The S&P 500 Index ($SPX) (SPY) is up +0.53% today, the Dow Jones Industrial Average ($DOWI) (DIA) is down -0.19%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.95%. December E-mini S&P futures (ESZ26) are up +0.52%, and December E-mini Nasdaq futures (NQZ26) are up +1.01%.
US stock indexes are trading mostly higher today as chipmakers and AI-infrastructure stocks rebound from Monday’s sharp losses. Also, crude oil prices erased overnight gains and turned lower on reports of US-Iran diplomacy when the Al Araby news service reported the US approved a draft memorandum of understanding that the Qatari delegation presented to Iran. Stocks added to their gains today on signs of strength in the US economy after Sep JOLTS job openings and Sep factory orders rose more than expected.
Join 200K+ Subscribers: Find out why the midday Barchart Brief newsletter is a must-read for thousands daily.
On the negative side, weakness in software stocks is keeping pressure on the Dow Jones industrials. Also, Apple shares are down more than -2% after the company’s Q4 results disappointed on key metrics, including China revenue. Trading activity may be subdued ahead of US midterm elections today that 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 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 today, 318 of the S&P 500 companies have reported results, with 83% beating estimates.
Overseas stock markets are lower today. The Euro Stoxx 50 is down -0.25%. 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) are down by -8 ticks today. The 10-year T-note yield is up +2.5 bp to 4.937%. T-note prices are under pressure today as stocks recover, reducing safe-haven demand for T-notes. Losses in T-notes accelerated today 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 79% chance of a +25 bp rate hike at the FOMC’s next meeting on December 8-9.
European government bond yields are moving higher today. The 10-year German bund yield is up +3.0 bp to 3.322%. The 10-year UK gilt yield is up +5.7 bp to 5.249%.
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 an 86% 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 are pushing higher today, boosting the broader market. The iShares Semiconductor ETF (SOXX) is up more than +3%. Sandisk (SNDK), Advanced Micro Devices (AMD), and Microchip Technology (MCHP) are up more than +5%, and Analog Devices (ADI), ARM Holdings Plc (ARM), and Texas Instruments (TXN) are up more than +4%. Also, Broadcom (AVGO), Western Digital (WDC), Seagate Technology Holdings Plc (STX), NXP Semiconductors NV (NXPI), KLA Corp (KLAC), and Intel (INTC), and Micron Technology (MU) are up more than +3%. In addition, Nvidia (NVDA) is up more than +2% to lead gainers in the Dow Jones Industrials.
Cloud infrastructure stocks are rebounding today after Monday’s sell-off. Applied Digital (APLD) is up more than +8%, and Nebius Group NV (NBIS) and CoreWeave (CRWV) are up more than +6%. Also, Oracle (ORCL) is up more than +5%, and Arista Networks (ANET) is up more than +3%.
Thomson Reuters (TRI) is down more than -6% to lead software stocks lower after reporting Q3 adjusted Ebitda of $651 million, weaker than the consensus of $681.4 million. Also, Cadence Design Systems (CDNS) is down more than -4%, and Palantir Technologies (PLTR) is down more than -3%. In addition, Salesforce (CRM), Adobe Systems (ADBE), Autodesk (ADSK), Intuit (INTU), and International Business Machines (IBM) are down more than -1%.
Aehr Test Systems (AEHR) is up more than +25% after raising its full-year revenue outlook to $150 million, above the consensus of $138 million.
Revvity (RVTY) is up more than +12% to lead gainers in the S&P 500 after raising its full-year revenue forecast to $2.86 billion from a previous estimate of $2.83 billion to $2.86 billion.
Advanced Energy Industries (AEIS) is up more than +11% after reporting Q3 sales of $696.4 million, well above the consensus of $645 million.
Bloom Energy (BE) is up more than +10% after California Resource Corp. announced the signing of a memorandum of understanding with the company to advance decarbonized power across California.
Waters (WAT) is up more than +5% after reporting Q3 adjusted EPS of $4.10, better than the consensus of $4.01, and raising its full-year adjusted EPS estimate to $14.60 to $14.70 from a previous estimate of $14.45 to $14.65, stronger than the consensus of $14.58.
Gartner (IT) is 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.
Dynatrace (DT) is down more than -12% after forecasting Q3 adjusted EPS of 44 cents to 45 cents, weaker than the consensus of 50 cents.
Shopify (SHOP) is down more than -8% to lead losers in the Nasdaq 100 after reporting Q3 subscription revenue of $836 million, weaker than the consensus of $850.2 million.
Zebra Technologies (ZBRA) is down more than -8% after reporting Q3 adjusted gross margin of 46%, below the consensus of 48.2%.
Apple (AAPL) is down more than -2% to lead losers in the Dow Jones industrials 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 (11/3/2026)
ADT Inc (ADT), Advanced Micro Devices Inc (AMD), Affiliated Managers Group Inc (AMG), Amdocs Ltd (DOX), American Financial Group Inc/O (AFG), American International Group Inc (AIG), AMETEK Inc (AME), Amgen Inc (AMGN), Apollo Global Management Inc (APO), Aptiv PLC (APTV), Archer-Daniels-Midland Co (ADM), Arista Networks Inc (ANET), Assurant Inc (AIZ), Astera Labs Inc (ALAB), Avis Budget Group Inc (CAR), Ball Corp (BALL), Block Inc (XYZ), Booking Holdings Inc (BKNG), Broadridge Financial Solutions (BR), Corcept Therapeutics Inc (CORT), Coupang Inc (CPNG), DigitalOcean Holdings Inc (DOCN), Duolingo Inc (DUOL), DuPont de Nemours Inc (DD), Dynatrace Inc (DT), Eaton Corp PLC (ETN), Essential Utilities Inc (WTRG), Everus Construction Group Inc (ECG), Expeditors International of Washington (EXPD), Fiserv Inc (FISV), Fortune Brands Innovations Inc (FBIN), Gartner Inc (IT), Graphic Packaging Holding Co (GPK), GXO Logistics Inc (GXO), Hamilton Lane Inc (HLNE), Hecla Mining Co (HL), Henry Schein Inc (HSIC), International Flavors & Fragrances (IFF), IPG Photonics Corp (IPGP), Jack Henry & Associates Inc (JKHY), Keurig Dr Pepper Inc (KDP), Leidos Holdings Inc (LDOS), Liberty Global Ltd (LBTYA), Louisiana-Pacific Corp (LPX), Madrigal Pharmaceuticals Inc (MDGL), Marathon Petroleum Corp (MPC), Matador Resources Co (MTDR), Modine Manufacturing Co (MOD), Mosaic Co/The (MOS), Omega Healthcare Investors Inc (OHI), Ovintiv Inc (OVV), Pfizer Inc (PFE), Pinnacle West Capital Corp (PNW), Primoris Services Corp (PRIM), Procore Technologies Inc (PCOR), Prudential Financial Inc (PRU), Regal Rexnord Corp (RRX), Revvity Inc (RVTY), Skyworks Solutions Inc (SWKS), Sotera Health Co (SHC), Summit Therapeutics Inc (SMMT), Super Mcro Computer Inc (SMCI), Sysco Corp (SYY), Talen Energy Corp (TLN), Toast Inc (TOST), UL Solutions Inc (ULS), Unum Group (UNM), Versant Media Group Inc (VSNT), Waters Corp (WAT), Yum! Brands Inc (YUM), Zebra Technologies Corp (ZBRA).
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.
More news from Barchart
S&P Futures Muted With U.S. Midterms in Focus; Nasdaq Futures Gain as Chip Stocks Rebound U.S. Stock Futures Climb as Oil Slumps; Midterm Elections and Jobs Data in Focus Why Did Friday's Session Remind Me of The Red Wedding? Buy the British Pound as the Bank of England Turns Hawkish