Market Summary

U.S. equities rallied sharply at midday on Wednesday, November 4, 2026, as the midterm elections concluded and political uncertainty faded. As of 12:00 ET, the Dow Jones Industrial Average stood at 53,261.14 (+1,474.21, +2.85%), the Nasdaq Composite at 25,887.60 (+495.20, +1.95%), and the S&P 500 at 7,701.01 (+132.02, +1.74%). The S&P 500 reclaimed its 50-day moving average (7,693). Futures had reversed sharply higher overnight after President Trump acknowledged Democratic victories in both chambers of Congress, easing fears of a contested result. Democrats are projected to hold at least 54 Senate seats and at least 250 House seats.

Oil was a second major driver. Crude fell $7.66 (-8.0%) to $88.43 per barrel, a week-to-date loss of more than 15%. Pressure came from reports that President Trump has no immediate plans to strike Iran, and from comments by presumptive incoming Senate Majority Leader Chuck Schumer that he expects some Republicans to join Democrats in backing a resolution to end the Iran war. The 10-year yield also eased, with the move lower in rates and oil supporting risk appetite.

Sector leadership rotated away from the AI-infrastructure trade. Consumer-facing groups led, helped by lower oil, optimism around the Democrats’ affordability-focused campaign, and speculation about bipartisan support for repealing certain tariffs. Semiconductors were the notable weak spot, with the PHLX Semiconductor Index down 3.8% earlier in the session on concerns that Democratic control of Congress could slow AI data center development. Energy was the main laggard, down 5.6% as crude dropped.

Market Snapshot

Index	Level	Change	% Change
Dow Jones Industrial Average	53,261.14	+1,474.21	+2.85%
Nasdaq Composite	25,887.60	+495.20	+1.95%
S&P 500	7,701.01	+132.02	+1.74%

Exchange breadth (Briefing.com, midday):

NYSE: Advancers 1,974 / Decliners 634; volume 409.16 million
Nasdaq: Advancers 2,741 / Decliners 1,386; volume 5.07 billion

WaveFinder breadth (2026-11-04):

Primary Sentiment: Bearish (Bulls 761 / Bears 1,125)
4% Sentiment: Very Bullish (Bulls 831 / Bears 458)
40 SMA Sentiment: Bullish
Above 20 SMA: 89%
Above 40 SMA: 63.04%
9M Bulls 101 / Bears 83; 9M Bull Follow-Through: 34.62%

Breadth is strong on a short-term basis, with 89% of stocks above their 20-day average. The Primary reading remains Bearish, a divergence worth monitoring.

Sector Performance

Briefing.com lists eight sectors as strong and two as weak. Utilities is not named in the Industry Watch list. Percentage moves are available only for some sectors, from the 11:30 and 12:00 updates. The ordering below is therefore partly approximate.

Rank	Sector	Midday Status / Move	WaveFinder ATR
1	Communication Services	Strong; +4.0% at 10:30	0.02% (rising, P100)
2	Consumer Discretionary	Strong; +3.8% at 11:30	2.94% (rising, P100)
3	Consumer Staples	Strong; +3.3% at 11:30	3.68% (rising, P100)
4	Materials	Strong (+2.0% or more at 11:30)	2.67% (rising, P89)
5	Financials	Strong (+2.0% or more at 11:30)	1.24% (rising, P100)
6	Real Estate	Strong (+2.0% or more at 11:30)	1.55% (rising, P100)
7	Health Care	Strong (+2.0% or more at 11:30)	2.65% (flat, P74)
8	Information Technology	Strong per Briefing.com list; +0.6% at 11:30, lagging	-2.62% (falling, P0)
9	Utilities	Not listed in Industry Watch; performance not provided	3.25% (rising, P84)
10	Industrials	Weak	0.27% (rising, P89)
11	Energy	Weak; -5.6% at 12:00	-1.61% (falling, P0)

Briefing.com noted at 11:30 that eight sectors were higher, seven by more than 2.0%. The seven sectors above 2.0% are likely Communication Services, Consumer Discretionary, Consumer Staples, Materials, Financials, Real Estate and Health Care. Technology was the eighth, up 0.6%. Utilities ranking is unverified. Technology and Energy show the weakest volatility readings (both P0, falling ATR).

Key Earnings & Movers

Alphabet (GOOG) 292.28, +14.01 (+5.03%): rebounded sharply from recent weakness (10:30 ET).
Meta Platforms (META) 631.69, +10.66 (+1.72%): solid gain. Meta reportedly plans to raise at least $20 billion in an upcoming bond sale, per the Wall Street Journal.
Marvell (MRVL) 158.00, -13.97 (-8.12%): extended its decline after Monday’s all-stock acquisition announcement for Lumentum.
Lumentum (LITE) 607.31, -72.85 (-10.71%): fell on the Marvell deal.
Advanced Micro Devices (AMD) 482.29, -1.61 (-0.33%) at 10:55: volatile after earnings. It surged 9% after hours, then traded modestly lower, and later was described as modestly higher.
McDonald’s (MCD): trading sharply higher on Q3 results (adjusted EPS $3.57 beat; revenue of $7.16 billion, +1.1% y/y, missed).
Prior session (Nov 3 close): NVIDIA (NVDA) 206.69, +2.29%; Apple (AAPL) 331.90, -1.90%; Palantir (PLTR) 175.40, -1.65%; GE Vernova (GEV) 918.20, +6.49%; Bloom Energy (BE) 214.01, +9.05%; Sysco (SYY) 74.11, -9.33%; ADM 70.60, -6.82%; Keurig Dr Pepper (KDP) 34.74, -5.65%.

Stock Spotlight

Advanced Micro Devices (AMD) was the most significant earnings story. The company reported Q3 adjusted EPS of $2.09 (+74% y/y) and record revenue of $13.38 billion (+44.7%). Q4 revenue guidance of $16.49–17.51 billion implies roughly 66% y/y growth at the midpoint. Management now expects 2027 revenue growth above 80%, up from a prior outlook above 70%, with server CPU revenue roughly doubling and Data Center exceeding 80% of total revenue.

Data Center revenue hit a record $8.5 billion (+97% y/y, +27% sequentially), now 64% of total revenue. The company began volume shipments of MI455X GPUs, with Anthropic, Meta, Microsoft, OpenAI and Oracle bringing first Helios racks online. AMD expects the server compute market to grow at roughly a 50% CAGR to about $220 billion by 2030. Demand continues to outpace capacity.

There were soft spots. Client revenue rose 7% y/y to $2.9 billion but fell 4% sequentially on memory and component costs, and AMD plans for double-digit declines in PC unit shipments in 2027. Gaming revenue fell 40% y/y to $773 million. Non-GAAP gross margin was 56% (+190 bps y/y), with Q4 guided to about 55% on a heavier mix of lower-margin AI accelerators. Operating margin expanded to 29% from 27% in Q2 and 24% a year ago. The stock’s muted reaction, despite a 9% after-hours jump, reflects the broader semiconductor weakness today.

Bond Market & Treasuries

Treasuries were little changed to modestly firmer. At 10:13 ET, the 10-year yield was 4.95% (UNCH), up from the early-morning low of 4.92%.

Maturity	08:00 ET	08:53 ET	10:13 ET
2-yr	4.59% (-3 bps)	4.60% (-2 bps)	4.62% (UNCH)
3-yr	4.65% (-3 bps)	4.66% (-2 bps)	4.68% (UNCH)
5-yr	4.71% (-3 bps)	4.72% (-3 bps)	4.74% (UNCH)
10-yr	4.92% (-3 bps)	4.93% (-2 bps)	4.95% (UNCH)
30-yr	5.30% (-2 bps)	5.31% (-2 bps)	5.33% (+1 bp)

Key drivers: the Treasury’s quarterly refunding statement announced next week’s auctions of $58 billion in 3-year notes, $42 billion in 10-year notes and $25 billion in 30-year bonds, with nominal coupon and FRN auction sizes expected to remain unchanged for the next several quarters. The quarterly borrowing estimate was lowered by $10 billion. Yields gave back some early declines after the ISM release. USD/JPY was 158.59 and EUR/USD 1.1242 at 10:13. The U.S. Dollar Index was down 0.6% at 101.30 in the overnight summary.

Commodities

WTI crude oil: $88.43 per barrel at 12:00 ET, down $7.66 (-8.0%), with a week-to-date loss of more than 15%. It was $91.98 (-4.3%) at 11:30, and $94.45 (-1.7%) premarket. The prior settlement was $96.16 (-$0.35, -0.4%) on Nov 3.
Gold, Silver, Copper: no data provided.

Overseas Markets

No index-level data for Asian or European equity markets was provided. Overnight economic data and central bank commentary:

ECB: Policymaker Nagel said a rate hike will likely be needed in December.
Bank of England: The Times shadow MPC voted unanimously that the BoE must raise rates.
China: October RatingDog Services PMI 50.8 (expected 51.7; prior 51.6).
Hong Kong: October S&P Global PMI 50.2 (prior 49.2).
India: October HSBC Services PMI 55.8 (expected 56.2; prior 55.2); Composite 56.2 (expected 56.7; prior 55.9).
Australia: October Services PMI 48.5 (expected 47.8; prior 51.9); Composite 48.2 (expected 47.7; prior 51.3).
New Zealand: Q3 unemployment 5.7% (expected 5.5%; prior 5.6%); employment change -0.1% q/q (expected +0.4%).
Eurozone: October CPI +4.0% y/y (expected +4.0%; prior +3.8%); core CPI +2.5% y/y; Services PMI 51.4 (expected 51.7; prior 53.0); Composite 51.7.
Germany: Services PMI 52.5 (expected 51.7; prior 52.9); Composite 53.4 (expected 52.8; prior 53.8).
France: Services PMI 46.2 (expected 48.4; prior 51.2).

Economic Data

ADP Employment Change (October): +86,000 (consensus 75,000), versus a downwardly revised 86,000 (from 90,000) in September. Service-providing sector hiring was 82,000.
Trade deficit (September): narrowed to $105.0 billion (consensus -$108.4 billion) from a revised $105.7 billion. Exports rose $5.8 billion and imports $5.2 billion, driven by computers and accessories.
ISM Services PMI (October): 54.5% (consensus 54.8%) versus 54.9% in September. The services sector is still expanding despite continued price increases for materials and services.
S&P Global U.S. Services PMI (final, October): due at 9:45 ET (prior 57.9). The actual result was not provided.
Treasury quarterly refunding: no big surprises; borrowing estimate reduced by $10 billion.

Looking Ahead

Treasury auctions next week: $58 billion 3-year notes, $42 billion 10-year notes, $25 billion 30-year bonds.
Geopolitics: Watch the Iran diplomacy and any Senate resolution to end the Iran war, which are central to oil’s direction.
Policy: Markets will assess whether a Democratic Congress brings gridlock, a bipartisan push on cost of living, tariff repeals, or slower AI data center buildout. President Trump retains veto power.
AI trade: Semiconductor weakness, the Marvell/Lumentum deal reaction, and AI financing needs (including Meta’s planned $20+ billion bond sale) remain in focus.
Overseas: The ECB is signaling a possible December hike and the BoE faces pressure to raise rates.
Technicals: The S&P 500’s hold above its 50-day moving average (7,693) is a key level. The next specific earnings calendar and data releases were not provided.