Market Analysis
Markets This Week: Big Tech AI Spending Fears
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Markets This Week: Tech Selloff, Midterms, Jobs
StockCram Editorial11 min readTech just had its worst month in over a year, oil sits near $104, and Apple, midterms and jobs data arrive together. Which one do markets watch most?
Week of Monday, November 2, 2026 - Friday, November 6, 2026
Key Themes This Week
- •Stocks head into the week after a sharp tech selloff. On Friday, the S&P 500 fell 1.8% and the Nasdaq Composite fell 2.9%. That was the S&P's worst day since June and its third straight losing week. Reports said disappointing results and guidance from Amazon and Intel renewed worries about heavy AI spending.
- •The Iran war is in its eighth month, and oil is near multi-month highs. WTI settled at about $104 and Brent at about $113 on Friday. An attack on a tanker in the Strait of Hormuz and Houthi strikes on Saudi Arabia kept supply worries alive. Traders are also watching whether the situation changes after the US midterm elections on Tuesday.
- •The calendar is full. Apple and Palantir report Monday, and AMD reports Tuesday. Qualcomm and Arm follow Wednesday. The Treasury announces its quarterly borrowing plans Wednesday, and the Bank of England decides on rates Thursday. The October jobs report arrives Friday, a week after the Fed held rates at 3.75%-4.00% with two dissents favoring a hike.
Market Snapshot
VIX (fear gauge)
19.42
+12.9% (Friday's move; weekly figure not confirmed)
10Y Yield
4.93%
-1.2% on Friday (weekly figure not confirmed)
WTI Oil
$104.12
+1.0%
Gold
$3,899
-3.3% on Friday (weekly figure not confirmed)
US Dollar
101.9
-0.1% on Friday (weekly figure not confirmed)
Market Context
Current Sentiment
Tone is cautious. Tech stocks dragged the market lower late last week on questions about AI spending. Defensive areas such as energy, consumer staples and utilities held up better. Oil is elevated because of the Iran conflict and attacks on shipping and Saudi facilities. Gold fell to about a one-year low. The Fed held rates on October 28 with two policymakers preferring a hike, so inflation remains a live topic. The US midterm elections add political uncertainty.
Key Levels
Friday closes: S&P 500 about 7,580 (-1.8%), Nasdaq Composite about 25,437 (-2.9%), Dow Jones Industrial Average about 51,770 (-1.1%), Russell 2000 about 2,812 (-1.7%). October was the Nasdaq's weakest month since March 2025.
Historical Note
Midterm election years have often been bumpy for stocks, and results have sometimes been followed by steadier trading once the outcome is known. Past patterns vary widely and do not guarantee future results. Oil spikes tied to Middle East conflict have historically coincided with swings in energy shares and inflation expectations. Stocks that are widely held and expensive have historically been sensitive to earnings news. Learn more about managing risk and the market basics behind these moves.
Week at a Glance
monday
ISM Manufacturing PMI at 10:00 AM ET and a Fed speaker (Goolsbee). Apple and Palantir report after the close.
tuesday
US midterm elections. JOLTS job openings and factory orders at 10:00 AM ET. Pfizer and Shopify report before the open; AMD, Amgen and Arista report after the close. The RBA decides on rates.
wednesday
Trade balance, ADP jobs data, ISM Services PMI and the Treasury refunding announcement. McDonald's and Uber report in the morning; Qualcomm and Arm report after the close.
thursday
Bank of England decision. Weekly jobless claims. ConocoPhillips reports before the open; Cloudflare and Atlassian report after the close.
friday
October jobs report at 8:30 AM ET, followed by University of Michigan consumer sentiment at 10:00 AM ET.
Breaking Developments
Tech and AI-spending selloffcorporate
October 27-30, 2026
Tech shares fell through the week after results from Alphabet, Amazon and Intel. On Friday, reports said Intel warned of sluggish PC sales and Amazon's cash burn from its AI build-out hit a record. The Nasdaq Composite lost 2.9% on the day.
Market Relevance
When companies spend heavily on new technology, markets have historically scrutinized whether revenue growth justifies the cost. Earnings from large chip and software companies have often influenced how the wider tech sector trades in the days that follow.
TechnologySemiconductorsCommunication ServicesConsumer Discretionary
Ongoing. Apple, Palantir, AMD, Qualcomm and Arm all report this week.
Iran war, Hormuz tanker attack and Houthi strikes on Saudi Arabiageopolitical
October 30, 2026
A tanker was attacked in the Strait of Hormuz, and Yemen's Houthis stepped up attacks on Saudi Arabia. Oil settled at its highest levels since late April. Traders have also been weighing the possibility of renewed US strikes on Iran after the midterms. Emergency releases from the US Strategic Petroleum Reserve and renewed diplomacy have offered some offset, though no agreement has been reached.
Market Relevance
Supply disruptions in the Middle East have historically lifted crude prices and, at times, raised inflation worries. Energy shares and defense shares have often reacted differently from airlines and transport shares.
EnergyAirlines and TransportationDefenseConsumer Staples
Ongoing. Headlines could change at any time, including around the November 3 elections.
Fed holds rates in a split votepolicy
October 28, 2026
The Federal Reserve left its target range at 3.75%-4.00%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, preferring a quarter-point increase. Chair Kevin Warsh said politics played no role in the decision.
Market Relevance
Markets have historically been sensitive to shifts in the Fed's tone on inflation. Dissents often draw attention because they hint at the range of views inside the committee. See how the Fed and interest rates affect markets.
FinancialsReal EstateUtilities
The Fed does not meet this week. Its next meeting is December 8-9. Fed speakers and Friday's jobs data may shape the discussion.
Gold falls to about a one-year lowcommodity
October 30, 2026
Gold futures dropped roughly 3.3% to about $3,899 an ounce on Friday. That is far below this year's high of about $5,627.
Market Relevance
Gold is often seen as a safe-haven asset, but it also reacts to interest rates and the dollar. A big drop on a day when stocks also fell shows that assets do not always move in the textbook way.
Precious Metals MinersMaterials
Ongoing. Rate expectations and the dollar remain influences.
Major Events This Week
Apple and Palantir earnings
Monday, November 2 • After the close (Palantir webcast at 5:00 PM ET)What to Know
Apple is the largest company in the S&P 500 by weight, and this is its first report under CEO John Ternus. Analysts expect about $1.98 per share on revenue near $113.3 billion. Palantir is closely followed as an AI software company.
Historical Context
Results from the largest companies have historically influenced index moves because of their size. Reactions have varied widely, and options markets had priced in a sizable move for Palantir.
ISM Manufacturing PMI (October)
Monday, November 2 • 10:00 AM ETWhat to Know
This survey of factory managers measures activity, orders and prices. Readings above 50 signal expansion. The prior reading was 54.5, and its prices index was elevated at 77.9.
Historical Context
A high prices index has typically drawn attention from people watching inflation.
US midterm elections
Tuesday, November 3 • Polls close through the evening ETWhat to Know
Voters choose all House seats and a portion of the Senate. Analysts have flagged possible policy implications for taxes, trade, AI and data-center regulation.
Historical Context
Markets have historically responded more to changes in expected policy than to the election result itself. Reactions have varied from cycle to cycle.
AMD earnings
Tuesday, November 3 • After the close (call at 5:00 PM ET)What to Know
Analysts expect about $1.94-$1.95 per share on revenue near $13.1 billion. AMD's results are often read as a gauge of AI chip demand.
Historical Context
Chipmaker reports have historically influenced how other semiconductor companies trade.
Treasury Quarterly Refunding Announcement
Wednesday, November 4 • 8:30 AM ETWhat to Know
The Treasury outlines how much debt it plans to sell in coming months and in what sizes. The 10-year yield sits near 4.93%. Learn how bonds work.
Historical Context
Changes in auction sizes have historically moved Treasury yields, which feed into borrowing costs across the economy.
ISM Services PMI (October)
Wednesday, November 4 • 10:00 AM ETWhat to Know
This gauges the services sector, which makes up most of the US economy. The prior reading was 54.9.
Historical Context
Its prices and employment subindexes are often watched for inflation and job-market clues.
Bank of England rate decision
Thursday, November 5 • 7:00 AM ET (12:00 PM London), with Monetary Policy ReportWhat to Know
The UK central bank announces its policy rate. Global central banks have been dealing with energy-driven inflation.
Historical Context
Decisions abroad have sometimes affected the dollar and global bond yields.
October Employment Report
Friday, November 6 • 8:30 AM ETWhat to Know
Economists surveyed expect about 55,000 jobs added, with unemployment at 4.2%. September's gain was about 29,000. With the Fed focused on inflation, the report may inform views on the December meeting.
Historical Context
Jobs reports have historically moved interest rate expectations. A strong number can be read as good for growth but also as a reason for rates to stay higher.
Earnings Calendar
Third-quarter earnings season is in its busiest stretch. Roughly 138 S&P 500 companies report this week, with a heavy focus on tech and AI spending. Eli Lilly reported last week with revenue up 39% and a raised sales outlook. Learn how to read results in this guide on financial statements.
AppleAAPL
Monday, November 2 • After CloseOne of the world's largest companies and a major weight in the major indices. First report under CEO John Ternus.
iPhone and services revenueMargins and guidance for the holiday quarterCommentary on costs and AI features
PalantirPLTR
Monday, November 2 • After CloseA data-analytics and AI software company. It raised its 2026 revenue outlook to about $8.15 billion last quarter.
Commercial and government revenue growthFull-year guidanceProfit margins
PfizerPFE
Tuesday, November 3 • Before OpenA large drugmaker. Analysts expect about $0.73 per share.
Revenue trends in core productsCost-cutting progressFull-year outlook
Advanced Micro DevicesAMD
Tuesday, November 3 • After CloseA major chipmaker for PCs, servers and AI. Analysts expect about $1.94 per share on revenue near $13.1 billion.
Data-center and AI accelerator salesNext-generation chip timingGuidance for the next quarter
McDonald'sMCD
Wednesday, November 4 • Before OpenA consumer bellwether. The date is listed as expected and not yet confirmed on the company's investor page.
US same-store salesCustomer trafficCosts and pricing
UberUBER
Wednesday, November 4 • Before OpenRide-hailing and delivery platform. Call at 8:00 AM ET.
Gross bookingsProfitabilityFuel and driver costs
QualcommQCOM
Wednesday, November 4 • After CloseA smartphone and mobile chip supplier. Analysts expect about $2.17 per share on revenue near $10.1 billion.
Handset demandAuto and PC chip growthGuidance
ConocoPhillipsCOP
Thursday, November 5 • Before OpenA large oil and gas producer. Its report arrives with crude near multi-month highs.
Production volumesRealized oil pricesCapital spending and shareholder returns
Economic Calendar
Monday - November 2
10:00 AM ET
ISM Manufacturing PMI (October)Prior: 54.5 • Expected: 54.7
Shows whether factory activity is expanding. Readings above 50 signal growth.
10:00 AM ET
ISM Manufacturing Prices Index (October)Prior: 77.9 • Expected: 77.5
A gauge of input cost pressure that inflation watchers follow.
Midday ET
Chicago Fed President Austan Goolsbee speaksPrior: N/A
First Fed commentary since the October meeting. Exact time to be confirmed.
Tuesday - November 3
10:00 AM ET
JOLTS Job Openings (September)Prior: 7.079 million • Expected: 7.10 million
Shows how many jobs employers are trying to fill.
10:00 AM ET
Factory Orders (September)Prior: 0.1% • Expected: 1.1%
Tracks demand for manufactured goods.
All day
US midterm electionsPrior: N/A
Control of Congress is at stake.
Wednesday - November 4
8:30 AM ET
Trade Balance (September)Prior: -$105.6 billion • Expected: -$107.6 billion
Shows the gap between imports and exports, which feeds into GDP estimates.
8:30 AM ET
Treasury Quarterly Refunding AnnouncementPrior: N/A
Sets expectations for Treasury debt sales.
8:15 AM ET
ADP Employment Change (October)Prior: N/A
A private-sector read on hiring, released ahead of Friday's report. Exact time to be confirmed.
10:00 AM ET
ISM Services PMI (October)Prior: 54.9 • Expected: 54.8
Measures activity in the largest part of the economy.
Thursday - November 5
8:30 AM ET
Initial Jobless Claims (week ending October 31)Prior: N/A
A weekly look at layoffs.
7:00 AM ET
Bank of England rate decisionPrior: N/A
A major global central bank decision.
Friday - November 6
8:30 AM ET
Nonfarm Payrolls (October)Prior: About 29,000 • Expected: About 55,000
The main monthly read on hiring.
8:30 AM ET
Unemployment Rate (October)Prior: 4.2% • Expected: 4.2%
Shows the share of workers without jobs who are looking.
10:00 AM ET
University of Michigan Consumer Sentiment (preliminary, November)Prior: N/A
Includes consumers' inflation expectations, which the Fed follows.
Fed Watch
Current Rate
3.75%-4.00%
Next Meeting
December 8-9, 2026
The Fed held rates on October 28 in a 10-2 vote, with two members favoring a hike. Some analysts say futures price in a possible additional quarter-point increase before year-end. Pricing changes with each data release.
Upcoming Fed Speakers
Austan Goolsbee, Chicago Fed (non-voter)• Monday, November 2- Economic outlook
Additional Fed officials• Throughout the week- Speakers return after the October meeting; schedules to be confirmed
Global Events
Reserve Bank of Australia rate decisionAustralia
Tuesday, November 3 (Monday evening ET)
Central bank moves abroad can influence currencies and global bond yields.
Bank of England decision and Monetary Policy ReportUnited Kingdom
Thursday, November 5
A major central bank deciding amid energy-driven inflation. It can move the pound and global yields.
Riksbank and Norges Bank decisionsSweden and Norway
Wednesday, November 4 and Thursday, November 5
Add to the picture of how global policymakers are handling inflation.
Eurozone flash inflation (October)Eurozone
This week
Shows how energy prices are feeding through in Europe.
Iran war and Strait of Hormuz developmentsMiddle East
Ongoing
About one-fifth of global oil moves through the strait, so shipping news often affects crude prices.
Chinese NPC Standing Committee sessionChina
November 2-6
Policy announcements from China have at times influenced global growth expectations and commodities.
Technical Levels
S&P 500
Current
7,580
Support
Round-number zone near 7,500
Resistance
Thursday's close near 7,720 and the 7,800 area
Nasdaq
Current
25,437
Support
Round-number zone near 25,000
Resistance
Thursday's close near 26,185
Technical analysis is one of many approaches used by market participants
Sources
- • Yahoo Finance (2026-10-30)
- • Associated Press / Washington Times (2026-10-30)
- • CNBC (2026-10-30)
- • Investrade Market Review (2026-10-30)
- • TheStreet (2026-10-30)
- • Federal Reserve FOMC statement coverage (Yahoo Finance, Seeking Alpha) (2026-10-28)
- • Kiplinger Economic Calendar (2026-10-31)
- • Newsquawk Weekly Economic Calendar (2026-10-30)
- • TipRanks Week Ahead (2026-11-01)
- • StockTitan Earnings Calendar (2026-11-01)
- • FXEmpire Week Ahead (2026-11-01)
- • Oil Monitor Weekly Summary (2026-10-31)
Disclaimer: This week ahead preview is for educational purposes only and does not constitute investment advice. Scheduled events may be subject to change. Market reactions to events are unpredictable and past patterns do not guarantee future results. Always consult with a qualified financial advisor before making investment decisions.