Markets
Midterm Elections, Apple Results and October Jobs Report Headline a Crowded Week After Tech Slide
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Investors head into a week of U.S. midterm voting, heavy earnings, a jobs report and rate decisions in London and Sydney after a rough end to October.
By Emma Cruz ·
U.S. stock investors face a dense calendar in the first week of November, with the midterm elections, results from Apple and more than 100 other S&P 500 companies, and the October jobs report all arriving after a week in which disappointing technology earnings shook confidence in the artificial intelligence trade [1].
The week begins from a weak footing. The S&P 500 fell 1.8% on Friday and the Nasdaq Composite dropped 2.9%, Reuters reported, after Intel slid nearly 29% and results from Alphabet and Amazon left investors questioning the payoff from heavy AI spending [1]. Even so, the S&P 500 remained up more than 10% for the year, and energy, financials, utilities and healthcare posted solid gains in October, a sign that strength has spread beyond the largest technology names [1]. "The market is much more broad than people generally want to give it credit for," said Chris Galipeau, head market strategist at the Franklin Templeton Institute, according to Reuters [1].
The midterm elections take place on Tuesday, November 3, with Republicans currently controlling both chambers of Congress [1]. Democrats are widely expected to win the House, while control of the Senate is seen as less certain, according to Reuters [1]. On the prediction market Polymarket, Democrats were given a 94% chance of winning the House and a 69% chance of taking the Senate, Newsquawk reported on Friday [2]. Reuters said the issues investors are weighing include possible regulation of artificial intelligence, local pushback against data centers over energy costs, fiscal spending, and the prospect of tighter scrutiny of Wall Street banks and crypto firms if Democrats sweep both chambers [1].
Earnings remain the other main test. Apple reports on Monday, November 2, with its shares up about 27% this year, and Advanced Micro Devices, Qualcomm and Palantir are also scheduled during the week, along with McDonald's, Amgen and ConocoPhillips [1]. With more than half of S&P 500 companies having reported, third-quarter earnings were on pace to rise 31.6% from a year earlier, according to LSEG IBES data cited by Reuters [1]. Galipeau also told Reuters that expectations for results are very high, a point that helps explain why strong headline growth has not protected individual stocks from sharp drops [1].
Economic data will also draw attention. The ISM manufacturing index for October is due Monday, with a consensus of 54.7 after 54.5 in September, and the ISM services index follows on Wednesday, also expected at 54.7, according to Newsquawk [2]. Friday's October employment report is forecast to show payrolls rising by 55,000 after a gain of 29,000 in September, with the unemployment rate seen at 4.2% [2]. The Federal Reserve held rates steady this week and upgraded its assessment of the economy, after third-quarter growth came in at the fastest pace in a year [1].
Central banks abroad are in focus too. Markets were pricing about a 79% chance that the Reserve Bank of Australia raises its cash rate by a quarter point to 4.85% on Tuesday, and the Bank of England is expected to begin a tightening cycle with a 25 basis point increase on Thursday, according to Newsquawk [2]. The U.S. Treasury's quarterly refunding announcement on Wednesday and euro zone inflation data the same day round out the schedule [2].
What to watch next: Apple's results and outlook on Monday, the balance of power in Congress once votes are counted after Tuesday, any guidance on AI spending from AMD and Qualcomm, and whether Friday's payrolls figure eases concern among some strategists about weak job growth [1].
Sources:
[1] Reuters (via The Star), "Midterm US elections, earnings, jobs data loom for AI-wary stock market", October 30, 2026. https://www.thestar.com.my/tech/tech-news/2026/10/31/midterm-us-elections-earnings-jobs-data-loom-for-ai-wary-stock-market
[2] Newsquawk, "Week In Focus 2nd-6th November 2026: Highlights include US Midterm Election, NFP, ISM PMIs, RBA, BoE and EZ CPI", October 30, 2026. https://www.newsquawk.com/headlines/week-in-focus-2nd-6th-november-2026-highlights-include-us-midterm-election-nfp-ism-pmis-rba-boe-and-ez-cpi-
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.