Rob's Market Commentary

Tech selling returned: the Nasdaq fell 1.07% to 25,164.32 and the S&P 500 lost 0.51% to 7,541.40 after both ha…
Under the surface the typical stock rose: 347 of 500 S&P 500 names gained and the median member rose 1.08%, ev…
Oil had its biggest drop in months: Brent settled 7.63% lower at $104.77 and WTI 7.36% lower at $96.46 on hope…
Marvell agreed to buy optical-parts maker Lumentum in a stock deal valuing it at about $115 billion (4.5 Marve…
Oracle fell about 8.8% after launching a $10 billion common-stock sale alongside $10 billion of bonds to fund …

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After hours & earnings

Apple reported fiscal fourth-quarter revenue up 12% to $114.5 billion, capping what it called its best fiscal …
Palantir's third-quarter revenue rose 96% to $2.313 billion and adjusted EPS of 44 cents beat the 41-cent esti…
Backblaze jumped about 39% after hours on its results, the biggest gainer on StockTitan's after-hours board; A…
Futures were steady Monday evening: S&P 500 futures up about 0.1%, Nasdaq-100 futures up 0.3% and Dow futures …
Anthropic filed an amended IPO registration showing $16.96 billion of third-quarter revenue and a $567 million…

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Global & overnight

Asia closed mixed Monday: South Korea's Kospi led with a 2.38% gain to 5,859.08 after a weak open, Hong Kong's…
Europe: the Stoxx 600 opened about 0.24% lower, with oil and gas shares leading losses and travel stocks gaini…
Eurozone manufacturing PMI came in at 52.7 for October, just below September's four-year high but above foreca…
Middle East: Secretary of State Rubio said President Trump hasn't decided to attack Iran and prefers a peacefu…
Goldman Sachs upgraded British American Tobacco to buy, calling it the clearest growth story in smokeless nico…

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Rates & macro

The 10-year Treasury yield eased toward 4.9% as oil's plunge cooled inflation worries and tech weakness sent m…
ISM manufacturing rose to 55.5 with the prices index down 2.7 points to 75.2, but the strong reading kept expe…
Gold and silver rebounded from their October rout as oil fell; gold had bounced from about $3,900, a support l…
Construction spending fell 1.9% in September, the most since April 2020, with home building spending down 5.5%…
Cheaper oil is the big macro shift: WTI settled at $96.46, back below $100, which matters for inflation readin…

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AI-compute tracker

Marvell's roughly $115 billion stock deal for Lumentum aims to combine electrical and optical connectivity for…
Oracle is raising $20 billion ($10 billion stock, $10 billion bonds) for its AI buildout, highlighting capital…
Chip and hardware names led the S&P 500's losers: Ciena -11.3%, Intel -8.8%, Seagate -7.9%, Super Micro -7.6%,…
Nvidia and Meta slipped about 1% each, after AI stocks including Nvidia, AMD and Micron had traded higher befo…
Anthropic's amended IPO filing shows $16.96 billion of third-quarter revenue and a $567 million operating loss…

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Economic calendar

Tue 11/3 10:00a ET: JOLTS job openings; U.S. midterm election day
Wed 11/4 8:15a ET: ADP employment
Wed 11/4 10:00a ET: ISM Services
Thu 11/5 8:30a ET: Weekly jobless claims; productivity
Earnings: Tue 11/3 Pfizer, Shopify, Keurig Dr Pepper, Williams, Diamondback (am); AMD, Amgen, Arista, Booking,…

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Earnings & big events

Tuesday 11/3: U.S. midterm elections; Democrats are expected to take the House while Senate control remains un…
Tuesday 11/3 after the close: AMD reports, the next read on AI chip demand after AMD fell about 7.5% today.
Friday 11/6: October jobs report, with consensus near 55,000 payrolls and 4.2% unemployment after September's …
Deal watch: the Marvell-Lumentum stock deal was worth about $771 per Lumentum share at Monday's close, down fr…
Oil watch: Brent is now about $13 below Friday's six-month-high settle of $117.64 as hopes for U.S.-Iran talks…

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Top movers (S&P 500)

Gainers

IDXX IDEXX Laboratories	+21.85%
TAP Molson Coors	+7.75%
HWM Howmet Aerospace	+6.91%
PNR Pentair	+6.49%
CRH CRH	+6.36%

Decliners

LITE Lumentum	-18.59%
MRVL Marvell Technology	-12.72%
CIEN Ciena	-11.34%
INTC Intel	-8.80%
ORCL Oracle	-8.76%

Monday 11/2 regular session, S&P 500 members, closing prices. source

Top movers (Nasdaq)

Gainers

IDXX IDEXX Laboratories	+21.85%
DASH DoorDash	+6.19%
CPRT Copart	+5.97%

Decliners

LITE Lumentum	-18.59%
MRVL Marvell Technology	-12.72%
INTC Intel	-8.80%
DDOG Datadog	-8.15%
STX Seagate Technology	-7.88%

Nasdaq-100 members that also sit in the S&P 500, Monday 11/2 closing prices; only three made the S&P 500's top-20 gainers today, a sign of how narrow tech's slide was. source

Crypto

Bitcoin (BTC)

$76,936

-1.41% 24h

$76,946, down 1.5% in 24h, as markets kept digesting the Binance hack and customer withdrawals. source

Ether (ETH)

$2,254

-0.67% 24h

$2,254, down 0.7% in 24h, holding up better than most large coins. source

Solana (SOL)

$92.19

-1.87% 24h

$92.17, down 2.0% in 24h and about 9% lower over seven days. source

Sui (SUI)

$0.87

-2.86% 24h

$0.871, down 3.0% in 24h; no specific catalyst reported. source

Near (NEAR)

$3.86

-9.13% 24h

$3.86, down 9.2% in 24h, breaking below $4; it is down about 32% since Oct. 12 as leveraged long bets were liquidated. source

Hyperliquid (HYPE)

$84.23

-4.11% 24h

$84.20, down 4.2% in 24h, in line with weakness across smaller coins. source

Crypto spot: Near Protocol fell about 9% in 24 hours to roughly $3.86, the only one of the six to move 5% or more; reports tie it to long liquidations in futures and lingering Binance-hack nerves, with no project-specific trigger named. Prices from the CoinGecko public API, about 5 PM PT Mon 11/2.