Market Overview
U.S. stocks closed lower last week as the AI trade came under pressure. The Dow Jones Industrial Average closed at 51,770.31, down 0.85%. The Nasdaq Composite finished at 25,437.00, down 2.00%, while the S&P 500 closed at 7,580.07, down 0.57%.
The Federal Reserve held the federal funds target range at 3.75%-4.00% and upgraded its assessment of the economy. Third-quarter GDP grew at a 3.4% annualized pace versus expectations for 3.0%, while September headline PCE inflation rose to 3.6% year-over-year and Core PCE increased to 3.1%.
The AI trade lost leadership after mixed results from Alphabet and Amazon, while Intel fell nearly 29% on Friday. With more than half of S&P 500 companies reporting third-quarter results, earnings were on pace to rise 31.6%, but investors are focusing on whether AI spending is producing revenue, earnings and cash flow.
The congressional elections, earnings from Apple, AMD, Palantir and Qualcomm, Fed speakers and Friday’s employment report are the major catalysts. Data-center regulation concerns and labor-market reports will also be in focus.
Key Economic Releases & Notable Earnings
Monday, November 2
Earnings Before the Open
Check Point Software (CHKP), est. EPS 2.48
Cipher Mining (CIFR), est. EPS -0.25
Fox Corporation (FOXA), est. EPS 2.08
IDEXX Labs (IDXX), est. EPS 3.72
Tempus AI (TEM), est. EPS -0.09
Economic Releases
14:45 GMT, Final Manufacturing PMI, forecast 56.0 (prior 56.0)
15:00 GMT, ISM Manufacturing PMI, forecast 54.7 (prior 54.5)
15:00 GMT, Construction Spending m/m, forecast 0.3% (prior 0.9%)
15:00 GMT, ISM Manufacturing Prices, forecast 77.2 (prior 77.9)
Tentative, Loan Officer Survey
Earnings After the Close
Apple (AAPL), est. EPS $1.98 per share
Fabrinet (FN), est. EPS 4.19
Lattice Semiconductor (LSCC), est. EPS 0.55
onsemi (ON), est. EPS 0.88
Palantir Technologies (PLTR), est. EPS 0.41
Roku (ROKU), est. EPS 0.53
Apple reports its first earnings under CEO John Ternus. Wall Street expects year-over-year earnings growth of 7% to $1.98 per share on 11% revenue growth to $113.3 billion.
Tuesday, November 3
Earnings Before the Open
DigitalOcean (DOCN), est. EPS 0.32
Dynatrace (DT), est. EPS 0.49
Fiserv (FISV), est. EPS 1.72
Marathon Petroleum (MPC), est. EPS 25.37
Shopify (SHOP), est. EPS 0.47
Economic Releases
15:00 GMT, JOLTS Job Openings, forecast 7.11M (prior 7.08M)
15:00 GMT, Factory Orders m/m, forecast 1.2% (prior 0.1%)
RCM/TIPP Economic Optimism, forecast 46.2 (prior 46.8)
All Day, Omdia Total Vehicle Sales, forecast 15.9M (prior 16.0M)
All Day, Congressional Elections
Earnings After the Close
Advanced Micro Devices (AMD), est. EPS $1.94 per share
Amgen (AMGN), est. EPS 5.79
Arista Networks (ANET), est. EPS 1.08
Astera Labs (ALAB), est. EPS 1.19
Super Micro Computer (SMCI), est. EPS 1.20
Skyworks Solutions (SWKS), est. EPS 1.27
Wall Street expects AMD to post annual EPS growth of 62% to $1.94 on 42% revenue growth to $13.1 billion. Traders will focus on enterprise CPU demand, AI accelerators, server sales and the outlook for MI350 and MI450 products.
Wednesday, November 4
Earnings Before the Open
CVS Health (CVS), est. EPS 1.66
Datadog (DDOG), est. EPS 0.64
GlobalFoundries (GFS), est. EPS 0.51
McDonald’s (MCD), est. EPS 3.38
Uber (UBER), est. EPS 0.86
Economic Releases
13:15 GMT, ADP Non-Farm Employment Change, forecast 68K (prior 90K)
13:30 GMT, Trade Balance, forecast -107.9B (prior -105.6B)
14:45 GMT, Final Services PMI, forecast 57.9 (prior 57.9)
15:00 GMT, ISM Services PMI, forecast 54.9 (prior 54.9)
Earnings After the Close
AppLovin (APP), est. EPS 4.04
Arm Holdings (ARM), est. EPS 0.47
CAVA Group (CAVA), est. EPS 0.12
Qualcomm (QCOM), est. EPS 2.17
Snap (SNAP), est. EPS 0.00
Thursday, November 5
Earnings Before the Open
ConocoPhillips (COP), est. EPS 3.05
Cummins (CMI), est. EPS 8.21
Duke Energy (DUK), est. EPS 1.86
Parker-Hannifin (PH), est. EPS 8.21
The Cigna Group (CI), est. EPS 7.52
Economic Releases
10:30 GMT, Challenger Job Cuts y/y, prior -19.9%
13:30 GMT, Unemployment Claims, forecast 197K (prior 194K)
13:30 GMT, Prelim Nonfarm Productivity q/q, forecast 2.8% (prior 1.4%)
13:30 GMT, Prelim Unit Labor Costs q/q, forecast 0.3% (prior 1.2%)
15:30 GMT, Natural Gas Storage, prior 80B
Earnings After the Close
Airbnb (ABNB), est. EPS 2.85
Axon (AXON), est. EPS 1.89
Cloudflare (NET), est. EPS 0.34
DraftKings (DKNG), est. EPS -0.39
EOG Resources (EOG), est. EPS 4.47
Friday, November 6
Earnings Before the Open
Charter Communications (CHTR), est. EPS 9.51
Humana (HUM), est. EPS -1.00
Moderna (MRNA), est. EPS -1.10
Oklo (OKLO), est. EPS -0.27
Under Armour (UAA), est. EPS -0.01
Economic Releases
13:30 GMT, Average Hourly Earnings m/m, forecast 0.3% (prior 0.1%)
13:30 GMT, Non-Farm Employment Change, forecast 63K (prior 29K)
13:30 GMT, Unemployment Rate, forecast 4.2% (prior 4.2%)
15:00 GMT, Prelim UoM Consumer Sentiment, forecast 47.8 (prior 48.0)
15:00 GMT, Prelim UoM Inflation Expectations, prior 4.7%
20:00 GMT, Consumer Credit m/m, forecast 12.0B (prior 8.3B)
Earnings After the Close
No reports scheduled.
Dow Jones Price Forecast
Every new Dow Jones analysis as it publishes, today's technical signal and key levels, live price — on one page.
See all Dow Jones forecastsCentral Bank Activity
Thursday, November 5
Beth Hammack, Cleveland Fed President, 13:50 GMT
FOMC Member Barkin Speaks, 14:10 GMT
Friday, November 6
FOMC Member Williams Speaks, 09:30 GMT
FOMC Member Musalem Speaks, 14:10 GMT
FOMC Member Bowman Speaks, 17:15 GMT
Traders will monitor the speakers after the Fed held rates steady at 3.75%-4.00%, upgraded its assessment of the economy and continued to stress that inflation remains too high.
Technical Outlook
Weekly Dow Jones Industrial Average Index
Dow Jones: 51,770.31 (-0.85%), Support at 50,546.54, 52-week SMA 50,062.55, 49,900.81, 48,875.73, 45,678.06, 45,057.28, 43,538.41 and 36,611.78; Resistance at 52,645.44, 53,140.77 and 54,744.33.
Weekly Nasdaq Composite Index
Nasdaq: 25,437.00 (-2.00%), Support at 52-week SMA 24,648.77, 24,425.34, 24,206.50, 23,376.67, 21,253.39, 20,690.25, 19,726.62 and 14,784.03; Resistance at 25,684.95, 25,802.96, 26,074.05 and 27,722.75.
Weekly S&P 500 Index
S&P 500: 7,580.07 (-0.57%), Support at 7,507.77, 7,313.92, 7,237.85, 52-week SMA 7,207.06, 7,080.72, 6,900.46, 6,339.78, 6,316.91, 5,984.66 and 4,835.04; Resistance at 7,844.52.
All major indices remain above rising 52-week SMAs, confirming an intact long-term uptrend.
Outlook
The congressional elections, Apple and AMD earnings, reports from Palantir and Qualcomm, Fed speakers and Friday’s employment report will drive the week. Labor-market data will provide the next major read on job growth, wages and unemployment after the Fed cited resilient economic conditions and elevated inflation.
AI spending, capital expenditures, financing and free cash flow remain the key earnings issues. Strong results and evidence that AI spending is producing revenue could bring buyers back to technology, while weak guidance or renewed financing concerns could keep the Nasdaq under pressure and place its support levels in play.