Dow opens lower as Apple slides 4% on earnings outlook (4 Nov)

Futures point lower and Nasdaq‑100 correction deepens

Dow Jones futures fell approximately 0.7% on 3 November 2026. S&P 500 futures declined 0.2% on the same day, while Nasdaq-100 futures edged higher.

The Nasdaq 100 entered correction territory, having fallen 10.4% from its October record as of 3 November 2026. The Nasdaq opened 0.4% higher on 3 November 2026, as investors returned to technology stocks following a recent sell-off.

Lisa Cook and Beth Hammack dissented from this decision, preferring a 0.25 point interest rate increase.

Chair Kevin Warsh stated at a 28 October press conference, "It's our responsibility to get inflation down".

Following this decision, the CME FedWatch tool indicated an 82.6% probability of a rate hike in December.

Close sees Dow down 197 points, Apple loses $94 bn in market value

The Dow Jones Industrial Average closed down 197 points on 3 November 2026. This followed a gain of 213.67 points, or 0.41%, on 2 November 2026, when the index closed at 51,983.98.

The S&P 500 closed up 0.36% on 3 November 2026, having declined 0.5% to 7,541.40 on 2 November 2026. The Nasdaq Composite closed up 0.83% on 3 November 2026, after falling 1.1% to 25,164.32 on 2 November 2026.

The Nasdaq had risen 0.4% at the market open on 3 November 2026. The S&P 500 and Nasdaq Composite had closed lower in each of the three sessions prior to 3 November 2026 amid a tech stock sell-off.

Apple ended the regular trading session on 3 November 2026 with a market value approximately $94 billion lower than its close on 2 November 2026.

AMD and Arista Networks saw their shares rise in after-hours trading on 3 November 2026 after reporting sales that exceeded their own forecasts.

Earnings season and JP Morgan outlook shape market tone

Traders are also awaiting the September Job Openings and Labor Turnover Survey and factory orders data.

JP Morgan analysis suggests that a victory for Democrats in both the House and Senate could trigger a sell-off in artificial-intelligence stocks.

Upcoming jobs, JOLTS and factory orders data

Factory orders are also scheduled for release at 10:00 ET (15:00 UK).

This follows the September jobs report, which showed a gain of 29,000 jobs.

Real GDP grew at an annual rate of 3.4% during the third quarter. The consumer price index increased by 3.7% in the year through September, with core inflation at 2.6%. Petrol prices experienced a 9.1% increase during September. Intel experienced a historic 29% decline in its stock price.

Oil eases on US‑Iran deal rumors as Brent climbs

Oil prices were slightly lower on 3 November 2026 due to rumours of progress toward a deal between the US and Iran. Brent crude oil was priced at $106.71 at 04:19 ET on Tuesday 3 November 2026, an increase of 1.85%, following an 8% decline on Monday.

Brent oil prices had reached over $116 on 23 October, the highest level since June 2022, before dropping back below $107.

Midterm elections and congressional balance add political risk

US midterm elections were held on Tuesday, 3 November 2026. The earliest closing time for major US midterm election polls is midnight GMT.

Jason Hollands of Evelyn Partners stated that a divided Congress would make passing major new legislation more difficult. Aliasgar Tambawala of Klay Group warned that a divided Congress could result in greater disruption regarding government funding and the debt ceiling.