The PrimeFlow Desk · Tuesday, November 3, 2026 · Market Brief
Apple just reported its best September quarter ever: $114.5 billion in sales, up 12%. Then it added one line about the next three months, and the stock is down about 4% before the bell. Apple reported on Monday, November 2, 2026, and voters head to the polls today with stock markets open.
Where the market closed on Monday, November 2, 2026
- S&P 500: 7,541.40, down 0.51%
- Dow: 51,983.98, up 0.41%
- Nasdaq: 25,164.36, down 1.07%
- 10-year Treasury yield: 4.91%, down 0.03 point
- Brent crude oil: $104.77 a barrel, down 7.63%
- US crude oil: $96.46 a barrel, down 7.36%
This morning stock futures are close to flat, and oil is a little higher.
Why Apple’s stock fell after a record September quarter
Here’s the line: for the December quarter, Apple expects to keep 45% to 46% of each sales dollar after the cost of making what it sells. Wall Street wanted about 47%, and Apple just reported 47.9%, helped by about a point of tariff refunds.
The reason is memory chips. Apple’s CEO called memory prices “unprecedented” and expects them to keep rising past December. Those chips also go into the phones and laptops every other company sells. Apple’s drop is a before-the-bell number, and the first real test comes after 9:30. Our guide to the best time of day to trade stocks explains why that stretch carries so much weight.
Palantir had the same kind of night: sales up 96%, a higher full-year forecast, and the stock down about 7% this morning after growth in new contracts slowed.
On Sunday I said I’d watch Apple and AMD more than the vote count. AMD reports after today’s close, and it fell 7.5% yesterday as worries about AI spending returned.
My view
I read this as a warning about costs, not about demand. Apple still expects sales up 7% to 10%. What I’d stop assuming is that profits at the biggest companies grow as fast as their sales.
What it means for you
If you own an S&P 500 index fund, about 7 cents of every dollar sits in Apple. A 4% drop there takes about a quarter of a point off your fund before anything else moves.
A report like Apple’s gets priced in the first stretch after the open. The 40 Minutes That Matter is what our desk teaches every new trader first: a workshop and two one-page cheat sheets, The Level Map and The Session Clock. It normally sells for $49. You can have it for one payment of $7.
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Also on the Desk
It’s Election Day, and markets are open. Since 1948, the S&P 500 has risen an average of 13.9% in the 12 months after a midterm.
Oil steadied after its slide. Brent fell 7.6% yesterday on hopes for talks to end the Iran war, then edged higher overnight after a reported US strike on Iran’s Qeshm Island. At about $105, it’s still under the $110 I want it to hold through Friday’s jobs report.
Factory costs eased a little. The October survey’s prices reading fell to 75.2 from 77.9, still far above the 50 line.
On the calendar (Eastern time)
- Today, 10:00 AM: job openings for September
- Today, after the close: AMD reports
- Tonight: the first election results
From the trade log
As of 3 November 2026, the public log stands at 508 closed alerts: 487 wins, 17 losses and 4 breakeven. That’s a 95.9% win rate. See every closed alert on the log →
Be ready before the bell,
Christopher
Editor, PrimeFlow Trades
PrimeFlow Trades publishes market commentary and trade alerts for education. Nothing here is personal investment advice. Trading stocks involves risk, including the loss of money. Past results, including those on our public trade log, do not guarantee future results.
