01:59 11/03 UTC — Bearish
US markets remain under pressure as tech stocks drag the Nasdaq 100 into correction territory. Despite fiscal Q4 earnings beats from Apple and Palantir, both stocks fell in after-hours trading over margin and growth pace concerns. Market focus shifts to Tuesday's US midterm elections, economic data releases, and AMD earnings.
US equity markets face renewed pressure as the Nasdaq 100 enters correction territory, down over 10% from its October peak amid a three-day semiconductor sell-off. Market participants are exhibiting high caution ahead of Tuesday's US midterm elections and key macro data such as JOLTS and factory orders. Even strong quarterly beats from tech giants like Apple and Palantir failed to stem post-market selling, highlighting intense macro risk-off sentiment.
Outlook
Mixed · 1-3Days (Medium)
Base — Likely
Markets remain volatile and range-bound while digesting US midterm election outcomes and upcoming AMD earnings.
Bear — Possible
Breaches of critical support levels on SPY and QQQ trigger algorithmic selling amidst escalating Middle East geopolitical headlines.
Bull — Possible
Removal of political election uncertainty sparks a post-midterm relief rally in heavily oversold semiconductor and tech names.
Hot tickers
- AAPL Bearish — Reported Q4 EPS and revenue beats, but shares fell over 3% after-hours due to miss in China/Wearables and margin headwinds from memory costs.
- PLTR Bearish — Delivered Q3 beat and raised full-year guide, but slipped over 2% after-hours on concerns regarding slower US commercial contract growth pacing.
- AMD Neutral — High anticipation and mixed sentiment leading into its quarterly earnings report scheduled after Tuesday's close.
- SPY Bearish — Closed down 0.5% with traders closely monitoring key support levels around 751.60 ahead of election day.
- DJT Bearish — Substantial retail focus and heavy price decline heading into the US midterm election day.
Themes
- Nasdaq 100 Correction & Tech Weakness
- US Midterm Election Uncertainty
- Post-Earnings Megacap Sell-Offs
- Geopolitical Risk Escalation
Risks
- Nasdaq 100 officially down over 10% in correction territory
- Geopolitical headlines regarding military strikes in Middle East
- Pre-midterm election macro uncertainty causing volatile light-volume trading
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