40 (−0.51% on the day) and the Nasdaq dropping an additional 1.07% to 25,164.32 as early dip-buying in software and chips faltered.
- Dow and small caps preserved gains: The Dow Jones pared its morning rally, falling 0.37% from opening levels to 51,983.98, but maintained a 0.41% gain on the session alongside a 0.10% increase in the Russell 2000.
- Crude oil sell-off accelerated: WTI crude extended its slide by an extra 1.78% since the opening bell to reach $95.72 per barrel, down 8.07% on the day following afternoon headlines detailing expanding authority for Iranian diplomats.
- Bond yields edged lower: U.S. 10-year Treasury yields fell another basis point from morning marks to 4.89% (down 4 basis points on the day), buoyed by diminished inflation concerns tied to declining energy costs.
Your Watchlist
vs. previous close- Apple (AAPL): Shares fell 1.83% today to $338.32 ahead of its fiscal fourth-quarter earnings report, where markets await commentary on supply chains and early iPhone 18 Pro sales. CNBC
- Microsoft (MSFT): Dropped 2.83% today to $507.12, reflecting continued scrutiny over tech sector capital expenditures and free cash flow generation. Financial Times
- Nvidia (NVDA): Slumped 1.26% today to $202.06 as broader semiconductor sentiment softened and analysts evaluated whether the AI chip selloff had reached oversold conditions. CNBC
- Amazon (AMZN): Rose 2.20% today to $245.63, outperforming large-cap tech peers despite discussions around competitive pressures from autonomous AI shopping agents. WSJ
- Alphabet (GOOGL): Slipped 0.30% today to $278.99 as it launched a multi-tranche €6 billion debt sale to fund its expanding AI data infrastructure. Reuters
- Meta (META): Fell 1.34% today to $606.73 as it readied a cross-border bond offering and delayed new commercial terms following pushback over web-scraping rules. Bloomberg
- Tesla (TSLA): Advanced 1.00% today to $403.82, supported by strong October sales momentum in Europe, including a 94% year-over-year surge in Italian registrations. Reuters
- JPMorgan Chase (JPM): Gained 1.10% today to $340.75 after opening a new wealth management outpost in Dubai to target growing Middle Eastern private capital. Bloomberg
- Exxon Mobil (XOM): Dropped 4.01% today to $179.74, pulled lower alongside integrated energy producers by the steep plunge in benchmark crude. CNBC
Tomorrow's Calendar
Tuesday, November 3 · times ETEconomic data & events
Earnings
After today's close
Tuesday, November 3
High-impact release. Earnings shown for large companies ($10B+) and your watchlist. Sources: Forex Factory, Nasdaq. Schedules can change.
Sectors & Movers
- Semiconductors & Optical: Hardware and memory suppliers tumbled across the board. In addition to double-digit losses in Marvell (−13%) and Lumentum (−19%), memory providers Micron, SanDisk, and Western Digital fell between 3% and 5%.
- Energy: Oil producers and refiners saw broad selling pressure, with Chevron and Valero joining Exxon Mobil in falling between 3% and 5% following WTI's 8.07% drop.
- Healthcare & Diagnostics: IDEXX Laboratories surged 20% after reporting third-quarter revenue of $1.21 billion and lifting its full-year outlook. Tempus AI jumped nearly 12% after exceeding quarterly earnings estimates and raising guidance, while Krystal Biotech dropped 15% after delaying pipeline readouts into 2027.
- Automotive & Electric Vehicles: Rivian jumped 10% following an upgrade to Buy at UBS ahead of its upcoming R2 SUV platform.
Macro & Policy
- Geopolitics and Energy: Crude oil prices retreated sharply after Iranian officials signaled diplomatic leeway to begin direct discussions with the United States, easing Middle Eastern supply disruption concerns that had pushed retail gasoline near record levels.
- Fixed Income: Government bond yields dropped across the U.S. and Europe, with the 10-year Treasury yield slipping 4 basis points to 4.89% as collapsing oil prices tempered headline inflation fears.
- Trade Sanctions: The U.S. moved to suspend South Africa and Rwanda from duty-free trade access under reciprocal market agreements.
What to Watch
- Post-Market Earnings (Today): Apple (AAPL) and Palantir Technologies (PLTR) headline after-hours results, alongside Vertex Pharmaceuticals (VRTX), Williams Companies (WMB), Diamondback Energy (FANG), and Realty Income (O).
- Tuesday Pre-Market Earnings: Shopify (SHOP, consensus EPS $0.33), Pfizer (PFE, consensus EPS $0.72), Eaton (ETN, consensus EPS $3.54), and Marathon Petroleum (MPC, consensus EPS $25.74).
- U.S. JOLTS Job Openings (Tuesday, 10:00 AM ET): Labor demand metrics for the prior month are forecast at 7.11 million, slightly above the previous print of 7.08 million.
- U.S. Congressional Elections (Tuesday, 10:16 AM ET): Voting commences nationwide for congressional control, with high stakes for federal fiscal spending, energy policy, and regulatory enforcement.
- Tuesday Post-Market Earnings: Advanced Micro Devices (AMD, consensus EPS $1.68), Amgen (AMGN, consensus EPS $5.74), Arista Networks (ANET, consensus EPS $0.99), and Booking Holdings (BKNG, consensus EPS $4.48).
Sources
52 articles- CNBCLumentum CEO touts 'enormous' opportunity in massive AI connectivity deal with Marvell
- CNBCI bonds now pay 5.51% — but there are trade-offs. What to know before buying
- CNBCPrediction market traders now see nearly 75% chance of Democrats winning the Senate
- CNBCApple earnings live updates: New CEO John Ternus faces first Wall Street test
- WSJOil Futures Sell Off on Middle East Diplomatic Progress
- BloombergRobinhood in ‘Food Fight’ for Anthropic IPO Retail Allocation
- MarketWatchChip stocks are suffering from a ‘crisis of confidence’ — but things aren’t as gloomy as they seem
- BloombergNYC Marathon Winner Andreas Almgren on Debut Victory
- ReutersUS voters in a sour economic mood heading into midterm elections - Reuters
- ReutersNew cyberattack on supermarket fridges sweeps across Europe - Reuters
- CNBCStocks making the biggest moves midday: Oracle, SpaceX, Tempus AI, Rivian & more
- Bloomberg'Bipartisan' ETF 'Makes Sense': Weiskopf
- MarketWatchHow soon gas prices could go down now that oil is tumbling
- WSJDow Rebounds After Friday’s Selloff as Oil Slides
- ReutersS&P 500 rises; Apple and Palantir set to report results - Reuters
- ReutersUS to suspend South Africa and Rwanda from duty-free trade access - Reuters
- BloombergETF Canadian Market 'Home Biased': Linda Ma
- WSJGold Futures Recover Some Ground on Oil-Price Drop
- WSJU.S. Treasury, European Bond Yields Fall as Oil Prices Drop
- MarketWatchIt may take weeks to tally the midterm election results. Here’s why Wall Street isn’t worried.
- MarketWatchThe bond-market rally is defying the typical investing playbook. Here’s why.
- Financial TimesPetrol prices set to hit record high under Trump on eve of US elections
- WSJEnergy & Utilities Roundup: Market Talk
- Financial TimesOil tumbles on hopes for US-Iran talks
- Financial TimesThe inconvenient truths of Nixon’s legacy
- Financial TimesAlstom shares tumble 26% after train maker cuts profit forecast
- WSJHomeowners Fight Utilities Over Grid Upgrades in Their Backyards
- WSJEstee Lauder Lifts Outlook, Posts Higher Sales as Turnaround Bears Fruit
- WSJAI Is Stuck on Fast-Forward. The Ad Industry Is Turning to Stop Motion.
- CNBCRyanair CEO warns fares could rise by up to 20% next year
- CNBCApple reports after the bell. Options traders expect a big move
- ReutersApple's new CEO Ternus to face first earnings test as memory costs surge
- CNBCOptions traders are getting anxious on Palantir and Apple ahead of earnings
- Financial TimesUnpicking Microsoft’s free cash flow
- Financial TimesClarivate to Bring Trusted Trademark Data into Microsoft Copilot Through IPOne – Company Announcement
- Financial Times8x8 Earns Microsoft Certification to Simplify Global Calling with 8x8 Voice for Microsoft Teams
- CNBCHere are Monday's biggest analyst calls: Nvidia, SpaceX, Apple, Rivian, Amazon, CrowdStrike, Broadcom & more
- Barron'sNvidia Stock Is Rebounding but Stock Chart Is Really Ugly
- CNBCAMD, Nvidia, Micron haven't sold off enough to say market is oversold: LossDog's Sosnoff
- WSJThe Shopping Bots Are Coming for Amazon
- BloombergAlphabet Is Paying Up for Euro Bonds in Test of AI Appetite
- ReutersAlphabet kicks off €6 billion bond sale, tests appetite for tech debt
- Barron'sAlphabet Convertible Preferred Now Yields Over 7.5%. There’s a Catch.
- BloombergMeta Readies Cross-Border Investment Bond Offering
- APMeta delays new business terms after outcry over potential web scraping of news sites
- Barron'sSnap Settles US Social Media Trial Days After Meta
- ReutersTesla's monthly registrations rise across Europe as Chinese rivals gain ground
- ReutersTesla, Samsung oppose new US tariffs on Vietnam as probe deadline nears
- ReutersTesla new car sales in Italy up 94% year-on-year in October
- BloombergJPMorgan Bolsters Gulf Presence With New Dubai Wealth Outpost
- BloombergGreek Stocks to Suffer Outflows on MSCI Upgrade, JPMorgan Says
- MarketWatchXOM Stock Price | ExxonMobil Holdings Corp. Stock Quote (U.S.: NYSE)
This brief was written by AI (Google Gemini) from the articles listed above and may contain errors. It is for information only and is not investment advice. Check the original reporting before making decisions.