Nasdaq Futures Climb 0.53% to 28,686.50 as Brent Crude Sheds 4.4%; Apple Earnings and Midterm Elections Test Rebound

Mumbai, 2 November 2026: US equity futures advanced across all four benchmark contracts in the opening session on Monday, as a sharp retreat in crude oil prices and a bounce in semiconductor shares steadied sentiment following Friday’s heavy technology-led sell-off. Nasdaq-100 December futures rose 152.50 points, or 0.53%, to 28,686.50 as of 8:31 a.m. Eastern time, with a session range of 28,587.00 to 28,831.50 and volume of 136.46 thousand contracts.

Mini Dow Jones Industrial Average December futures added 199.00 points, or 0.38%, to 52,117.00, E-Mini S&P 500 December futures gained 24.50 points, or 0.32%, to 7,638.50, and E-mini Russell 2000 futures climbed 12.90 points, or 0.46%, to 2,834.20. Later premarket quotes showed the Dow contract up 0.42%, the S&P 500 contract up 0.46%, the Nasdaq-100 contract up 0.84% and the Russell 2000 contract up 0.68%.

Futures Rebound 0.53% as Brent Crude Slides 4.4% to $108.37

Brent crude, the international benchmark, tumbled 4.4% to $108.37 per barrel, while US West Texas Intermediate fell more than 4% to $99.31, pulling the US benchmark back below the $100 mark. The move followed reports that Iranian negotiators had left talks with Qatari mediators aimed at ending the war with the United States, with a draft proposal circulating and a follow-up meeting possible.

President Donald Trump told a broadcaster on Sunday that the United States had “had such a victory” and would “put it away very soon, one way or the other”, adding that it was “getting to be decision time” on whether to reach a deal with Tehran. Iran’s security chief criticised European governments over the economic fallout of the conflict, after German Chancellor Friedrich Merz said Europe had incurred more than €100 billion in additional energy costs over the past eight months.

Bullion and currency markets moved modestly. Gold futures edged up 0.30% to $3,910.60 an ounce, spot gold rose 0.10% to $3,901.84, and silver futures climbed 1.85% to $50.19 an ounce. The US Dollar Index spot was 0.54% lower at 101.4344. The 10-year Treasury yielded 4.91% to 4.92% and the 2-year yielded 4.59%. Bitcoin traded near $78,000, down 0.03% over 24 hours at $78,206 at one check. Among exchange-traded funds, the SPDR S&P 500 ETF Trust gained 0.34% to $758.32, the Invesco QQQ Trust advanced 0.61% to $694.73 and the SPDR Dow Jones Industrial Average ETF Trust rose 0.36% to $518.98.

Nasdaq Ends October Down 5.2% After 2.86% Friday Slide

The rebound follows a bruising close to October. The Nasdaq Composite fell 747.70 points, or 2.86%, to 25,437.00 at Friday’s close, against a previous close of 26,184.70, an open of 25,592.49, a day’s range of 25,177.33 to 25,673.00 and volume of 7,710,137,000 shares against an average of 8,049,397,187. The index’s 52-week range stands at 20,690.25 to 27,722.75. The tech-heavy benchmark lost 5.2% to 5.3% across October, its worst month since March 2025 and its worst single session since June.

The Dow Jones Industrial Average dropped 572.29 points, or 1.09%, to 51,770.31, against a previous close of 52,342.60, an open of 52,383.90, a range of 51,563.76 to 52,383.90 and volume of 659,029,846 against an average of 439,151,562; its 52-week range is 45,057.28 to 54,744.33.

The S&P 500 lost 140.32 points, or 1.82%, to 7,580.07, from a previous close of 7,720.39, an open of 7,631.07, a range of 7,527.56 to 7,637.48 and volume of 4,268,617,000; its 52-week range is 6,316.91 to 7,844.52. The Russell 2000 shed 47.38 points, or 1.66%, to 2,811.84, from a previous close of 2,859.22, with a range of 2,787.12 to 2,843.00 and a 52-week range of 2,303.46 to 3,069.71. The Dow still rose almost 2% across October as capital rotated towards defensive areas such as healthcare.

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Intel Drops 28.58% as Chipmakers Bleed Across the Board

Semiconductor and artificial-intelligence-linked names accounted for the heaviest losses. Intel closed at $65.76, down $26.31 or 28.58%, on volume of 455.599 million shares against a three-month average of 107.655 million, leaving a market capitalisation of $349.514 billion; the stock remains up 66.48% over 52 weeks within a range of $32.89 to $142.35.

Qualcomm fell 11.12% to $164.79, Advanced Micro Devices 10.88%, Marvell Technology 10.05%, Arm Holdings 9.97%, Broadcom 5.48%, Micron Technology 5.30%, ASML 6.55%, Applied Materials 7.49%, Lam Research 6.01%, KLA 5.69%, Texas Instruments 3.40%, Analog Devices 3.73%, NXP Semiconductors 2.40%, Seagate 7.98% and Western Digital 7.41%. Sandisk dropped 13.47% to $1,150.89 on volume of 17.47 million shares.

Elsewhere in technology, Datadog fell 11.50% to $235.27, AppLovin 10.36%, Palantir 6.27%, Oracle 6.37%, Dell 10.77%, Arista Networks 8.34% and Eaton 6.03%. Defensive and rate-sensitive names bucked the trend: Accenture rose 4.46%, Automatic Data Processing 2.71%, Intuit 2.99%, Adobe 0.85%, Monolithic Power 1.07% and Netflix 0.05%. In the Dow, Chevron added 1.75%, Merck 2.18%, Walmart 1.86%, Coca-Cola 1.36%, Procter & Gamble 0.61% and Visa 0.74%, while Caterpillar lost 3.81%, Goldman Sachs 3.58%, JPMorgan 1.90% and Honeywell 1.72%.

Marvell to Buy Lumentum for $115 Billion in All-Stock AI Deal

Marvell Technology agreed to acquire optical-components maker Lumentum in an all-stock transaction carrying an enterprise value of $115 billion, one of the largest corporate acquisitions of 2026. Lumentum shareholders will receive 4.5 Marvell shares for each Lumentum share, giving them approximately 33% ownership of the combined company.

Marvell expects the combination to expand its addressable market to $550 billion, generate more than $1 billion in annual cost synergies and add to earnings in the first year after closing. The deal is Marvell’s largest since its $10 billion purchase of Inphi in 2021; annual revenue has grown from $3 billion in fiscal 2021 to $8.2 billion in fiscal 2026.

Lumentum had earlier slipped 8.6% after reporting first-quarter fiscal 2027 results and flagging growth in pump lasers and optical circuit switches, alongside a second major optical win with purchase commitments above $5 billion and second-quarter guidance for a non-GAAP operating margin above 45%; the stock later traded up 2.47%. Marvell rose 1.24% before giving ground, closing at $196.40, down 10.05%, and trading at $193.25, down 1.60%, after hours.

Apple Reports Tonight as New CEO Faces First Quarter

Apple is scheduled to report fiscal fourth-quarter results after the closing bell, its first earnings call under chief executive John Ternus, who replaced Tim Cook on 1 September. Consensus estimates point to revenue of $113.6 billion and net income of $29.2 billion, with earnings per share of $1.99 on sales of $113.4 billion under a second consensus set, against $1.85 and $102.46 billion a year earlier, implying growth of 8% and 11%. The iPhone 18 Pro went on preorder on 16 October and on sale on 23 October, falling outside the fiscal quarter.

Apple has increasingly traded as a hedge against the AI trade: on the 46 days this year when the Philadelphia Semiconductor Index fell 2% or more, Apple rose on 30, roughly two in three, compared with about one in six from 1994 through last year. Its correlation with the chip index turned negative in July and reached a record low in September. Apple shares were little changed premarket at $344.61, down 0.01%, after falling 1.23% on Friday; the stock found support at its 50-day moving average, just below a $345.34 buy point.

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Palantir, AMD and Qualcomm Lead Heavy Earnings Calendar

Palantir Technologies reports after the close, with analysts expecting earnings per share of $0.41 on revenue of $2.18 billion and net income of $969 million; the stock rose 1.47% premarket. Advanced Micro Devices reports on Tuesday, while McDonald’s and Qualcomm report later in the week. Other names due include Shopify, Lumentum, Arista Networks, SharkNinja, Cloudflare, Amgen and Ethos Technologies.

Last week’s reports set a punishing tone: Alphabet fell 13.5% across Thursday and Friday after missing on both revenue and profit, and Amazon slid roughly 7% on a double miss. Intel’s beat was overshadowed by weakness in PC sales tied to higher memory costs.

With 60% of S&P 500 companies reported, more than 80% have beaten estimates, though by smaller margins than in recent years, and the blended earnings growth rate stands above 30%. Separately, a major investment bank lowered its Alphabet price target to $365 from $371 while retaining an overweight rating, and upgraded British American Tobacco to buy with a 5,600 pence target, implying 22% upside.

Regeneron Jumps 13.33% as CDNA, FDXF and MEOH Surge

Regeneron Pharmaceuticals led gainers, rising $109.12, or 13.33%, to $927.89 on volume of 2.871 million shares against an average of 733,951, for a market capitalisation of $95.988 billion at a price-to-earnings ratio of 20.54; the stock is up 44.47% over 52 weeks within a range of $591.52 to $935.35. CareDx climbed 22.22% to $87.41 on volume of 3.555 million against an average of 1.306 million, extending a 52-week gain of 491.81%. FedEx Freight Holding rose 14.91% to $126.04, Methanex 14.04% to $71.57 and Cavco Industries 13.11% to $619.00.

Global Payments jumped 12.97% to $96.84 on volume of 16.727 million shares against an average of 2.707 million, amid reports of take-private interest from private equity firms. BrightSpring Health gained 11.08%, GoDaddy 10.72%, Olin 9.66%, Intapp 7.95%, Cadeler 7.76%, Hilton Grand Vacations 7.64%, Rocket Companies 7.38% on volume of 54.384 million, Mohawk Industries 7.25%, CoStar 7.21%, AstraZeneca 7.02% to $186.65 for a market value of $289.477 billion, Miami International 6.97%, Globant 6.96%, Cboe 6.77% to $335.53, Veralto 6.77%, Spotify 6.50% to $593.44, T-Mobile US 6.21% to $156.44, Rivian 6.20%, AutoNation 6.08% and Columbia Sportswear 6.04%.

Reddit Sinks 29.22% and Illumina 18.64% in Broad Sell-Off

Reddit posted the steepest decline, falling $37.87, or 29.22%, to $91.73 on volume of 33.412 million shares against an average of 6.085 million, for a market capitalisation of $17.712 billion and a 52-week decline of 55.25% within a range of $89.28 to $263.50.

Credit Acceptance dropped 19.26% to $464.89, Illumina 18.64% to $235.99 on volume of 5.39 million against an average of 2.8 million, and Roblox 18.05% to $42.99 for a market value of $30.769 billion. Bright Horizons fell 17.92%, TFI International 17.08%, Bullish 16.05%, Aura Minerals 15.43%, Twilio 15.24

% to $205.03, SkyWest 14.72%, 10x Genomics 14.03%, Applied Optoelectronics 12.80%, Twist Bioscience 11.92%, Galaxy Digital 11.75%, Penguin Solutions 11.67%, Tower Semiconductor 11.41%, Coherent 11.34%, ASE Technology 11.34%, Iovance 11.30%, Csquare 11.10% and Astera Labs 10.93% to $258.70.

Friday’s session had already delivered sharp moves: ServiceNow fell 26.95%, Alnylam 25.13% and Fortinet 20.09%, while Carvana gained 15.68%, Insmed 15.07% and Chipotle 8.88%. Bloom Energy dropped 11.24% after posting negative free cash flow, and telecom names sank after reports that SpaceX was seeking at least 80,000 cell towers, with AT&T down nearly 8% and T-Mobile more than 7%.

Midterms and 65,000 Payroll Forecast Anchor the Week

Tuesday’s midterm elections dominate the political calendar, with polls suggesting Democrats will retake the House of Representatives while Senate control remains uncertain. Friday’s employment report follows, with consensus at 65,000 jobs created versus 29,000 previously and unemployment steady at 4.2%. JOLTS openings are forecast at 7.13 million against 7.079 million, ADP hiring at 80,000 against 90,000, and ISM services at 54.8.

Monday’s ISM manufacturing index is projected at 54.6 against 54.5, with the employment gauge at 52.7. The employment cost index is seen at 0.7% to 0.8% against 0.9%, the Chicago PMI at 56 against 58.8, third-quarter GDP at 3.2% against 2.2%, and core PCE at 0.3% month-on-month and 3.1% year-on-year.

The Federal Reserve is widely expected to hold the funds rate at 3.75% to 4.00% at its October meeting, with markets pricing a 72.9% probability of a hike after the December meeting and only a 9.4% chance of a move this month under Chair Kevin Warsh.

University of Michigan year-ahead inflation expectations sit at 4.7%, a five-month high, while the composite PMI stands at 57.6 and October consumer sentiment was revised up to 48.0. Analysts have flagged pharmaceuticals, housing and AI data centres as sectors likely to draw Washington attention regardless of Tuesday’s outcome.

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SpaceX Boost Mobile Talks Lift EchoStar 5% PreMarket

SpaceX is reportedly exploring an acquisition of Boost Mobile or access to its network as it seeks entry to the US wireless market, valued at roughly $235 billion.

Verizon, AT&T and T-Mobile have reportedly rejected requests to use their networks, and SpaceX has since held discussions with EchoStar, Boost Mobile’s parent, about a partnership or acquisition. EchoStar closed at $96.94, down 0.72%, and traded at $101.47, up 4.67%, premarket; Crown Castle had earlier jumped 9.06% on reports of advanced talks with SpaceX over leasing tens of thousands of towers.

In premarket equity moves, CrowdStrike rose 3.4% after an upgrade to buy, with Palo Alto Networks up 2% in sympathy, and Rivian gained 3.8% on an upgrade. SpaceX itself rose 3.2%, AMD 2.2%, Nvidia 1.5%, Micron 2.7%, CoreWeave 2.4% and Nebius 3%, while the Roundhill Memory ETF gained nearly 4%, the iShares Semiconductor ETF about 2% and the Roundhill Magnificent Seven ETF 0.5%. Ryanair rose 0.73% after second-quarter earnings per share of $3.54 against $3.49 on revenue of $6.56 billion against $6.47 billion. United States Lime & Minerals fell 1.08% after earnings per share of $1.32 against $1.48 on revenue of $106.19 million against $122.00 million, while Inovio Pharmaceuticals surged 217.90% after accelerated approval for Voceryq.

Bitcoin Holds Near $78,000 After $6.3 Billion Binance Hack

Cryptocurrency markets showed signs of stabilisation after Binance reported a hack affecting more than $6 billion in holdings, described by investigators as the largest crypto hack in history at $6.3 billion. Binance said it would restore withdrawals and had covered about 90% of affected funds.

Strategy and Circle Internet pointed higher premarket, while Coinbase slipped about 1%. Crypto-linked equities remained among the weakest performers of the prior session, with Strategy down 7.84%, Galaxy Digital down 11.75% and Bullish down 16.05%.

UK Manufacturing Hits Two-Year High as Ifo Rises to 90.2

UK manufacturing output expanded at its fastest pace in more than two years in October, according to S&P Global Purchasing Managers’ Index data, with output and new orders accelerating, confidence about the year ahead at an eight-month high and a six-month run of increased hirings coming to a halt as cost pressures and supply disruption stayed elevated.

Germany’s Ifo business climate index rose to 90.2 against expectations of 90.0, its sixth consecutive monthly increase. The Euro Stoxx 50 gained 0.62% premarket, led by travel, automobile, healthcare and bank stocks. Japan’s Nikkei 225 closed 0.80% lower as chip names declined, with the Nikkei Volatility Index down 9.91% at 34.46; the Bank of Japan is expected to hold its benchmark rate at 1.25%. China’s Shanghai Composite added 0.19% as the ruling party opened a four-day plenum.

Tesla FSD Rollout and Broadridge NYSE Link Lead Corporate Updates

Tesla traded 0.9% weaker as attention turned to Full Self Driving software version 14.3.13, now installed on more than 30% of the fleet, with early user reports describing it as a regression, including a crash during an unprotected left turn and missed braking for small obstacles.

Broadridge Financial Solutions edged up 0.4% after saying its on-chain governance tools and digital transfer agency services will plug directly into the New York Stock Exchange’s tokenised securities platform, subject to regulatory approval.

L3Harris Technologies reported third-quarter net income of $632 million and earnings per share of $3.28 on revenue of $6.06 billion, ahead of forecasts, with a record backlog and a book-to-bill ratio of 3.2 times. HCA Healthcare posted revenue growth of 3.6% and diluted earnings per share growth of 4.5%, flagging a payer mix shift that reduced pre-tax income by about $400 million.

Chevron and TotalEnergies reshuffled offshore interests, with TotalEnergies taking a 25% working interest in 26 Chevron-operated US exploration leases. CoreWeave expanded capacity in Denmark and extended its AI network into the Middle East and Asia Pacific, while Visa secured approval from the People’s Bank of China to prepare a domestic bank card clearing business tied to cross-border payments and Weixin Pay.

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Marvell (MRVL) and Regeneron (REGN) Profiles: Two Divergent Earnings Outcomes

Marvell Technology, ticker MRVL, is headquartered in Wilmington, Delaware, and designs custom silicon, electro-optics, switches and storage controllers for data centres, carrier networks and enterprise infrastructure.

The company’s shares closed at $196.40, down 10.05%, and traded at $193.25, down 1.60%, after hours. Regeneron Pharmaceuticals, ticker REGN, is based in Tarrytown, New York, and develops medicines in ophthalmology, immunology, oncology and cardiovascular disease, including Eylea and Dupixent. Its shares closed at $927.89, up 13.33%, extending a 52-week gain of 44.47% within a range of $591.52 to $935.35 and a market capitalisation of $95.988 billion.

Monday’s session is framed by four dated markers: Apple and Palantir results after the close, Tuesday’s midterm vote, Friday’s 65,000 payrolls consensus with 4.2% unemployment, and the $108.37 Brent and $99.31 WTI levels that triggered the premarket bid. Reference points for tracking the rebound include the 28,686.50 Nasdaq-100 futures mark, the 4.91% ten-year yield, the $78,000 bitcoin level and the $115 billion Marvell-Lumentum transaction, each of which shapes how the session’s risk tone develops through the week.