The S&P 500 Index ($SPX) (SPY) closed up +0.36% on Tuesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed down -0.38%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.68%. December E-mini S&P futures (ESZ26) rose +0.36%, and December E-mini Nasdaq futures (NQZ26) rose +0.70%.
US stock indexes settled mixed on Tuesday, as the broader market rose as chipmakers and AI-infrastructure stocks rebounded from Monday’s sharp losses. Market sentiment also improved after crude oil prices erased overnight gains and turned lower on reports of US-Iran diplomacy, when the Al Araby news service reported that the US approved a draft memorandum of understanding the Qatari delegation presented to Iran. Stocks also found support on signs of strength in the US economy after Sep JOLTS job openings and Sep factory orders rose more than expected.
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On the negative side, weakness in software stocks kept the Dow Jones industrials in negative territory. Also, shares of Apple fell -1.9% after the company’s Q4 results disappointed on key metrics, including China revenue. Trading activity was subdued ahead of the results of US midterm elections on Tuesday, which will determine control of Congress.
US Sep JOLTS job openings rose +333,000 to a 4-month high of 7.523 million, showing a stronger labor market than expectations of 7.164 million.
US Sep factory orders rose by +1.8% m/m, stronger than expectations of +1.2% m/m and the largest increase in 5 months.
Dec WTI crude oil prices (CLZ26) gave up an overnight advance of more than +1% and fell to a 2-week low on Tuesday after President Trump downplayed the chances of escalating the war with Iran, saying he’s not looking to kill tons of people in Iran. Also, the Al Araby news service reported the US approved a draft memorandum of understanding that the Qatari delegation presented to Iran. Crude prices initially moved higher in overnight trade on fears of renewed escalation of the US-Iran conflict after the Wall Street Journal reported that the US attacked Iran's Qeshm Island at the mouth of the Strait of Hormuz late Monday.
Despite the ongoing US-Iran conflict, oil supplies are still leaving the Middle East. Combined exports from Saudi Arabia, the United Arab Emirates, Iraq, and Kuwait climbed by 10% to 15.53 million bpd in October, putting them roughly in line with levels shipped at the start of the year, according to tanker-tracking data compiled by Bloomberg.
Stocks are supported by the prospect of solid quarterly earnings. According to data compiled by Bloomberg Intelligence, Q3 S&P 500 earnings are expected to climb by +31% from a year earlier, up from a July estimate of 22%. As of Tuesday, 341 of the S&P 500 companies have reported results, with 83% beating estimates.
Overseas stock markets settled lower on Tuesday. The Euro Stoxx 50 closed down -0.51%. China’s Shanghai Composite fell to a 1-week low and closed down -0.82%. Japan's Nikkei-225 Stock Average did not trade, as markets in Japan were closed for the Culture Day holiday.
Interest Rates
December 10-year T-notes (ZNZ6) closed down by -11.5 ticks on Tuesday. The 10-year T-note yield rose +3.1 bp to 4.944%. T-note prices were under pressure Tuesday as stocks recovered, reducing safe-haven demand for T-notes. Losses in T-notes accelerated Tuesday on signs of US economic strength after Sep JOLTS job openings and Sep factory orders rose more than expected.
The markets are now pricing in a 78% chance of a +25 bp rate hike at the FOMC’s next meeting on December 8-9.
European government bond yields moved higher on Tuesday. The 10-year German bund yield rose +3.8 bp to 3.330%. The 10-year UK gilt yield rose +5.9 bp to 5.261%.
ECB Governing Council member Dimitar Radev said the ECB's decision last month to leave interest rates unchanged doesn't mean they won't be lifted further, and "if incoming data confirm inflationary pressures are becoming more persistent, further rate increases may be necessary."
The markets are now pricing in a 90% chance of a +25 bp rate hike at the ECB’s next policy meeting on December 17.
US Stock Movers
Chip stocks and AI-infrastructure companies pushed higher on Tuesday, boosting the broader market. The iShares Semiconductor ETF (SOXX) closed up more than +2%. Sandisk (SNDK) and Advanced Micro Devices (AMD) closed up more than +4%, and Broadcom (AVGO), Microchip Technology (MCHP), Western Digital (WDC), and Texas Instruments (TXN) closed up more than +3%. Also, ARM Holdings Plc (ARM), Analog Devices (ADI), Applied Materials (AMAT), Nvidia (NVDA), Seagate Technology Holdings Plc (STX), NXP Semiconductors NV (NXPI), KLA Corp (KLAC), ASML Holdings NV (ASML), and Micron Technology (MU) closed up more than +3%.
Cloud infrastructure stocks rebounded on Tuesday after Monday’s sell-off. Applied Digital (APLD) closed up more than +9%, and Nebius Group NV (NBIS), CoreWeave (CRWV), and Oracle (ORCL) closed up more than +6%. Also, Arista Networks (ANET) closed up more than +2%.
Cryptocurrency-exposed stocks settled higher on Tuesday as Bitcoin(^BTCUSD) rose more than +1%. Riot Platforms (RIOT) closed up more than +18%, and Galaxy Digital Holdings (GLXY) closed up more than +15%. Also, MARA Holdings (MARA) and Iren Ltd (IREN) closed up more than +11%, and Coinbase Global (COIN) and BitMine Immersion Technologies (BMNR) closed up more than +5%. In addition, Circle Internet Group (CRCL) closed up more than +4%, Strategy (MSTR) closed up more than +3%, Robinhood Markets (HOOD) closed up more than +2%, and Bullish (BLSH) closed up more than +1%.
Thomson Reuters (TRI) closed down more than -9% to lead losers in the Nasdaq 100 and software stocks lower after reporting Q3 adjusted Ebitda of $651 million, weaker than the consensus of $681.4 million. Also, Adobe Systems (ADBE), Autodesk (ADSK), Cadence Design Systems (CDNS), Palantir Technologies (PLTR), Salesforce (CRM), and Intuit (INTU) closed down more than -1%.
Aehr Test Systems (AEHR) closed up more than +26% after raising its full-year revenue outlook to $150 million, above the consensus of $138 million.
Fiserv (FISV) closed up more than +12% to lead gainers in the S&P 500 after reporting Q3 adjusted EPS of $1.75, better than the consensus of $1.72, and forecasting full-year adjusted EPS of $7.20 to $7.40, the midpoint above the consensus of $7.22.
Bloom Energy (BE) closed up more than +9% after California Resource Corp. announced the signing of a memorandum of understanding with the company to advance decarbonized power across California.
Advanced Energy Industries (AEIS) closed up more than +9% after reporting Q3 sales of $696.4 million, well above the consensus of $645 million.
Revvity (RVTY) closed up more than +7% after raising its full-year revenue forecast to $2.86 billion from a previous estimate of $2.83 billion to $2.86 billion.
Dynatrace (DT) closed down more than -14% after forecasting Q3 adjusted EPS of 44 cents to 45 cents, weaker than the consensus of 50 cents.
Gartner (IT) closed down more than -13% to lead losers in the S&P 500 as growth remains slow and its Q3 earnings results were seen as underwhelming.
Shopify (SHOP) closed down more than -8% after reporting Q3 subscription revenue of $836 million, weaker than the consensus of $850.2 million.
Zebra Technologies (ZBRA) closed down more than -8% after reporting Q3 adjusted gross margin of 46%, below the consensus of 48.2%.
Apple (AAPL) closed down -1.9% after reporting Q4 greater China revenue of $17.54 billion, below the consensus of $18.75 billion, and Q4 cash and cash equivalents of $36.31 billion, weaker than the consensus of $46.79 billion.
Earnings Reports (11/4/2026)
AES Corp/The (AES), Aflac Inc (AFL), Albemarle Corp (ALB), Allstate Corp/The (ALL), Amcor PLC (AMCR), APA Corp (APA), AppLovin Corp (APP), Atmos Energy Corp (ATO), CDW Corp/DE (CDW), Cencora Inc (COR), CF Industries Holdings Inc (CF), Charles River Laboratories Int (CRL), Coherent Corp (COHR), Corpay Inc (CPAY), CVS Health Corp (CVS), Datadog Inc (DDOG), Edwards Lifesciences Corp (EW), Emerson Electric Co (EMR), Eversource Energy (ES), Expedia Group Inc (EXPE), Fair Isaac Corp (FICO), Fidelity National Information (FIS), Host Hotels & Resorts Inc (HST), Insulet Corp (PODD), Kraft Heinz Co/The (KHC), Martin Marietta Materials Inc (MLM), McDonald's Corp (MCD), McKesson Corp (MCK), MetLife Inc (MET), Motorola Solutions Inc (MSI), News Corp (NWSA), PTC Inc (PTC), Qnity Electronics Inc (Q), QUALCOMM Inc (QCOM), Stanley Black & Decker Inc (SWK), STERIS PLC (STE), Texas Pacific Land Corp (TPL), TKO Group Holdings Inc (TKO), Trimble Inc (TRMB), Uber Technologies Inc (UBER), Vivmark Residential (VMRK), WW Grainger Inc (GWW), Zimmer Biomet Holdings Inc (ZBH).
On the date of publication, Rich Asplund did not directly have a position in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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