Today's Top Stories
5 stories
Tech
Apple Reports Q4 Revenue Beat but Disappoints on Margins and Component Pressures
Apple shares fell 5.46% in premarket and early trading after the iPhone maker issued a disappointing margin forecast alongside fourth-quarter earnings. New CEO John Ternus cited a global memory crunch, surging component costs, and expenses tied to rolling out Siri AI as key headwinds.
CNBC ↗
Deals
China Reins in IPO Rush Following Recent AI Market Concerns
Beijing's market regulator instructed banks that while ongoing IPO processes will proceed, no new listings will be accepted for the time being. The move aims to stabilize domestic sentiment after artificial intelligence-related concerns hit equity valuations.
Wall Street Journal ↗
Economy
Schaeffler Axes 3,460 Jobs in Latest Blow to Troubled European Auto Sector
German car parts maker Schaeffler announced it will cut 3,460 jobs and close five European sites—primarily in Germany—citing an unprecedented automotive crisis. The company pointed to weak demand for combustion engines, slower EV adoption, and fierce overseas competition from Chinese brands.
CNBC ↗
Health
Pfizer Raises Full-Year Guidance and Taps Veteran as CFO Following Strong Q3 Results
Pfizer topped third-quarter earnings expectations and hiked its full-year revenue outlook to a range of $62 billion to $64 billion, driven by surging demand for newly launched and acquired products. The pharmaceutical giant also announced that longtime finance leader Cecile Guegan has permanently stepped into the chief financial officer role.
CNBC ↗Earnings
Palantir Slumps After Q3 Earnings as Analysts Note Slowdown in Forward Indicators
Palantir shares dropped 6% after its third-quarter report highlighted a slowdown in total contract value (TCV) growth within its U.S. commercial segment. Although revenue nearly doubled past $2 billion, analysts pointed to shorter contract durations as a potential sign of structural deceleration.
CNBC ↗Markets at a Glance
vs. previous closeLevels as of 9:31 AM EST. Source: Yahoo Finance; may be delayed.
The Market Today
Markets are mixed and defensive on Tuesday as investors brace for the U.S. midterm elections and react to a sharp pullback in crude oil prices. The Nasdaq and Dow Jones traded lower, dragged down by component shortages and margin warnings in the tech sector, while the 10-Year Treasury yield edged up 3 basis points to 4.92%.
Your Watchlist
vs. previous close- Apple (AAPL) Shares slid 5.46% today to $325.83 following the company's fourth-quarter earnings report, which featured a disappointing margin forecast driven by rising memory component costs. Reuters
- Microsoft (MSFT) Shares fell 2.58% today to $508.45 amid a broader tech sector correction and rising bond yields. CNBC
- Nvidia (NVDA) Shares rose 1.42% today to $207.54, outperforming a weak broader tech landscape. CNBC
- Amazon (AMZN) Shares gained 3.45% today to reach $248.64 as Wall Street sentiment toward the stock continued to improve. CNBC
- Alphabet (GOOGL) Shares ticked up 0.21% today to $280.44 as the company kicked off a €6 billion European bond sale to test institutional appetite for tech debt. CNBC
- Meta (META) Shares dipped 0.74% today to $610.42 following news that the company delayed new business terms amid pushback over potential web scraping. CNBC
- Tesla (TSLA) Shares advanced 1.47% today to $405.69, supported by reports of rising monthly registrations across Europe and a 10.3% year-over-year jump in China-made EV sales for October. CNBC
- JPMorgan Chase (JPM) Shares edged down 0.19% today to $339.93 as executives turned their focus toward the European Union's massive infrastructure and electricity plans. CNBC
- Exxon Mobil (XOM) Shares dropped 4.05% today to $179.67, mirroring the sharp sell-off in crude oil futures. MarketWatch
Today's Calendar
Tuesday, November 3 · times ETEconomic data & events
Earnings
High-impact release. Earnings shown for large companies ($10B+) and your watchlist. Sources: Forex Factory, Nasdaq. Schedules can change.
Sectors & Movers
- Versant Media (VSNT) Shares moved higher after the media company reported third-quarter earnings and revenue that beat Wall Street expectations, bolstered by a 10% year-over-year increase in digital platform revenue led by Fandango ticketing. CNBC
- Ferrari (RACE) Shares gained ground after the luxury automaker lifted its full-year guidance for a second time, citing stronger-than-expected personalizations and customizations alongside accelerated deliveries of newer models. Wall Street Journal
Macro & Policy
- U.S. Midterm Elections: Markets are reacting to Election Day voting across the United States, with investors monitoring potential shifts in congressional power and their implications for future fiscal spending and regulatory grids. Wall Street Journal
- Geopolitics and Energy Markets: Crude oil futures experienced heavy selling pressure due to emerging reports of diplomatic headway between the U.S. and Iran, reducing immediate supply risk premiums despite ongoing regional skirmishes. CNBC
What to Watch
- JOLTS Job Openings: Monitor the release at 10:00 AM ET for insights into labor market tightness, with a consensus forecast of 7.15 million open jobs. [Scheduled events]
- Congressional Elections: Track live updates on election outcomes as polls close across the country. [Scheduled events]
- After-Close Earnings: Watch for third-quarter reports after the closing bell from Advanced Micro Devices (AMD), Amgen (AMGN), Arista Networks (ANET), and Booking Holdings (BKNG). [Scheduled events]
Sources
50 articles- CNBCPalantir slumps 6% after earnings as analysts point to slowdown in total contract value
- Financial TimesOil price extends decline to $103
- WSJU.S. Natural Gas Futures Pick Up in Early Trading
- CNBCU.S. crude oil falls below $95 per barrel as market hopes for diplomatic resolution to Iran war
- CNBCPfizer hikes full-year outlook as newer products grow, taps company veteran as new CFO
- CNBCVersant earnings beat expectations as digital platforms drive growth
- BloombergSeries of Bomb Threats Force Flight Diversions Across Europe
- WSJOil Futures Resume Decline on Hopes for Diplomacy
- CNBC'Industry crisis': Germany's auto sector faces fresh cuts as Schaeffler axes 3,460 jobs and eyes defense
- BloombergCinven Set to Back Theramex Acquisition With €1.5 Billion Debt
- MarketWatchThis indicator has triggered just 5 times since 2000 — and it warns of a trap for stocks
- BloombergRussia Raises Crude Shipments Even as Refineries Ramp Up
- ReutersBetting on US midterms brings rush, stress as serious money goes on the line - Reuters
- ReutersPrediction markets face US midterms test as election bets soar - Reuters
- BloombergCould the Human Brain Be the Next Computer Interface?
- WSJIntesa Raises Profit Guidance as Monte Dei Paschi Bid Nears
- WSJYum Revenue Rises Despite Taco Bell Cyclospora Outbreak Fallout
- CNBCTexas governor race tightens in prediction markets, but Abbott remains favored
- WSJDemand for Forward-Deployed Engineers Is Leading to $1.5 Million Paychecks
- CNBCStock market after midterm elections: What S&P 500 history shows
- MarketWatchIt’s finally Election Day — and prediction markets may show ‘too much confidence in a good night for Democrats’
- MarketWatchShopify’s stock slides after earnings. This is what’s worrying Wall Street.
- WSJFerrari Lifts Guidance Again on Strong Demand for Car Customizations
- WSJBeijing Reins In IPO Rush After AI Concerns Hit Stock Market
- WSJDow Futures Fall, Treasurys Yields Rise Heading Into Midterms
- MarketWatch3 signs cash-strapped consumers are nearing a ‘spend-pocalypse’ that would hurt the economy
- ReutersInvestors ready for possible shake-up in Congress as Election Day arrives - Reuters
- ReutersWall St futures mixed as Apple falls on margin warning, midterm results awaited - Reuters
- Financial TimesIn the shadow of war, Silicon Valley sprinkles stardust
- Financial TimesMarshall Wace hit as hedge funds suffer in October’s AI rout
- CNBCApple shares slide after weak margin outlook; Palantir slumps 6% after earnings
- The New York TimesApple’s Profit Grows 12% Despite Component Price Worries
- CNBCApple is falling on its latest earnings report. Why most analysts still like the stock
- CNBCMSFT,AAPL,AMZN,GOOGL,NVDA,TSM,TSLA - Stock Price, Quote
- MarketWatchMicrosoft, Lumen Expand Co-Selling Collaboration
- WSJThe Sudden Death of an Nvidia AI Prodigy Leaves Behind Bitter Accusations
- BloombergNvidia’s Huang Gave Blessing to Marvell-Lumentum Megadeal
- BloombergNvidia Tells Data Center Clients to Trim China Business, FT Says
- Barron'sWhy Wall Street Is Coming Back Around on Amazon Stock
- 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'sBerkshire Hathaway’s Alphabet Loss Exposes Weak Stock-Picking Record
- BloombergMeta Eyes at Least $20 Billion From Potential Bond Offerings
- APMeta delays new business terms after outcry over potential web scraping of news sites
- ReutersMusk’s pay under a SpaceX-Tesla merger: voting control, but no $1 trillion payday
- ReutersTesla's monthly registrations rise across Europe as Chinese rivals gain ground
- ReutersTesla's China-made EV sales rise 10.3% y/y in October
- BloombergWatch Markets: JPM’s Michele Tells US Treasury ‘Get Rid of the 20-Year’
- MarketWatchJPMorgan Chase & Co. stock outperforms market on strong trading day
- BloombergJPMorgan Turns Attention to EU’s €1.2 Trillion Electricity Plan
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.