Stock Market Today, Nov. 3: Markets Edge Higher as Semiconductor Stocks Rebound
The Nasdaq Composite rose 0.83% to 25,372 and the S&P 500 gained 0.36% to 7,569 as semiconductor stocks rebounded, while the Dow slipped 0.38% to 51,787. Fiserv rose 12.46% after beating expectations and Gartner dropped 13.19%, while Apple slipped on its earnings. Earnings, rather than the midterm elections, drove the session. Motley Fool
Apple shares slide as Ternus sounds alarm on memory costs
Apple shares tumbled about 4% after the company said it expects gross margin to shrink to between 45% and 46% in the December quarter, from 47.9% in the September quarter. "What we're seeing with memory pricing right now is unprecedented," CEO John Ternus said on his first earnings call, adding that the company expects even higher memory costs in the December quarter. Reuters
Crude oil prices fall for second day as market hopes for diplomatic resolution to Iran war
WTI lost 37 cents to close at $96.09 a barrel after dipping below $95 earlier in the session, and Brent shed $1.17 to settle at $103.60. Qatar's foreign ministry said it is mediating, while Iran's foreign ministry spokesman said Tehran will not accept diplomacy based on coercion. U.S. officials told The Wall Street Journal that Washington attacked Iran's Qeshm Island on Monday. CNBC
Gold edges lower again as dollar, yields strengthen; US midterms in focus
Spot gold slipped 0.5% to $3,927.49 an ounce after an earlier session low of $3,893.31. "The dollar has been strengthening, and yields are going higher," said Phillip Streible of Blue Line Futures. Traders saw a 73% chance of a December rate hike, according to CME FedWatch, as investors awaited the midterm results for clues on fiscal policy. CNBC
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,568.92 | +27.52 | +0.36% |
| Nasdaq Composite^IXIC | 25,372.01 | +207.70 | +0.83% |
| Dow Jones^DJI | 51,786.72 | -197.26 | -0.38% |
| CBOE Volatility Index^VIX | 20.83 | -0.32 | -1.51% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 101.86 | +0.10 | +0.10% |
| Brent CrudeICE Jan '27 · 2:30 PM ET settle | $103.60 | -$1.17 | -1.12% |
| WTI CrudeNYMEX Dec '26 · 2:30 PM ET settle | $96.09 | -$0.37 | -0.38% |
| GoldCOMEX Dec '26 · 1:30 PM ET | $3,940.20 | -$29.30 | -0.74% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 4.03% | -2bp | -0.49% |
| 3-MonthT-bill | 4.21% | 0bp | +0.00% |
| 6-MonthT-bill | 4.26% | +1bp | +0.24% |
| 1-YearT-note | 4.40% | +2bp | +0.46% |
| 2-YearT-note | 4.61% | +2bp | +0.44% |
| 5-YearT-note | 4.74% | +4bp | +0.85% |
| 10-YearT-note | 4.95% | +4bp | +0.81% |
| 30-YearT-bond | 5.32% | +4bp | +0.76% |
Semiconductors led a partial reversal of Monday's rotation out of technology: the S&P 500 rose 27.52 points, or 0.36%, to 7,568.92 and the Nasdaq Composite 207.70 points, or 0.83%, to 25,372.01, while the Dow fell 197.26 points, or 0.38%, to 51,786.72 with Apple lower on its margin guidance, and the VIX eased 0.32 to 20.83, a 1.51% decline. Technology (+1.31%), Communication Services (+1.18%) and Industrials (+0.95%) led four advancing sectors, while Consumer Staples (-2.07%) and Materials (-2.01%) posted the steepest declines. Fiserv (+12.46%) led S&P 500 gainers after beating expectations and doubling its cost-savings target to $1 billion, ahead of Bloom Energy (+9.05%), DuPont (+8.61%), Revvity (+7.84%) and AppLovin (+7.28%). Gartner (-13.19%) was the weakest name, followed by Sysco (-9.33%), Zebra Technologies (-8.76%), Ball (-7.14%) and Archer-Daniels-Midland (-6.82%).
Crude extended Monday's decline in a volatile session: January Brent settled $1.17 lower at $103.60 and December WTI 37 cents lower at $96.09 after trading below $95, as Qatari mediation kept a diplomatic path in view even as Tehran said it would not accept diplomacy based on coercion. September JOLTS showed job openings little changed at 7.5 million, with hires at 5.4 million and quits rising to 3.4 million, a labor market that is neither tightening nor deteriorating. In rates, the 2-year rose 2bp to 4.61%, the 10-year rose 4bp to 4.95% and the 30-year rose 4bp to 5.32%, leaving 2s10s at 34bp (+2bp). The firmer dollar (DXY 101.86, +0.10) and higher yields pressured gold, which fell 0.74% to $3,940.20 (1:30 PM ET print), while CME FedWatch implied a 73% probability of a December rate hike.
Midterm results arrive overnight ahead of Wednesday's October ADP report at 8:15 AM, Treasury's quarterly refunding announcement and the September trade balance at 8:30 AM, and the October ISM Services PMI at 10:00 AM; the refunding sets the terms for next week's 3-, 10- and 30-year auctions. AMD gained after hours on results that beat estimates, a near-term test of the semiconductor rebound. Thursday carries weekly jobless claims and preliminary third-quarter productivity and costs at 8:30 AM, and Friday the October employment report at 8:30 AM, the preliminary November University of Michigan survey at 10:00 AM and remarks from Vice Chair for Supervision Bowman at 12:15 PM. With Apple adding memory costs to the list of AI-related margin pressures and crude still trading on Iran headlines, the post-election fiscal read and Friday's payrolls are the inputs most likely to move the December rate path.