As of about 6:45 AM IST, Monday 2 November 2026. Claims that could not be independently verified are flagged as such.
Asian shares slipped at the start of the week on Monday 2 November as worries about the scale of AI spending hung over tech stocks, while oil prices eased as Iran and Qatar held a third day of talks in Doha. US stock futures edged higher after a bruising October. The week ahead is packed: the US midterm elections on Tuesday, earnings from Apple, AMD and Palantir, several central bank decisions and the October jobs report on Friday.
Early Monday in Asia
According to Reuters (via CNA), in early trade:
- Japan's Nikkei fell 0.5% and South Korea's main index lost 0.8%, after shedding 16% in October.
- MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.4%.
- S&P 500 futures rose 0.4% and Nasdaq futures 0.6%. EUROSTOXX 50 futures firmed 0.1%.
- Brent crude futures fell 1.5% to $111.72 a barrel and US crude 1.7% to $102.37, after Brent jumped 13.6% in October.
- Gold rose 0.6% to $3,898 an ounce after a 6.8% drop last month; it hit a one-year low amid talk of investors selling to meet margin calls.
- The 10-year Treasury yield was about 4.95%, well below its October peak near 5.36%.
Where Wall Street left off
On Friday 30 October the S&P 500 fell 1.8% and the Nasdaq 2.9%, as Intel tumbled nearly 29% after its results and disappointing reports from Alphabet and Amazon fed worries about AI spending and cash flow, Reuters reported. October was the Nasdaq's worst month in more than a year. Reuters said the S&P 500 was still up more than 10% for the year.
The week ahead
- Monday: ISM manufacturing for October; earnings from Apple and Palantir, among others.
- Tuesday: US midterm elections; September JOLTS job openings; earnings from AMD, Super Micro Computer, Arista Networks and Pfizer.
- Wednesday: ADP employment and ISM services; earnings from Qualcomm, AppLovin, Uber, McDonald's and DoorDash.
- Thursday: weekly jobless claims; earnings from Airbnb and ConocoPhillips.
- Friday: October nonfarm payrolls and preliminary November Michigan consumer sentiment.
Forecasts for the jobs report differ slightly. FactSet's consensus, cited by CNBC, was 55,000 new jobs, while Reuters' median was 65,000, both with unemployment holding at 4.2%. September's gain was 29,000.
Midterms and AI
Polls favour Democrats to win the House, with the Senate less certain, Reuters reported. Strategists quoted by Reuters and CNBC said a strong Democratic result could bring more scrutiny of data centres, with possible effects on AI-linked stocks, defence spending and drug pricing. Others expect the vote to matter less than earnings. The Stock Trader's Almanac, cited by CNBC, says the Dow has gained 2.8% on average in the eight trading days around midterm election days since 1934. Historical patterns are not a guide to future returns.
Rates and central banks
Reuters said futures imply about a 72% chance of a quarter-point Federal Reserve rate rise in December. Markets also expect rate rises from the Reserve Bank of Australia, the Bank of England and Sweden's Riksbank this week, with Norway's Norges Bank seen on hold.
Related reading on HorizonDesk
- Nasdaq caps its worst month since March 2025 as Intel crashes
- Intel shares plunge 28% in a chip stock rout
- Fed holds rates with two dissents
Disclaimer: This article is for information only and is not financial or investment advice. Markets are volatile; do your own research or consult a qualified adviser before making investment decisions.
