Nasdaq drops 1.35% as tech stocks slide on Nov 2

Tech sector selloff hits Fabrinet and Western Digital

Information technology stocks fell 1.9 per cent on 2 November 2026, while health care shares rose 1.8 per cent. Shares of Western Digital dropped 7 per cent and SanDisk Corp fell 9 per cent on 2 November 2026. Fabrinet shares plummeted around 19 per cent following fourth-quarter results and first-quarter GAAP EPS guidance that missed estimates.

Western Digital and SanDisk were among the leaders in the Nasdaq's decline on 1 November 2026. U.S. export prices saw a 1.3 per cent month-over-month decline in July.

Lucas GC Ltd dropped 79 per cent to $0.30, Synergy CHC Corp fell 31 per cent to $0.11, and Ucloudlink Group Inc declined 28 per cent to $0.49 after missing second-quarter financial results and cutting FY26 sales guidance.

Home Depot beats estimates as Datadog and SpaceX draw analyst interest

Home Depot reported second-quarter earnings of $4.92 per share on $47.861 billion in sales, exceeding analyst estimates of $4.73 per share and $47.271 billion in sales.

Mr Ikeda estimates Datadog's revenue growth for the third quarter of 2026 will be 28.7 per cent, compared to the Street's consensus of 29.1 per cent.

Datadog is scheduled to announce its third-quarter results on 4 November, with the company experiencing strong demand driven by cloud migration and AI adoption. Mr Ikeda ranks number 673 among over 12,500 analysts on TipRanks with a 55 per cent success rate and 10.9 per cent average return.

Mr Moore ranks number 142 among more than 12,500 analysts on TipRanks, with a 59 per cent success rate and an average return of 23.4 per cent.

SpaceX reported third-quarter revenue of $7.56 billion, a significant increase from $813 million in the same quarter of the previous year.

SpaceX's Connectivity segment generated $2.37 billion in operating income with 13.6 million subscribers, while the company's AI revenue saw a 195.2 per cent sequential growth. Mr Koontz ranks number 357 among more than 12,500 analysts on TipRanks, with a 42 per cent success rate and an average return of 23.7 per cent.

U.S. industrial production rises 0.2% as housing starts decline

Pending home sales declined 2.3 per cent month-over-month in July.

Export prices declined 1.3 per cent month-over-month in July, while import prices fell 0.4 per cent month-over-month.

Oil prices rise to $85.18 amid global market shifts

Oil prices rose 0.8 per cent to $85.18 on 2 November. Gold fell 0.5 per cent to $4,451.30, silver dropped 1.5 per cent to $65.250, and copper declined 0.9 per cent to $6.5585.

European markets were mostly lower, with the STOXX 600 down 0.3 per cent, the DAX down 0.3 per cent, and the CAC 40 down 0.4 per cent. The IBEX 35 rose 0.4 per cent, and the FTSE 100 gained 0.3 per cent.

Asian exchanges showed mixed results, as the Nikkei 225 fell 2.54 per cent, while the BSE Sensex dropped 0.63 per cent according to scanx.trade or rose 0.42 per cent according to the BSE. The Hang Seng rose 0.07 per cent, while the Shanghai Composite increased 0.19 per cent.

Galaxy Digital and Bitfarms lead crypto stocks to watch

These companies provide investors with indirect exposure to the digital asset market.

Performance for these stocks depends on factors such as mining economics, data-centre operations, infrastructure demand, and digital-asset prices. Galaxy Digital Holdings Ltd. operates in digital asset trading, investment banking, and mining.

Analysts currently hold a "Moderate Buy" rating for Galaxy Digital. The firm also provides electrician services in Quebec, Canada.

HIVE Digital Technologies Ltd. operates data centres and mines Bitcoin and Ethereum Classic in Canada, Sweden, and Iceland. Ionic Digital was formed in January 2024 to acquire the cryptocurrency mining assets of Celsius Mining.

The company focuses on monetising its portfolio of powered digital infrastructure assets.

Fear and Greed Index shifts to neutral as investors hedge

Investor sentiment is currently influenced by the ongoing earnings season, Middle East tensions, anticipation regarding United States midterm elections, and concerns over high artificial intelligence spending.

This activity follows the decline of artificial intelligence stocks and rising borrowing costs.

Geopolitical risks, including threats to Persian Gulf shipping and potential United States strikes against Iran following the midterm elections, have also increased freight and insurance costs.

Historical market performance following midterm elections

Analysis from Morningstar regarding 100 years of United States stock returns suggests that markets often experience a post-election boost. Average gains in midterm years reached 7.5 per cent, compared with 12.4 per cent in non-midterm years.

Fidelity reported that stocks historically perform well in the 12 months following a midterm election.