Market Summary

Stocks are trading mixed at midday on Tuesday, November 3, as investors digest a batch of earnings reports, awaited midterm election results, and choppy crude oil headlines tied to U.S.-Iran negotiations. The Nasdaq Composite is the standout performer, up 229.51 points (+0.91%) to 25,414.26, powered by a sharp rebound in semiconductor stocks that is clawing back yesterday’s steep losses. The S&P 500 is also higher, adding 37.88 points (+0.50%) to 7,579.35, while the Dow Jones Industrial Average is lagging, down 222.48 points (-0.43%) to 51,761.71, weighed down by weakness in defensive and cyclical names.

The session’s defining theme is a rotation back into technology and away from the defensive positioning that characterized Monday’s trade. Information Technology, Industrials, Health Care, and Communication Services are leading, while Consumer Staples, Materials, Financials, Energy, and Consumer Discretionary are lagging — essentially a mirror image of yesterday’s sector leadership. The PHLX Semiconductor Index has recovered nearly all of its prior-session losses, lifting the broader tech complex even as earnings-related selling in Apple and Palantir caps some of the upside.

Beneath the index-level moves, breadth remains mixed and somewhat fragile. Decliners outpace advancers on the NYSE (1,370 to 1,151), while advancers hold a roughly 5-to-3 edge on the Nasdaq (2,316 to 1,722). WaveFinder’s primary sentiment reading is bearish despite the constructive tape, suggesting underlying caution persists even as headline indices post gains. Markets remain focused on crude oil’s reaction to unconfirmed reports of a U.S.-Iran diplomatic breakthrough, along with the still-undetermined outcome of today’s midterm elections.

Market Snapshot

Index	Level	Change	% Change
Dow Jones	51,761.71	-222.48	-0.43%
Nasdaq Composite	25,414.26	+229.51	+0.91%
S&P 500	7,579.35	+37.88	+0.50%

Breadth (NYSE): Advancers 1,151 | Decliners 1,370 | Volume 252.10 mln
Breadth (Nasdaq): Advancers 2,316 | Decliners 1,722 | Volume 4.03 bln

WaveFinder Breadth Metrics:

Primary Sentiment: Bearish (Bulls 626 / Bears 1,179)
4% Sentiment: Bullish (Bulls 193 / Bears 122)
40 SMA Sentiment: Bullish
% of Stocks Above 20-day SMA: 56%
% of Stocks Above 40-day SMA: 59.84%
9-Month Bulls/Bears: 22 / 7 (Bull Follow-Through: 37.04%)

Sector Performance

Strong (per Briefing.com Industry Watch):
1. Industrials — +1.4% (electrical equipment strength, semiconductor-linked tailwinds); ATR 1.12% (rising, P100)
2. Information Technology — +1.3% (semiconductor rebound, partially offset by AAPL/PLTR weakness); ATR -2.10% (flat, P5)
3. Health Care — strong (specific % not provided); ATR 2.44% (flat, P68)
4. Communication Services — strong (specific % not provided); ATR -1.46% (flat, P58)

Weak (per Briefing.com Industry Watch):
5. Consumer Discretionary — weak (specific % not provided); ATR 1.13% (rising, P84)
6. Energy — weak amid choppy oil prices; ATR 0.30% (falling, P5)
7. Financials — weak (specific % not provided); ATR -0.81% (rising, P89)
8. Materials — -1.4% (giving back yesterday’s outperformance); ATR 2.44% (rising, P89)
9. Consumer Staples — -1.5% (earnings-driven selloff in SYY, ADM, KDP); ATR 2.29% (flat, P79)

Not addressed in today’s Industry Watch commentary: Real Estate (ATR 0.04%, rising, P89) and Utilities (ATR 3.42%, rising, P89).

Key Earnings & Movers

Sysco (SYY) 75.24, -6.50 (-7.95%) — disappointing Q3 revenue
Archer-Daniels-Midland (ADM) 71.60, -4.17 (-5.50%) — disappointing Q3 revenue
Keurig Dr Pepper (KDP) 35.01, -1.81 (-4.92%) — beat on earnings/revenue but concerns over slower U.S. coffee business recovery
Dollar General (DG) 131.52, -4.26 (-3.13%) — giving back prior day’s gain
Target (TGT) 154.23, -4.15 (-2.62%) — sector-wide staples weakness
Clorox (CLX) 92.39, +2.49 (+2.77%) — better-than-expected results and upbeat guidance
Palantir Technologies (PLTR) 172.24, -6.10 (-3.42%) — accelerating revenue growth but sharp bookings slowdown
Apple (AAPL) 331.62, -6.70 (-1.98%) — earnings beat overshadowed by Services growth concerns, rising memory costs, AI spend
DuPont (DD) — trading higher on beat-and-raise Q3 results, raised FY26 EPS guidance to $7.47-$7.52

Stock Spotlight

Palantir Technologies (PLTR) is the session’s most closely watched mover, trading sharply lower at 172.24 (-3.42%) despite delivering another beat-and-raise quarter. Q3 adjusted EPS of $0.44 more than doubled year-over-year, and revenue surged 96% to $2.31 billion — an acceleration from 93% growth in Q2. Q4 revenue guidance of $2.649-2.653 billion implies roughly 88% yr/yr growth. U.S. commercial revenue surpassed U.S. government revenue for the first time, jumping 148% yr/yr to $984 million, while U.S. government revenue rose 96% yr/yr to $953 million.

The market’s concern centers on a sharp deceleration in bookings. Total contract value (TCV) bookings grew just 6% yr/yr to $2.918 billion, down dramatically from 49% growth in Q2, while U.S. commercial TCV growth slowed to 11% from 153%. Management attributed this to customers moving from initial engagements to production faster, signing shorter-duration contracts that can expand over time — but investors are clearly discounting that explanation today. Notably, adjusted operating income jumped 138% yr/yr to $1.427 billion (62% margin, up 1,100 bps), pushing PLTR’s “Rule of 40” score to 158%, marking its 13th consecutive quarter of improvement — underscoring that despite today’s selloff, the underlying fundamentals remain robust.

Bond Market & Treasuries

Treasuries are under pressure, extending losses after a brief attempt to bounce off a lower open. As of the 10:17 ET update:

2-yr: 4.63% (+4 bps)
3-yr: 4.70% (+6 bps)
5-yr: 4.76% (+7 bps)
10-yr: 4.96% (+7 bps) [4.964% per futures-implied quote, -14/32 price]
30-yr: 5.33% (+6 bps)

Key drivers: Stronger-than-expected economic data pressured bonds — September Factory Orders rose 1.8% m/m (vs. 1.2% consensus), and September Job Openings jumped to 7.523 million (vs. 7.100 million consensus). This follows Monday’s modest gains across the curve, when the 10-yr settled at 4.90% amid falling oil prices and midterm election caution. The U.S. Treasury’s quarterly refunding estimates (announced Monday) called for $618 billion in Q4 borrowing (-$10 billion from prior estimate) and $800 billion in Q1 2027. Currency markets show USD/JPY at 158.51 and EUR/USD at 1.1180.

Commodities

WTI Crude: $94.89/bbl, -1.6% — pressured by reports (unconfirmed by U.S. media) of a potential U.S.-Iran diplomatic breakthrough regarding Iran’s nuclear program and frozen funds; prices remain choppy amid mixed headlines
Gold: $3,925.60/ozt, -1.1% (overnight figure)
Copper: $6.388/lb, -2.7% (overnight figure)
Silver: Not reported in available data

Overseas Markets

Specific index-level performance for Asian and European equity markets was not included in today’s dataset. Key overnight developments included:

Australia: RBA raised its cash rate 25 bps to 4.85%, though three policymakers dissented in favor of no change
China: NDRC pledged “extraordinary support” for key technology breakthroughs; PBOC cut its stock buyback relending rate 25 bps to 1.00%
South Korea: October CPI +2.8% yr/yr (vs. +2.9% expected), +0.2% m/m (vs. +0.3% expected)
New Zealand: September Building Consents -7.9% m/m
Hong Kong: Q3 GDP +1.9% q/q and +5.2% yr/yr; September Retail Sales +6.4% yr/yr
Switzerland: October CPI +0.2% m/m, +1.5% yr/yr
France: September Government Budget Balance at -€159.2 billion

Economic Data

September Factory Orders: +1.8% m/m (Briefing.com consensus: +1.2%), following an upwardly revised +0.3% in August (from +0.1%). Ex-transportation orders rose +1.3% following a +0.4% August increase. Shipments of manufactured goods jumped +1.3% after a +0.1% August gain. Growth was broad-based across transportation equipment, primary metals, fabricated metal products, machinery, and computers/electronics.
September Job Openings: Rose to 7.523 million (Briefing.com consensus: 7.100 million) from a revised 7.190 million in August (from 7.079 million) — a notable upside surprise.
September Business Inventories: Scheduled for release (prior: +0.4%); specific result not available in current dataset.

Both the factory orders and job openings beats contributed to the uptick in Treasury yields during the morning session.

Looking Ahead

Midterm Election Results: Markets remain focused on the outcome, with prediction markets suggesting a potential power shift in Congress; final results still pending as of midday
U.S.-Iran Negotiations: Continued focus on unconfirmed reports of a diplomatic breakthrough; any official confirmation or denial could move oil prices and risk sentiment
AMD Earnings: Scheduled to report quarterly results after today’s (Tuesday’s) close — closely watched given Intel’s disappointing report last week and AMD’s recent underperformance (-7.52% Monday)
Ongoing Q3 Earnings Season: Additional reports expected to continue driving sector-level volatility, particularly within Information Technology and Consumer Staples
Treasury Market: Watch for continued yield pressure following today’s stronger factory orders and job openings data, with the 10-yr approaching 5.00%