Today's Top Stories
5 stories
Policy
Texas Gubernatorial and Senate Races Threaten AI Data Center Trade
State-level elections in Texas have emerged as a critical pressure point for the artificial intelligence sector, with data center energy consumption and water supplies driving voter anxiety. With 27% of U.S. data center gigawatts located in Texas and an active gubernatorial moratorium on permits, a sweep by Democrats who support restrictions could intensify a sell-off in AI stocks.
CNBC ↗
Earnings
Shopify Falls Over 8% After Q3 Gross Merchandise Volume Misses Estimates
Shares of Shopify tumbled 8.74% on Tuesday after reporting third-quarter subscription gross profit and gross merchandise volume that missed analyst expectations. Despite beating adjusted earnings estimates and posting its 13th consecutive quarter of GMV growth above 20%, the company's subscription revenue also lagged behind forecasts.
CNBC ↗Tech
Meta Kicks Off Major Debt Offering to Fund Escalating AI Investments
Meta Platforms initiated a massive debt sale, seeking to raise up to $25 billion to finance heavy capital expenditures and aggressive artificial intelligence investments. The move highlights the soaring debt financing costs currently pressuring the broader technology sector amid the ongoing infrastructure buildout.
Bloomberg ↗
Earnings
Ferrari Raises Full-Year Guidance Following Strong Third-Quarter Earnings
Ferrari lifted its 2026 revenue, EBITDA, and free cash flow guidance after posting third-quarter adjusted earnings per share of 2.44 euros, topping Wall Street expectations. Management cited stronger-than-expected customer personalizations, lower currency headwinds, and a second-place finish in the Formula 1 championship.
CNBC ↗
Policy
Department of Justice Sends Observers Nationwide as Election Disputes Loom
The Department of Justice deployed roughly 1,000 election monitors across all 50 states for the midterms, the largest effort in its history. The move follows localized legal battles, including a dismissed federal lawsuit in Alaska, raising investor awareness around potential post-election challenges.
CNBC ↗Markets at a Glance
vs. previous closeLevels as of 4:09 PM EST. Source: Yahoo Finance; may be delayed.
The Market Today
Markets drifted higher on Tuesday, with the S&P 500 and Nasdaq snapping a three-session losing streak as investors rotated back into technology and semiconductor shares. Trading remained cautious, however, as voters headed to the polls for the U.S. midterm elections, while Treasury yields climbed and oil prices ticked up.
Since the Open
vs. this morning's brief- S&P 500: Advanced from 7,547.21 to 7,568.92 (+0.29% since the morning).
- Nasdaq: Extended gains from 25,164.36 to 25,372.01 (+0.83% since the morning) as AI heavyweights rebounded.
- Dow Jones: Slipped slightly from 51,795.79 to 51,786.72 (-0.02% since the morning), weighed down by Apple.
- 10-Year Treasury Yield: Continued its climb, moving from 4.92% to 4.95% (+3 bp).
- WTI Crude: Rebounded from $95.54 to $96.56 (+1.07%).
Your Watchlist
vs. previous close- Apple (AAPL): Shares fell 1.90% today to $331.90, underperforming the broader tech bounce, as investors digested a disappointing margin forecast and weaker-than-expected iPad sales from late Monday. WSJ
- Microsoft (MSFT): Shares gained 2.74% today to $520.99 as part of the broader relief rally in mega-cap technology stocks ahead of election results. CNBC
- Nvidia (NVDA): Shares added 2.29% today to $206.69, participating in a broader recovery across semiconductor makers as the AI trade showed signs of attempting to bounce from oversold levels. CNBC
- Amazon (AMZN): Shares climbed 2.06% today to $250.69 alongside the general rebound in large-cap growth equities. MarketWatch
- Alphabet (GOOGL): Shares edged up 0.37% today to $280.03, stabilizing near flat after earlier minor fluctuations. CNBC
- Meta (META): Shares jumped 2.36% today to $621.03 even as the social media giant initiated a major debt offering to fund its aggressive AI infrastructure investments. Bloomberg
- Tesla (TSLA): Shares dropped 1.32% today to $398.50, lagging the tech sector's broader recovery. Reuters
- JPMorgan Chase (JPM): Shares slipped 0.76% today to $337.99, pressured alongside financial sector defensive positioning as bond yields climbed. Bloomberg
- Exxon Mobil (XOM): Shares fell 1.23% today to $177.46, pressured by ongoing weakness and volatility in crude oil benchmarks. MarketWatch
Tomorrow's Calendar
Wednesday, November 4 · times ETEconomic data & events
Earnings
After today's close
Wednesday, November 4
High-impact release. Earnings shown for large companies ($10B+) and your watchlist. Sources: Forex Factory, Nasdaq. Schedules can change.
Sectors & Movers
- Semiconductors & AI Hardware: Rebounded strongly on Tuesday, led by Advanced Micro Devices (+4%), Broadcom (+3%), and Micron Technology and Nvidia (both >+2%), helping pull the Nasdaq out of a three-day skid.
- Energy & Oil: WTI crude settled slightly lower at $96.09 (-0.38%) on speculation regarding potential diplomatic progress in U.S.-Iran negotiations, though prices ticked higher in late afternoon trade to $96.56. Meanwhile, Canadian heavy crude widened to its deepest discount relative to U.S. futures since 2018.
Macro & Policy
- Treasury Yields: The 10-Year Treasury yield rose 6 basis points to 4.95% as bond markets reacted to the political uncertainty surrounding the midterm elections and ongoing supply dynamics. JPMorgan's Bob Michele publicly urged the U.S. Treasury to eliminate the "orphan" 20-year bond issuance.
- Geopolitics: President Trump announced during voting that the U.S. will stop $4 billion in aid to Israel, adding an unexpected foreign policy development to election-day headlines.
What to Watch
- U.S. Midterm Election Results: Continued race calls and vote counts throughout the night will determine control of the House and Senate.
- ISM Services PMI: Scheduled for release at 10:00 AM ET on Wednesday (forecast 54.8, previous 54.9).
- Upcoming Corporate Earnings: Reports are due after Wednesday's close from Advanced Micro Devices (AMD), Arm Holdings (ARM), QUALCOMM (QCOM), Amgen (AMGN), Arista Networks (ANET), and Booking Holdings (BKNG), with McDonald's (MCD), Novo Nordisk (NVO), and Uber Technologies (UBER) reporting before the open.
Sources
52 articles- CNBCShopify falls over 8% after Q3 revenue and merchandise volume miss estimates
- CNBCS&P 500 snaps 3-day skid on Election Day as chip stocks rebound: Live updates
- CNBCHow Trump contesting midterm election results might disrupt the market
- CNBCMidterm elections 2026 live updates: Economy, inflation and other voter concerns
- WSJWant to Try Alternative Investments? Here’s an Easy Way to Start
- CNBCTexas race results could kick AI trade while it's already down
- WSJU.S. Natural Gas Futures Pick Up on Cooler Weather Outlook
- BloombergThe Big AI Stock Selloff Is Happening at a Bad Time
- MarketWatchThe internet is ‘dying’: AI is eating it and obliterating these business models
- BloombergFar Left Could Force Jeffries to Work With GOP, Says Sarah Chamberlain
- Financial TimesInvestors watch US state races for signs of backlash against AI boom
- BloombergOasis Drops Board Nominees in Vail Resorts Proxy Battle
- BloombergCanadian Oil at Widest Discount to US Prices Since 2018
- MarketWatchAn overlooked energy source could solve AI’s power crunch — and these 2 stocks are prime plays
- WSJTreasury, European Government Bond Yields Rise as Markets Await U.S. Midterm Election Results
- WSJTech Stocks Rise Despite Apple Slump
- ReutersNasdaq rallies as AI heavyweights rebound ahead of midterm results - Reuters
- ReutersAs Americans vote, Trump says US will stop $4 billion in aid to Israel - Reuters
- MarketWatchMedicare prescription drug costs will jump 50% in 2027. Doing nothing could cost you.
- ReutersBetting on US midterms brings rush, stress as serious money goes on the line - Reuters
- ReutersSK Hynix's New York chip plans hit snag over US restrictions on China, sources say - Reuters
- CNBCFerrari raises 2026 guidance after Q3 earnings beat
- MarketWatchOnce election results are in, here’s what investors should focus on next
- CNBCStock market after midterm elections: What S&P 500 history shows
- Financial TimesA chill wind in the AI credit market
- WSJHealth Care Roundup: Market Talk
- WSJTech, Media & Telecom Roundup: Market Talk
- WSJUnilever Eyes $1.1 Billion in Savings as It Plans Leaner Future Away From Food
- Financial TimesThe hidden power of electricity
- Financial TimesBinance hackers used fake interviews and social media profiles in $6.3bn heist
- 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
- CNBCStocks making the biggest moves after hours: Fabrinet, Clorox, Apple, Palantir & more
- CNBCMSFT,AAPL,AMZN,GOOGL,NVDA,TSM,TSLA - Stock Price, Quote
- Barron'sNvidia Stock Jumps and It's Set to Surpass Apple Again
- WSJThe Sudden Death of an Nvidia AI Prodigy Leaves Behind Bitter Accusations
- BloombergNvidia’s Huang Gave Blessing to Marvell-Lumentum Megadeal
- MarketWatchAMZN Stock Price | Amazon.com Inc. Stock Quote (U.S.: Nasdaq)
- CNBCFinal Trades: Amazon, BlackRock Inc., Eaton Corp., and Pfizer
- ReutersBrazil, Venezuela foreign ministers discuss trade, Amazon cooperation
- BloombergGoogle Parent Plans $1.5 Billion Prepaid Energy Deal Via Goldman
- WSJGoogle Curbs AI in School Accounts After Pushback
- CNBCMeta seeks to raise up to $25 billion in debt sale as AI spending jumps
- BloombergMeta Kicks Off Debt Offering in Push to Fund AI Investments
- ReutersMeta Platforms, Inc. (META.O) | Stock Price & Latest News
- ReutersMusk’s pay under a SpaceX-Tesla merger: voting control, but no $1 trillion payday
- Barron'sTesla-SpaceX Merger: What the Marvell-Lumentum Backlash Tells Investors
- ReutersTesla's China-made EV sales rise 10.3% y/y in October
- BloombergJPMorgan’s Michele Urges Treasury to Ax ‘Orphan’ 20-Year Bond
- MarketWatchJPM Stock Price | JPMorgan Chase & Co. Stock Quote (U.S.: NYSE)
- BloombergWatch Markets: JPM’s Michele Tells US Treasury ‘Get Rid of the 20-Year’
- 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.