Market Open: Stocks Mixed, Chip Stocks Higher, Apple Falls After Earnings • 11/3/26

0:00See NBC Business News update. Market open. I'm Jessica Ettinger. Wall Street mixed out of the gate on this election day morning. Chip stocks are bouncing while Apple shares are falling, dragging the Dow lower. Let's start with the Dow. It's down 267 points, about a half a percent this morning. Salesforce shares leading the Dow lower. They're down almost 4 percent. Apple down 3.3 percent. The S &P 500 index is in the green, up 20 points. The Nasdaq's up 154 points. Most of the chipmakers are higher. It is midterm election day. Skybridge Capital's Anthony Scaramucci, a Republican, spoke bluntly on CNBC.

0:43I think the president's going to get trounced, by the way, and I think he knows he's going to get trounced. He's sort of saying that quietly to different people. And then what does that mean for the president? What does it mean for his agenda? What does it mean for potential investigations around people around the president? President Trump ordered U.S. strikes against Iran, which originally sent oil higher today, although it's since pulled back on a report highlighting hope for a diplomatic resolution to the Iran war. Americans are paying the highest prices at the pump on an election day in U.S.

1:16history. AAA says the national average for a gallon of regular$4.15. Diesel today sitting at$6.29 a gallon. A take on oil and inflation from Landsberg Bennett's Michael Landsberg on CNBC. Obviously, the war hasn't helped in terms of energy prices being where they are. And they continue to be high. And at some point, we're running through more oil in terms of demand globally than we have for supply. So I think we're in an environment where oil is going to stay pretty high. So I think that's an environment that you have to, investors need to have an allocation to inflation, at least for the foreseeable future for the next quarter or two.

1:55because I think inflation is here to stay. We're likely to see 4 % before we see 2%. Apple shares are sliding today, a little more than 3%. Here's CNBC's Dominic Chu. Apple posting better than expected revenues, but failing to offset disappointing margin forecasts as the iPhone maker kind of reckons with, if you will, a global memory crunch here. It was the first earnings report since John Turnus took over as CEO from Tim Cook back in September. By the way, analysts at Morgan Stanley and JP Morgan, Amongst some, cutting their price targets on the stock this morning, both citing weaker services and memory headwinds in their notes.

2:28So keep an eye on Apple shares. Palantir shares slumping after reporting quarterly results as well. Pfizer out with a better full year outlook as the drugmaker tries to jumpstart growth by buying other companies like Metzera, which is working on new weight loss treatments. And Pfizer is also developing new cancer drugs. Here's CNBC's Becky Quick. Company coming in with earnings of 87 cents a share. That was better than the 73 cents that the street had been expecting. It came on revenue of 16.58 billion dollars. That was also ahead of expectations. Pfizer is now raising its full year earnings and revenue guidance above estimates.

3:06Yum! Brand's shares were higher after the parent of Taco Bell reported better than expected quarterly results. Krispy Kreme, handing out a free original glazed donut today to any customer wearing an I Voted sticker or if they simply say I Voted. No Powerball winner last night, so Wednesday night's jackpot has climbed to$835 million. Jessica Edinger, CNBC. This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Schwab Market Update, an original podcast from Charles Schwab, provides an information-packed daily market preview on stock updates, U.S. and global economic news, monetary policy decisions, and key results and statistics that may impact your trading.

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