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Tuesday, November 3, 2026 · Morning briefing

Apple and Palantir slide after earnings as midterms and Iran strikes stay in focus

Published Nov 3, 7:07 AM ET

What matters today

  1. Apple was down 4.5% in premarket trading after a weak gross margin outlook, and Palantir fell 8% after its results.
  2. The Nasdaq-100 has entered its third correction of the year, meaning a sizable drop from a recent peak, as worries about AI spending grow.
  3. US midterm elections are the political backdrop, with Wall Street weighing how a Democratic sweep of Congress might affect stocks and yields.
  4. Oil prices rose after US strikes on Iran's Qeshm Island, reversing part of Monday's drop on hopes for a diplomatic deal.
  5. The US 10-year Treasury yield eased to 4.91% from 4.94%, while Bitcoin fell 1.1% over 24 hours to about 76,953 dollars.

Overnight

The Reserve Bank of Australia raised its cash rate by 25bp (basis points, hundredths of a percentage point) to 4.85%, an 18-year high, in a split 6-3 vote. Swiss inflation for October came in at 1.5% year over year against 1.3% expected, while core inflation, which strips out volatile items, held at 0.5%. The US carried out strikes on Iran on Monday even as officials talked about a negotiated settlement, and oil climbed in response. Before the bell, Apple and Palantir were lower after earnings, while Pfizer raised its full-year outlook.

Top headlines

  • Apple shares fall on a soft margin forecast, while Palantir drops 8% after its quarterly report.CNBC Top News ↗
  • The Nasdaq-100 has slipped into its third correction of 2026 as concerns about AI build up.MarketWatch ↗
  • Analysts weigh how a Democratic sweep in the midterms might move stocks, yields and several sectors.CNBC Top News ↗
  • Oil rebounds after US strikes on Qeshm Island, a day after both presidents signaled openness to talks.CNBC Top News ↗
  • Australia's central bank lifts rates to an 18-year high, its fifth hike this year, matching forecasts.CNBC Markets ↗
  • Swiss October inflation rises to 1.5% versus 1.3% expected, with core steady at 0.5%.ForexLive ↗
  • Pfizer lifts its full-year forecast and names longtime executive Cecile Guegan as finance chief.CNBC Top News ↗
  • Yum Brands tops estimates, but a lettuce-linked Cyclospora outbreak hurt Taco Bell same-store sales.CNBC Top News ↗

Written with AI from the listed sources and checked automatically. Every number links to its source.