Stock Market
As of Nov 3, the U.S. major indexes closed as follows: Dow Jones up 0.41% at 51983.98; S&P 500 declined 0.51% at 7541.40; NASDAQ declined 1.07% at 25164.32. The Dow held up better as technology shares came under pressure, while the broad market and the Nasdaq finished lower. The move reflected a split tape, with defensive and non-tech names faring better than high-valuation growth stocks.
Unusual-move stocks were concentrated in Chinese ADRs, small caps, and chip-related names, with several double-digit swings. Among the stronger moves, Infobird jumped 37.82% to $1.03, MindForge surged 37.60% to $11.49, Studio City International Holdings rose 25.59% to $0.98, and LightInTheBox climbed 24.49% to $2.72.
On the downside, Freight Technologies declined 21.94% to $0.84, Yatsen Holding fell 20.44% to $1.79, Silicon Motion Technology declined 9.94% to $187.90, and Cango fell 15.00% to $1.02.
Other notable gainers included Beyondspring up 25.18% at $0.81, Future FinTech up 12.67% at $3.29, Futu up 4.77% at $103.15, and XPeng up 5.86% at $9.57. The data also showed weakness in several education, software, and solar-related names, while some internet and consumer-platform stocks finished higher.
Chip and AI-linked large caps were broadly weaker, adding to the risk-off tone in growth stocks. NVIDIA declined 1.26% to $202.06, Apple fell 1.83% to $338.32, Advanced Micro Devices declined 7.52% to $466.84, Micron Technology fell 5.78% to $833.59, and Marvell Technology declined 12.72% to $171.41. Oracle fell 8.76% to $119.22, while Palantir declined 3.13% to $178.34.
The market action suggests investors remained sensitive to earnings quality, AI spending, and margin pressure.
Other Markets
U.S. 10-year Treasury yield fell by 0.00%, latest at 4.89%.
USD/CNH fell 0.0477%, at 6.71; USD/HKD rose 0.0000%, at 7.84.
U.S. Dollar Index rose 0.0098%, at 101.79.
WTI crude futures fell 0.10%, at 96.36 USD/bbl; COMEX gold futures fell 0.27%, at 3958.70 USD/oz.
Top News
1. Apple reported quarterly results that beat expectations, but management warned that rising costs could pressure margins. The company said revenue grew 12% and gross margin reached 47.9%, both slightly above estimates. Executives also said higher memory and storage costs, plus spending tied to Siri AI, are weighing on the outlook.
2. Palantir posted a record quarterly profit and raised guidance as U.S. commercial revenue overtook government revenue for the first time. The company reported profit of $1.13 billion and revenue of $2.31 billion, both ahead of expectations. Management said the rapid shift reflects stronger enterprise demand for its AI software stack.
3. The U.S. pushed a plan to restore Russian natural-gas sales to Europe through Ukraine as part of ceasefire negotiations. The proposal would involve a U.S. intermediary and could create commercial opportunities for American investors. European leaders, however, still oppose renewed dependence on Russian energy.
4. Trump signaled that renewed military strikes on Iran may not happen, while leaving room for a negotiated deal. He said he was not considering a strike after the midterms and suggested a settlement could happen. The comments came as U.S. and Iranian contacts continued through Qatari mediation.
5. Micron was flagged as a potential beneficiary of massive buybacks after restrictions linked to the Chips Act expire. The company could start major repurchases in December and may eventually buy back as much as $100 billion of stock. The report said shares had already been pressured by concerns over the durability of the memory-chip upcycle.
6. Marvell announced a large all-stock acquisition of Lumentum, reshaping both companies’ near-term market narratives. The deal was reported as a $115 billion transaction and sent Marvell lower while Lumentum also sold off sharply. Investors reacted to the scale of the acquisition and its implications for capital allocation.
7. Oracle disclosed plans to raise billions through bond and share sales, adding to investor concerns about spending and dilution. The company’s shares fell after the financing plan became public. The move came against a backdrop of heightened scrutiny over large AI-related capital expenditures.
8. Apple’s new chief executive John Ternus held his first earnings call, and the stock’s reaction reflected uncertainty about future growth. The company’s results were solid but not spectacular, and the market focused on whether pricing power can offset slower services growth. Analysts highlighted the premium valuation and the challenge of maintaining momentum.
9. Palantir said its sales cycles have shortened dramatically as customers move faster on sovereign AI adoption. Management said deals are now closing in days and weeks rather than months or years. The company framed the trend as evidence that enterprises want greater control over their AI infrastructure.
10. Reuters reported that the dollar weakened as oil prices fell and Treasury yields eased ahead of multiple macro catalysts. The move came as traders looked ahead to labor-market data and central bank decisions. Lower energy prices also helped cool inflation expectations.
Sources: Reuters, Dow Jones, public market data---Disclaimer: This content is for reference only and does not constitute investment advice.
