TradingKey

Ahead of the US midterm elections, the commercial relationship between SpaceX (SPCX) and the government has once again come into focus. US President Donald Trump stated on The New York Post podcast "Pod Force One" that if Democrats gain control of Congress and push for investigations targeting Elon Musk and associated individuals, he would consider granting pardons if necessary to protect them.

In early U.S. trading on November 3, Eastern Time, tech stocks rebounded strongly, with the Nasdaq Composite Index poised to end a three-session losing streak. As the U.S. midterm elections took place on the same day, investors focused on which party would gain control of Congress and whether institutional capital would re-increase equity allocations once election uncertainty recedes.

TradingKey - On November 3, Shopify (SHOP) shares fell over 17% in pre-market trading at one point after the company announced its third-quarter 2026 financial results. The company reported quarterly revenue of $3.742 billion, up 32% year-over-year, slightly missing market expectations of $3.75 billion.

TradingKey - As of press time on November 3, Eastern Time, cybersecurity company CrowdStrike (CRWD) gained 0.78% in pre-market trading to $243.7. The company announced on the same day that it has signed definitive acquisition agreements with AI security companies Fiddler AI and Dreadnode, respectively.

TradingKey - On November 3, Eastern Time, futures tied to the three major U.S. stock indexes traded mixed. As of press time, Dow futures fell 0.79%, S&P 500 futures dropped 0.14%, and Nasdaq 100 futures rose 0.27%.

TradingKey - On November 3, AMD (AMD) rose over 2% in pre-market trading, with its stock price rebounding to near $478. The company will report its third-quarter 2026 financial results after the U.S. market close on Tuesday and host an earnings conference call at 5:00 p.m. ET.

TradingKey - Oracle stock forecast: ORCL fell 8.76% after a $20 billion stock and bond raise used its full funding cap, with $114.15 support next in focus.

TradingKey - Marvell stock forecast: MRVL fell 12.72% to test $168.81 Fibonacci support after its $115 billion all-stock Lumentum deal drew two downgrades.

TradingKey - Palantir (PLTR) beat market expectations across the board with its third-quarter results, yet its stock suffered a sell-off following the earnings release. In US pre-market trading on November 3, the company's shares fell nearly 8%.

TradingKey - Palantir stock forecast: PLTR fell toward $169.90 overnight as 6% growth in new contract value overshadowed 96% revenue growth and a raised 2026 guide.

TradingKey - Qualcomm (QCOM) will report its fourth-quarter and full-year fiscal 2026 financial results after the U.S. market close on November 4, Eastern Time, and hold a conference call at 4:45 p.m. ET on the same day.

TradingKey - As of press time on November 3, Eastern Time, Apple (AAPL) dropped 4.52% in pre-market trading to $323.02, hitting a near one-month low.

TradingKey - Apple stock forecast: AAPL slides after hours as a record revenue guide is overshadowed by a 45% to 46% margin outlook on rising memory costs.

SpaceX has pulled back over 20% on the monthly chart, with bulls retreating to defend the $135 mark, potentially risking a test of the major $100 level.

TradingKey - As of the close on Monday (November 2) Eastern Time, SanDisk (SNDK) shares fell 6.59% to $1,075.08, after touching an intraday low of $1,067.40, while after-hours trading saw a slight rebound to around $1,090. Based on its current performance, SanDisk stock has declined for a seventh consecutive week, with a cumulative drop of over 40%.

TradingKey - On November 2, Eastern Time, Marvell Technology (MRVL) announced an all-stock acquisition of optical communications components manufacturer Lumentum Holdings (LITE), in a transaction with an enterprise value of approximately $115 billion.

TradingKey - Intel (INTC) shares extended a sharp correction. On the final trading day of October, the stock plunged 29%, marking its worst single-day performance since the 1970s, and logged a 45% cumulative decline for the month, its largest monthly drop on record. Entering November, selling pressure remained unabated, with the stock falling another 8% on the first trading day, reflecting that investor confidence in the company's short-term results and recovery prospects has yet to recover.

TradingKey - As of the close on Monday (November 2) Eastern Time, Micron (MU) fell 5.78% on the day to close at $833.59, touching an intraday low of $829.24 and coming within just a step of the $800 mark. Over the past three trading sessions, Micron has suffered consecutive losses, with its stock price retreating rapidly from $983.23 on October 28 to near $830, significantly widening the magnitude of its short-term correction.

As a wave of risk aversion erupted on the U.S. midterm election voting day, Japanese markets were closed, while the KOSPI plummeted 3.59% to fall below 5,700 points, and SK Hynix tumbled 5.71%.

TradingKey - Arm Holdings (ARM) will report its second-quarter fiscal 2027 financial results after the U.S. market close on November 4 (ET). As AI data centers continue to expand, market demand for Arm's processor architecture is extending from smartphones to cloud computing, servers, and AI infrastructure, bringing new growth opportunities for the company.