Daily Bulletin · Monday, November 2, 2026 · pre-market

Tech drags S&P 500 to 7,580.95 as energy giants hit records

S&P 5007,580.95−1.81%Nasdaq25,440.68−2.85%10Y4.93%−0.06WTI$100.59−3.39%Gold$3,898.06+0.60%VIX19.56+13.65%

In brief

Tech under pressure: The Nasdaq Composite fell -2.85% as traders rotated out of AI stocks into defensive sectors.¹
Energy shines: Chevron and ExxonMobil hit record highs on sharply higher profits, as tight fuel supply lifted refining.¹^,2
Fed hawks speak: Fed officials called for more tightening, putting Friday's jobs report at the center of rate-hike bets.³^,4

What it means

The S&P 500 fell -1.81% and the 10-year yield eased -0.06 pts to 4.93%, as money moved toward defensive areas.¹ Intel had its worst day in decades after issuing weaker guidance, blaming memory costs that hurt PC demand.⁵ S&P 500 futures were up +0.47% and Nasdaq 100 futures +0.92% early Monday, ahead of a packed week of earnings and jobs data.⁶

The day in review and where money is flowing

On Metravise's one-month view, Energy leads the S&P 500 by +4.2 pts, with Oil & Gas E&P at +14.1 pts and Oil & Gas Drilling at +12.7 pts. Friday's rotation favored consumer staples and health care, with Regeneron higher after a strong quarter, while tech lagged.¹ Over five sessions the Nasdaq 100 lost -1.97%, against -0.56% for the S&P 500.

Energy: refiners cash in

Shell, BP, TotalEnergies, ExxonMobil and Chevron all reported sharply higher refining earnings as disruptions in Russia and the Middle East tightened fuel supply.² Shell posted record refining margins and raised its buyback; CEO Wael Sawan cited severe disruption to the global energy system.⁷ WTI crude still fell -3.39% to $100.59, while gold rose +0.60%.

Market mood

The VIX jumped +13.65% to 19.56, a sharp move that still leaves it in the normal zone. The equity put/call ratio was 0.58 versus a 5-day average of 0.60, an average reading that shows caution without panic.

What to watch this week

Times are US Eastern (ET).

23:10
US index futures (futures, not the session)Versus the prior close, S&P 500 futures are +0.47% and Nasdaq 100 futures +0.92%; these are futures prices, not the session. The US session opens at 9:30 ET.
Mon
Apple Inc. (AAPL) earnings · today after the closeCNBC's Investing Club sees Apple's outlook as key to the stock reaction, with demand and gross margins under memory-cost pressure in focus.⁴
Mon
Palantir Technologies Inc. (PLTR) earnings · today after the closePalantir reports as AI-spending worries have led tech lower, making its results a test of AI sentiment.⁸
Tue 10:00
Job openings and labor turnover (JOLTS)CNBC's Investing Club calls September JOLTS the week's least consequential labor update, since the data are a month old.⁴
Fri 08:30
Employment report (nonfarm payrolls, unemployment rate)Rate futures priced just under 75% odds of a December quarter-point hike as of Friday, and the jobs data are seen shaping that view.⁴
Mon
ISM ManufacturingOctober ISM Manufacturing is due at 10:00 ET; an above-consensus reading is generally read as a sign of resilient factory activity.⁸
Tue
Uber earningsUber is listed to report before the bell on Tuesday rather than Monday.⁴

Metravise Portfolio

PortfolioFriday change−6.17%
—No entries or exits in the last session.

Metravise is an educational research platform — this bulletin is not investment advice. News summaries are based on the footnoted sources; numbers are Metravise data. Past performance is not indicative of future results.

Sources

Stock market rocked as investors dump tech shares; Nasdaq suffers worst day since June: Live updates — CNBC · Oct 31
Trump called out Big Oil profits. Here's how much their refining earnings have surged since — CNBC · Nov 1
Fed officials are already saying they'll need to get back to hiking rates — CNBC · Oct 31
Here are 3 big things we're watching in the stock market in the week ahead — CNBC · Nov 2
Nasdaq suffers worst month in over a year as AI nerves roil markets — CNN · Oct 31
Stock futures tick higher ahead of busy week of earnings, jobs data and the midterm elections: Live updates — CNBC · Nov 2
Shell nearly doubles quarterly profit year-on-year as refining margins soar to record high — CNBC · Oct 30
Midterms, Apple earnings, jobs report. Wall Street faces a big week ahead just as investors dump tech — CNBC · Oct 31