Nasdaq Jumps 0.61% to 25,317 as Chip Stocks Rebound Ahead of AMD Earnings, Dow Slips 0.61% on Apple Margin Warning

Mumbai, 3 November 2026: The Nasdaq Composite (^IXIC) advanced 152.67 points, or 0.61%, to 25,317.04 as of 9:40:54 AM EST, while the Dow Jones Industrial Average (^DJI) declined 315.92 points, or 0.61%, to 51,668.06 and the S&P 500 (^GSPC) added 17.36 points, or 0.23%, to 7,558.76 in a sharply mixed opening session. The tech-heavy index found support from a rebound in semiconductor shares, whereas the price-weighted Dow came under pressure from a steep decline in Apple (AAPL) following its quarterly report.

The Russell 2000 (^RUT) slipped 5.97 points, or 0.21%, to 2,805.88. Trading volumes reflected cautious positioning ahead of midterm election results and Advanced Micro Devices’ (AMD) earnings release after the closing bell, with Nasdaq volume at 1,141,859,000 shares against an average of 8,018,579,375.

Nasdaq Gains 0.61% as Chip Stocks Rebound 3-5% Ahead of AMD Results

The Nasdaq Composite opened at 25,246.63, reached a day’s high of 25,332.81 and a low of 25,246.63, trading within a 52-week range of 20,690.25 to 27,722.75. The index’s gain was powered by a broad recovery in semiconductor names that had sold off in the prior session. Micron Technology (MU) jumped 3.86%, Advanced Micro Devices (AMD) climbed 4.55%, Applied Materials (AMAT) rose 2.81%, Lam Research (LRCX) added 3.02%, Texas Instruments (TXN) gained 2.86%, Arm Holdings (ARM) advanced 2.60% and Analog Devices (ADI) rose 3.25%. Nvidia (NVDA) gained 3.11% and Broadcom (AVGO) rose 3.29%, while Intel (INTC) added 3.24% and ASML (ASML) climbed 2.64%. KLA Corp (KLAC) rose 2.17%.

The chip sector rebound followed three consecutive sessions of losses that had pushed the Nasdaq Composite lower each day. The index had closed at 25,164.36 on Monday, down 1.07%, as investors rotated out of technology stocks amid disappointing earnings reports. The bounce on Tuesday reflected positioning ahead of AMD’s third-quarter results, due after the market close, with analysts expecting earnings of $1.95 per share on revenue of $13.1 billion. AMD shares had lost nearly 20% of their value over the previous three sessions before Tuesday’s 4.55% gain. Intel shares, which had fallen 37% during their three-day slump, rose 4.25% in morning trading.

The Nasdaq-100 heatmap showed broad-based gains across semiconductor and hardware names, with Seagate Technology (STX) up 3.59%, Western Digital (WDC) up 4.55% and Monolithic Power Systems (MPWR) among the top performers. However, the gains were capped by declines in several large-cap technology and consumer names. Shopify (SHOP) plunged 9.00% after reporting third-quarter revenue of $3.74 billion, missing consensus estimates of $3.75 billion for the first time since 2022, while subscription revenue of $836 million fell short of the $850.2 million estimate. Gross merchandise volume came in at $119.15 billion against an estimate of $120.08 billion. Palantir Technologies (PLTR) fell 4.05% despite beating third-quarter estimates with earnings of $0.44 per share on revenue of $2.31 billion versus expectations of $0.41 and $2.18 billion, as new contract growth slowed. Adobe (ADBE) declined 2.89%, Intuit (INTU) fell 2.53%, Synopsys (SNPS) dropped 3.12% and Cadence Design Systems (CDNS) lost 4.57%.

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Dow Falls 315.92 Points as Apple Slips 2.97% on Margin Warning

The Dow Jones Industrial Average opened at 51,932.63, reached a low of 51,663.40 and remained below its previous close of 51,983.98 throughout the early session. The index’s decline was driven primarily by Apple (AAPL), which fell 2.97% after the company reported fiscal fourth-quarter earnings of $2.10 per share on revenue of $114.5 billion, beating estimates of $1.99 per share on revenue of $113.4 billion. However, Apple’s gross margin forecast of 45% to 46% for the current quarter disappointed investors, with executives pointing to a sequential decline in gross margins driven largely by memory costs. The stock was on pace to open at its lowest level since 10 September 2026. Apple shares had been up about 25% this year through Monday’s close.

The Dow’s price-weighted structure amplified the impact of Apple’s decline, as a stock trading near $325 carries significant influence on the index. International Business Machines (IBM) fell 2.69%, Salesforce (CRM) dropped 4.42%, Home Depot (HD) declined 2.02%, McDonald’s (MCD) fell 1.59%, Nike (NKE) dropped 2.03%, Visa (V) declined 1.25% and Walmart (WMT) fell 1.53%. Chevron (CVX) slipped 0.36% as oil prices retreated from Monday’s surge. On the upside, Nvidia (NVDA) gained 3.26%, Microsoft (MSFT) added 0.56%, Cisco Systems (CSCO) rose 1.25%, Amazon (AMZN) gained 0.56%, Caterpillar (CAT) advanced 1.31% and Goldman Sachs (GS) added 0.15%.

The Dow’s 52-week range stands at 45,057.28 to 54,744.33, with the index currently trading below its previous close but well above its annual low. The divergence between the Dow and the Nasdaq reflected the market’s rotation away from consumer and industrial names toward semiconductor stocks. The Dow Jones Industrial Average heatmap showed technology and communication services as the leading sectors, while consumer cyclical and consumer defensive names lagged.

S&P 500 Adds 0.23% as Tech 0.23% Gain Offsets Staples 1.4% Drop

The S&P 500 opened at 7,552.92, reached a high of 7,562.45 and a low of 7,545.39, trading within a 52-week range of 6,316.91 to 7,844.52. The broad-market index added 17.36 points, or 0.23%, to 7,558.76, as gains in semiconductor and industrial names offset declines in consumer staples and financials. The S&P 500 heatmap showed Nvidia (NVDA) up 3.26%, Broadcom (AVGO) up 3.74%, Micron (MU) up 4.07%, AMD up 5.14%, Oracle (ORCL) up 2.96%, Dell Technologies (DELL) up 4.56% and Applied Materials (AMAT) up 3.33%. Sandisk (SNDK) surged 6.54%, Western Digital (WDC) gained 4.96% and Seagate (STX) rose 4.12%.

However, the index’s advance was limited by significant declines in several sectors. Salesforce (CRM) fell 4.42%, Accenture (ACN) dropped 4.16%, IBM declined 2.69%, Home Depot fell 2.02%, McDonald’s lost 1.59%, Lowe’s (LOW) declined 1.73% and Nike (NKE) dropped 2.03%. Consumer staples names were broadly lower, with Walmart (WMT) down 1.37%, Costco (COST) down 1.40%, Procter & Gamble (PG) down 0.84%, Coca-Cola (KO) down 1.46% and PepsiCo (PEP) down 1.40%. In healthcare, Merck (MRK) fell 1.27%, Johnson & Johnson (JNJ) declined 0.30% and Abbott Laboratories (ABT) dropped 0.65%, while Eli Lilly (LLY) gained 1.35%, AbbVie (ABBV) rose 0.46% and Pfizer (PFE) added 0.68%.

Industrial names showed strength, with GE Aerospace (GE) up 1.40%, Caterpillar (CAT) up 1.31%, GE Vernova (GEV) up 5.40%, Eaton (ETN) up 6.35% and Parker-Hannifin (PH) up 0.93%. The energy sector was mixed, with Exxon Mobil (XOM) down 0.02%, Chevron (CVX) down 0.36% and ConocoPhillips (COP) down 0.07%. The S&P 500’s average volume stands at 5,096,816,250, with Tuesday’s early volume at 246,979,764.

Technology Leads Gains 0.23% as Consumer Staples Fall 1.4%

The technology sector led gains in the S&P 500, with semiconductor and hardware names outperforming as Nvidia (NVDA) rose 3.26%, Broadcom (AVGO) gained 3.74%, Micron (MU) climbed 4.07% and AMD advanced 5.14%. Communication services were mixed, with Meta Platforms (META) up 0.91%, Alphabet (GOOGL) down 0.08% and Netflix (NFLX) down 0.31%.

Consumer cyclical stocks came under pressure, with Home Depot (HD) down 2.02%, McDonald’s (MCD) down 1.59% and Nike (NKE) down 2.03%, as Apple’s margin warning weighed on the broader consumer discretionary space. Consumer defensive names were broadly lower, with Walmart (WMT) down 1.37%, Costco (COST) down 1.40%, Procter & Gamble (PG) down 0.84%, Coca-Cola (KO) down 1.46% and PepsiCo (PEP) down 1.40%, dragging the staples sector down roughly 1.4%. Financials were mixed, with JPMorgan Chase (JPM) down 0.35%, Visa (V) down 1.25% and Mastercard (MA) down 1.40%, while Goldman Sachs (GS) added 0.15% and Morgan Stanley (MS) rose 0.09%.

The energy sector was little changed, with Exxon Mobil (XOM) down 0.02%, Chevron (CVX) down 0.36% and ConocoPhillips (COP) down 0.07%. Healthcare was mixed, with Merck (MRK) down 1.27% and Johnson & Johnson (JNJ) down 0.30%, while Eli Lilly (LLY) gained 1.35%, AbbVie (ABBV) rose 0.46% and Pfizer (PFE) added 0.68%. Industrials gained, led by GE Aerospace (GE) up 1.40%, Caterpillar (CAT) up 1.31%, GE Vernova (GEV) up 5.40% and Eaton (ETN) up 6.35%. The sector rotation reflected a shift away from consumer-facing names toward semiconductor and industrial stocks, with Apple’s gross margin forecast of 45% to 46% acting as the primary trigger for weakness in consumer staples and cyclical shares.

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Early Gainers: Aehr Surges 19.12%, Fabrinet Jumps 14.94%, Neurocrine Rises 14.21%

Among the top gainers in early trading, Aehr Test Systems (AEHR) surged 19.12% to $61.31, Fabrinet (FN) jumped 14.94% to $361.30, Neurocrine Biosciences (NBIX) rose 14.21% to $165.95, Sportradar Group (SRAD) climbed 14.06% to $14.68, and Graphic Packaging Holding (GPK) gained 13.13% to $10.56. Lattice Semiconductor (LSCC) advanced 12.09% to $106.97, Beta Technologies (BETA) rose 11.92% to $22.81, Revvity (RVTY) added 11.55% to $169.21, Advanced Energy Industries (AEIS) gained 9.51% to $237.85, and FormFactor (FORM) climbed 9.07% to $95.22.

Penguin Solutions (PENG) rose 8.95% to $51.75, Bloom Energy (BE) advanced 8.79% to $213.50, Twist Bioscience (TWST) also gained 8.79% to $140.38, while Fiserv (FISV) climbed 8.70% to $56.45. SiTime (SITM) added 8.45% to $453.20, Galaxy Digital (GLXY) rose 8.40% to $15.82, Astera Labs (ALAB) gained 8.38% to $248.91, and TransAlta (TAC) advanced 8.28% to $13.80.

AbCellera Biologics (ABCL) gained 8.05% to $12.02, Regal Rexnord (RRX) climbed 8.02% to $173.93, Cipher Digital (CIFR) advanced 7.65% to $7.39, Navitas Semiconductor (NVTS) rose 7.57% to $8.53, Talen Energy (TLN) added 7.14% to $356.76, and Boise Cascade (BCC) gained 7.12% to $80.32. GRAIL (GRAL) also advanced 6.79% to $142.84.

Early Losers: Stevanato Plunges 27.07%, Gartner Drops 19.13%, Paymentus Falls 13.09%

Among the top losers in early trading, Stevanato Group (STVN) plunged 27.07% to $14.44, followed by Gartner (IT), which dropped 19.13% to $190.45. Paymentus Holdings (PAY) declined 13.09% to $30.41, while Dynatrace (DT) fell 11.26% to $48.95, Thomson Reuters (TRI) slipped 11.11% to $108.67, and Zebra Technologies (ZBRA) lost 10.99% to $321.44. Shopify (SHOP) tumbled 9.56% to $141.28, Rhythm Pharmaceuticals (RYTM) dropped 8.98% to $85.05, Leidos Holdings (LDOS) declined 8.73% to $131.59, and Travere Therapeutics (TVTX) fell 8.10% to $45.27.

Lindblad Expeditions (LIND) shed 7.76% to $33.82, while Ball Corporation (BALL) declined 6.91% to $63.37 and CVR Energy (CVI) dropped 6.65% to $52.08. EPAM Systems (EPAM) fell 5.77% to $135.57, Global-E Online (GLBE) lost 5.76% to $40.51, Match Group (MTCH) declined 5.55% to $39.74, and Apollo Global Management (APO) dropped 5.45% to $113.04. Monday.com (MNDY) slipped 5.47% to $90.05, while Wix.com (WIX) declined 5.39% to $70.91 and NICE (NICE) fell 5.22% to $106.52.

DXC Technology (DXC) lost 4.98% to $14.02, while Sysco (SYY) declined 4.82% to $77.77. Accenture (ACN) dropped 4.48% to $249.30, Cabot Corporation (CBT) fell 4.54% to $72.29, and Salesforce (CRM) declined 4.16% to $216.76.

Apple Falls 2.97% After Q4 Beat Fails to Offset Margin Concerns

Apple (AAPL) reported fiscal fourth-quarter revenue of $114.5 billion and net profit of $30.7 billion, both ahead of Wall Street’s expectations as measured by Visible Alpha’s survey of analysts. Earnings per share came in at $2.10 versus estimates of $1.99, while revenue exceeded the $113.4 billion consensus.

Chief Executive Officer John Ternus cited “an incredible lineup to carry us into the holiday season,” though executives pointed to a sequential decline in gross margins driven largely by memory costs. The company’s gross margin forecast of 45% to 46% for the current quarter fell short of investor expectations, sending shares down 2.97% to around $325.20 in morning trading.

Apple’s iPhone sales remained robust, demonstrating resilient consumer demand despite macroeconomic pressures. However, the company reported misses in Greater China revenue and iPad sales, which fell short of Street estimates in the fiscal fourth quarter.

The stock’s decline weighed on the Dow Jones Industrial Average, where Apple is a significant component, and contributed to the index’s 0.61% drop. Apple shares had gained about 25% this year through Monday’s close, outperforming the broader market, but the margin warning raised questions about the company’s ability to maintain profitability amid rising component costs.

Palantir Slips 4.05% Despite Q3 Beat as Contract Growth Slows

Palantir Technologies (PLTR) reported third-quarter revenue and profits that beat Wall Street estimates, with earnings of $0.44 per share on revenue of $2.31 billion versus expectations of $0.41 and $2.18 billion. The company also raised its full-year revenue outlook and achieved a milestone as its US commercial business surpassed US government sales for the first time ever.

Chief Executive Officer Alex Karp said during the earnings call, “We’ve gone from being the most attractive person in the physics department to being the captain of the football team.” Despite the strong results, Palantir shares fell 4.05% as new contract growth slowed, extending a losing streak to six sessions after breaking their 50-day moving average line on Monday. The stock was on pace for its sixth consecutive decline.

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Shopify Plunges 9.00% as Q3 Revenue and GMV Miss Estimates

Shopify (SHOP) stock plunged 9.00% after the cloud-based e-commerce platform reported third-quarter results that missed the mark on several key metrics. Revenue of $3.74 billion came in just shy of consensus estimates of $3.75 billion for the first time since 2022. Subscription revenue of $836 million also missed Wall Street expectations of $850.2 million, raising concerns about growth in its main recurring-revenue business.

Gross merchandise volume, or the total dollar value of orders sold through Shopify’s platform, was $119.15 billion, falling short of estimates of $120.08 billion. Adjusted earnings per share of $0.49 topped estimates of $0.48. The stock’s decline weighed on the Nasdaq-100 and the S&P 500.

Midterm Elections and AMD Earnings Loom as Markets Brace for Volatility

Investors are turning their attention toward the midterm elections on Tuesday, where prediction markets see a nearly 75% likelihood of Democrats taking the Senate and a 95% chance of retaking the House. A sweep of both chambers by Democrats could weigh on the broader market on Wednesday and spark a sell-off in artificial intelligence stocks especially, as investors have not firmly positioned for that outcome.

If Republicans retain control of the Senate or both chambers, however, the market may see gains in the short term. Even with President Donald Trump in the White House, a victory by Democrats in either the House or Senate could shape investigations and oversight in Washington, which is key for industries like defence, AI and healthcare.

Advanced Micro Devices (AMD) will report earnings after the closing bell, giving investors another glimpse of AI demand at a precarious time for the artificial intelligence trade. As Intel’s stock demonstrated last week, the market’s reaction is likely to depend as much on fourth-quarter guidance as on the company’s top- and bottom-line results in the most recent quarter.

AMD shares gained 4.55% in morning trading ahead of the release. Other earnings reports set for after the market close include Amgen (AMGN), Arista Networks (ANET), Astera Labs (ALAB), Block (XYZ), Booking Holdings (BKNG) and Super Micro Computer (SMCI).

Treasury Yield Hits 4.91% as Oil Retreats to $95.15 Per Barrel

The yield on the 10-year Treasury, which affects the interest rates charged on all sorts of consumer loans, ticked higher to 4.91%, while the 2-year Treasury yielded 4.59%. The 30-year Treasury yield stood at 5.2815%. The CME Group’s FedWatch tool projections show markets pricing in a 75.2% likelihood of the Federal Reserve hiking interest rates after its December meeting.

West Texas Intermediate crude oil futures were down 1.4% at $95.15 per barrel in recent trading, after the US benchmark plunged 8% on Monday amid hopes that the US would seek a diplomatic solution to the Iran war rather than launch new strikes after the midterms.

Gold futures were little-changed at $3,965 an ounce following a surge on Monday after the precious metal hit its lowest level since September of last year on Friday. Bitcoin was holding steady at $77,100.

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JOLTS Report Due at 10:00 AM ET with 7.1 Million Openings Expected

The Labor Department will release its Job Openings and Labor Turnover Survey (JOLTS) report, providing details about the level of job openings, hires and quits in the US. September’s JOLTS job openings and September’s factory orders data will both be released by 10:00 AM ET, with economists expecting 7.1 million job openings.

After that come ISM services and ADP data on Wednesday, then October payrolls on Friday. The data will provide further clarity on the health of the labour market and the trajectory of inflation, which has implications for Federal Reserve policy.

Market participants will monitor the JOLTS report at 10:00 AM ET for labour market signals, AMD’s earnings after the close for AI demand cues, and midterm election results for potential policy shifts affecting healthcare, housing and AI infrastructure. The 10-year Treasury yield at 4.91% and oil prices near $95 remain key macro variables, while Apple’s margin trajectory and semiconductor guidance warrant attention in the sessions ahead.