Market Close: Stocks Mixed, Apple Earnings Out, Jobs Data This Week • 11/2/26

0:00The CNBC Business News Update. I'm Jessica Ettinger. Market close with a mixed start to November trading for the major averages. A tech rally faded Monday afternoon. The Nasdaq began the month of November with a 1 % loss. Let's start with the Dow. It was up 213 points. The S &P 500 index down 38. The Nasdaq down 272 points. It's a pretty discouraging failed bounce attempt. Semis ended 5 % below the intraday high. So if semis can't get out of their own way, then you have to ask yourself if you want a market that's being led by Berkshire Hathaway and Walmart every day. And it's kind of what we have at the moment.

0:42That's CNBC's Mike Santoli. Companies whose shares hit fresh all-time highs on Monday include Marriott, Hilton, MasterCard, Visa, and Berkshire Hathaway Class B shares. Apple out with better than expected earnings and revenue results. overall in the first quarter for new CEO John Ternus. Services revenue came in short of estimates. Apple's sitting on a cash pile of almost$137 billion. Shares ticked slightly lower in after hours trading. Here's Main Street Research's James Demert with CNBC's Brian Sullivan. Is this a safe haven stock? Let's park our money in Apple, even if we don't care about Apple.

1:21It's just we know Apple's, I don't want to say utility, but not unlike the utility. A bit. They're away from the AI CapEx ROI drama. When we think about it as a safety trade, it's trading at 35 times earnings. It's not cheap. Palantir out with results after the bell on Monday. It beat Wall Street expectations for earnings and revenue. Its shares ticked higher after hours. Tuesday is midterm election day, which can be good for stocks. You know, the market's never completely cared about who won the midterms. It's more about the midterms are a bit of a clearing event. Markets tend to do better once we get past the midterms.

1:58From October of midterm election years to the following October, the markets have never been down going all the way back to World War II. And on average, it's been up about 16 % year over year. CFRA's Arun Sundaram on CNBC. Midterm election results may create a split government. SMBC, America's chief economist, Joe LaVornia, served in both Trump administrations. There's three factors. One is presidential approval, disapproval. There is generic ballot. And then there is the enthusiasm gap. All three are highly predictive of outcomes. They all favor the Democrats. It looks very similar to 2006. 2006, the Republicans lost 31 House seats and they lost six Senate seats.

2:43I look for a similar scenario this week. Election results aside, a big week of jobs data coming this week. It begins Tuesday with the Jolts report on job opportunity and labor turnover. Here's CNBC's Sarah Eisen. The Jolts, which is a good snapshot of how tight the labor market is usually. It's cooled off a little, but still plenty of openings. And then the private sector jobs rate on Wednesday, all leading up to the big October jobs report from the government on Friday. And that's going to obviously be a biggie. We haven't seen as much job creation, but still a pretty low unemployment rate. We're at 4.2 % right now.

3:16We've had a low-firing, low-hiring kind of environment. Most people do have jobs. On Tuesday's watch list, we get earnings from Chipmaker A &D, Pfizer, Amgen, Yum! Brands, and the CNBC parent company, Versant Media, Jessica Edinger, CNBC. Introducing Fidelity Trader Plus, the next generation of advanced trading from Fidelity. Customize your tools and charts and access them seamlessly across desktop, web, and mobile. For faster trades anywhere you go. Try the all-new Fidelity Trader Plus. Learn more about our most powerful trading platform yet at fidelity.com slash trader plus. Investing involves risk, including risk of loss.

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