Analysis

TradingKey - As of the Asian session on Tuesday (November 3), gold prices (XAUUSD) hovered at elevated levels following a sharp rebound in the previous trading day, last trading around $3,955, up slightly by about 0.25% intraday. Gold had previously dropped to near $3,870 on October 30, hitting a one-year low, before surging over 2% on November 2. While a sharp pullback in oil prices eased market concerns over U.S. inflation, the probability of a Fed rate hike in December remains high, leaving the short-term outlook for gold under continued test.

Palantir’s (PLTR) impressive earnings failed to stem profit-taking driven by high valuations, causing its stock price to fall 3%, with technical indicators closely watching the battle to defend the $160 level.

TradingKey - On November 2, Eastern Time, early gains in US stocks failed to hold as weakness in AI and technology stocks dragged down the S&P 500 and the Nasdaq. A sharp drop in oil prices eased energy cost pressures, lifting fuel-sensitive sectors such as airlines and cruise lines, but failed to o

A wave of risk aversion surged on U.S. Election Day. Japanese markets were closed, while the KOSPI plummeted 3.59% at the open, with Samsung Electronics and SK Hynix falling around 5%.

On Monday, November 2, Eastern Time, US stocks posted a mixed performance. The Nasdaq and the S&P 500 gave up early gains to turn lower, while the Dow bucked the trend and advanced. Investors continued to rotate out of tech stocks into other sectors of the market, with attention focused on big tech companies' AI financing plans and M&A transactions. At the close, the Dow Jones Industrial Average rose 0.41% to 51,983.98; the Nasdaq Composite Index fell 1.07% to 25,164.32; and the S&P 500 Index slipped 0.51% to 7,541.40.

From reports of negotiation talks emerging after the close on October 28 to the official announcement of its Lumentum (LITE) acquisition on November 2, Marvell Technology (MRVL) shares have remained under continuous pressure. As of press time, the company traded at around $180, down approximately 28.5% cumulatively from the October 28 close. The all-stock transaction assigns Lumentum an implied enterprise value of about $115 billion. While the merger complements Marvell's optical interconnect portfolio, the market is more focused on whether the deal makes sense: Marvell must cede roughly a one-third equity stake in the combined company, raising questions as to whether the acquired earnings will cover the equity expansion and compensate for the purchase price and integration risks.

In early US trading on November 2 ET, Bloomberg reported that Anthropic's third-quarter revenue approached $17 billion, roughly 12 times that of the same period last year, with single-quarter revenue exceeding the total for the first half of this year. The rapid expansion of its revenue scale provides a new pricing basis for the Claude developer's upcoming initial public offering (IPO).

On November 2, Eastern Time, international oil prices fell sharply. As of press time, Brent crude futures (UKOIL) dropped 6.3% to $106.2 per barrel, while US WTI crude futures (USOIL) declined 6.4% to $97.4 per barrel.

TradingKey - Apple (AAPL) will report its fourth-quarter fiscal 2026 financial results after the US market close on November 2.

TradingKey - As of press time on November 2, Eastern Time, Alphabet (GOOGL) rose 0.83% in pre-market trading to $282.17.

TradingKey - Marvell Technology (MRVL) announced an all-stock acquisition of data center optics manufacturer Lumentum (LITE), with a transaction enterprise value of approximately $115 billion and an equity value of about $102.5 billion. If successfully completed, this will become one of the largest M&A transactions since 2026 and set a record as the largest merger between public tech companies.

TradingKey - Regeneron stock forecast: REGN jumped 13.33% after a big Q3 beat driven by full Dupixent profits, with $930.46 the next test and RSI overbought.

TradingKey - In pre-market trading on November 2 ET, futures on the three major US stock indexes rose across the board. As of press time, Dow futures were up about 0.61%, S&P 500 futures rose around 0.54%, and Nasdaq 100 futures advanced roughly 0.87%.

TradingKey - SpaceX (SPCX) shares rose over 3% in US pre-market trading on Monday, as market attention focused on founder Elon Musk's latest forecast regarding the prospects of space data centers.

TradingKey - Rivian stock forecast: RIVN jumps 6.20% off $11.37 support after a Q3 beat and raised delivery guide, but still trades below its 50-day and 100-day EMAs.

TradingKey - Sandisk stock forecast: SNDK fell 13.5% and broke triangle support after Kioxia warned NAND price growth is fading, despite a beat and 8-for-1 split.

TradingKey - Palantir (PLTR) will report its third-quarter 2026 financial results after the US market close on November 2.

TradingKey - On November 2, Eastern Time, memory chip stocks showed divergent performance. Japanese memory chipmaker Kioxia closed down by about 15.8% in the Tokyo market. However, in subsequent U.S. pre-market trading, memory stocks rallied across the board. As of press time, Micron Technology (MU) rose over 2%, SanDisk (SNDK) gained more than 3%, the DRAM ETF (DRAM) jumped over 4%, and SK Hynix (SKHY) climbed nearly 5%.

TradingKey - Coinbase stock forecast: COIN fell 10.6% to test $139.33 support after the record Binance hack and a 44% drop in Q3 transaction revenue.

TradingKey - Advanced Micro Devices (AMD) will release its third-quarter 2026 financial results after the US market close on November 3, Eastern Time, and host an earnings conference call at 5:00 p.m. ET on the same day.