Daily Bulletin · Tuesday, November 3, 2026 · pre-market

Tech rotation deepens as Nasdaq slips -1.06% ahead of midterms

S&P 5007,542.33−0.51%Nasdaq25,170.95−1.06%10Y4.89%−0.04WTI$96.72+0.48%Gold$3,947.71+0.03%VIX21.33+9.72%

In brief

Tech under pressure: The Nasdaq fell -1.06% and the S&P 500 -0.51% as investors kept rotating out of technology into other areas.¹
Oil retreats: Oil had its sharpest one-day drop in about three months on US-Iran diplomacy hopes, though strike risks linger.²
Apple misses: Apple's margin outlook and iPad sales missed estimates, and futures were little changed as investors weighed them.³^,4

What it means

This looked more like a reshuffle than an exit: money moved toward old-economy industrials and home-improvement names while AI-buildout stocks stayed under scrutiny.¹ Over five sessions the Nasdaq 100 lost -4.37%, against -1.73% for the S&P 500, which shows how concentrated the pressure has been in tech. A better-than-expected October ISM manufacturing reading, with inventories back in expansion, fits the shift toward cyclical, real-economy names.

The day in review and where money is flowing

In Metravise's one-month view, Energy leads, running +3.8 pts ahead of the S&P 500, while the weakest sector trails by -7.4 pts. Within Energy, Oil & Gas E&P leads at +13.2 pts and Oil & Gas Drilling follows at +12.4 pts, a lead built before oil's latest pullback.² Consumer Staples and Utilities also sit among the leaders, a defensive tilt that coincided with a -4.20% move in the Metravise Portfolio.

Oil: diplomacy versus the ballot

Oil's sharp drop came on headlines that raised hopes the US and Iran would pursue diplomacy.² Energy markets remain wary of possible renewed strikes after Tuesday's midterm elections. Shell's CEO Wael Sawan said on the earnings call he had expected the oil price spike to be temporary, as the company announced one of its biggest share repurchases.⁵

Market mood

The VIX rose +9.72% to 21.33, moving into the tense zone as the tech slide and election risk lifted demand for protection. The equity put/call ratio climbed to 0.66, above its 5-day average of 0.59, which still sits in the average range: caution is rising, not panic.

What to watch today

Times are US Eastern (ET).

Reported last night

VRTXVertex Pharmaceuticals IncEPS below the estimate (-0.5%)
WMBWilliams Companies Inc.EPS in line with the estimate (+0.4%)
FNFabrinetEPS above the estimate (+3.4%)
ALSNALLISON TRANSMISSION HOLDINGS, INC.EPS above the estimate (+17.0%)
CRCCalifornia Resources CorporationEPS above the estimate (+21.1%)
IRTIndependence Realty Trust Inc.EPS below the estimate (-50.6%)

23:15
US index futures (futures, not the session)Versus the prior close, S&P 500 futures are -0.25% and Nasdaq 100 futures -0.22%; these are futures prices, not the session. The US session opens at 9:30 ET.
Tue 10:00
Job openings and labor turnover (JOLTS)A higher-than-consensus job openings figure is generally read as a resilient labor market, a weaker one as cooling demand for workers.
Tue
Advanced Micro Devices (AMD) earnings · today after the closeAMD's results arrive after the close while AI-buildout names remain under scrutiny, making them a test for the tech rotation.¹
Tue
Amgen Inc (AMGN) earnings · today after the closeAmgen is among the companies reporting after the bell, a read on health care as money shifts away from tech.⁶
Tue
US midterm electionsInvestors are awaiting Tuesday's midterms, and energy markets are watching for possible renewed strikes after the vote.⁴^,2

Metravise Portfolio

PortfolioMonday change−4.20%
—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 news for Nov. 2, 2026 — CNBC · Nov 3
Oil prices slide in biggest drop since July on hope for more Iran talks — NBC News · Nov 3
Apple's stock drops on weak margin forecast in Ternus' first earnings report — CNBC · Nov 3
S&P 500 futures are flat as investors weigh Apple earnings; U.S. midterm elections loom: Live updates — CNBC · Nov 3
Oil company earnings skyrocket — again — NPR · Nov 1
Tuesday's big stock stories: What's likely to move the market in the next trading session — CNBC · Nov 3