US Midterm elections, Apple earnings, jobs data to test Wall Street

Benchmarks Nifty23,264.85211.75FEATURED FUNDS★★★★★UTI Aggressive Hybrid Fund Regular Plan-Growth5Y Return9.02 % Invest NowFEATURED FUNDS★★★★★Motilal Oswal Midcap Fund Direct-Growth5Y Return18.55 % Invest NowEnter search text: Powered By

The Economic Times daily newspaper is available online now. Read Today's Paper US Midterm elections, Apple earnings, jobs data to test Wall Street after AI routBy Anupam Nagar, ETMarkets.comLast Updated: Nov 02, 2026, 09:37:00 AM ISTSynopsis

Wall Street faces a pivotal week as US midterm elections, major corporate earnings and October jobs data test investor sentiment. Recent AI-led tech selloffs have heightened concerns over infrastructure spending and returns. Apple, AMD and Palantir results, alongside regulatory uncertainty and economic signals, could determine market direction and volatility.

US stock market investors face a crucial week ahead, with the US midterm elections, a packed corporate earnings calendar and the monthly jobs report likely to shape sentiment after a series of setbacks for artificial intelligence-related stocks, according to a report by Reuters.

Concerns over the sustainability of the AI investment boom intensified last week following disappointing quarterly results from Alphabet and Amazon, two major cloud computing companies committing billions of dollars to data centre infrastructure. Semiconductor maker Intel's shares plunged nearly 29% on Friday after its earnings report, adding to the pressure on technology stocks.

As on 31 Oct 2026, 01:30 AM IST

S&P 500 Top Gainers

Regeneron Pharmaceuticals927.89(13.33%)Global Payments96.84(12.97%)GoDaddy117.24(10.72%)Mohawk Industries139.41(7.25%)

S&P 500 Top Losers

Intel65.76(-28.58%)Datadog235.27(-11.50%)Qualcomm164.79(-11.12%)Advanced Micro Devices504.80(-10.88%)
The selloff dragged the S&P 500 down 1.8% on Friday, while the Nasdaq Composite dropped 2.9%. The losses underscored growing investor concerns over the enormous financing requirements and uncertain returns associated with AI investments, which have been a key driver of the US stock market rally, as per the report.

Also Read |Global Market Today: Asian shares bend under AI stress; Apple earnings loom

The pressure on technology shares could continue next week, with Apple, Advanced Micro Devices (AMD) and Palantir Technologies among the major companies scheduled to announce quarterly results. Investors will also assess whether the US midterm elections could change the regulatory environment for the AI industry.

Live Events

According to a Reuters report, market strategists believe concerns about AI spending and companies' ability to generate adequate returns are likely to remain central to investor sentiment after the latest earnings announcements.

Also Read | Wall Street drops to its worst day since June after the sell-off for tech stocks deepens

Midterm elections could shape AI regulatory outlook
The US midterm elections on Tuesday will determine whether Democrats can wrest control of Congress from President Donald Trump's Republican Party. Democrats are widely expected to gain control of the House of Representatives, although the outcome of the Senate race remains less certain.

Investors are particularly concerned about the possibility of greater political and regulatory scrutiny of the rapidly expanding data centre industry. Rising electricity costs and environmental concerns have fuelled public opposition to new data centre projects, potentially creating obstacles for companies planning large-scale AI infrastructure investments, according to the report by Reuters.

While a change in congressional control may not immediately derail AI investments, a Democratic victory could bring increased scrutiny of the sector. Investors are also monitoring state and local elections, particularly in Texas, for potential implications for data centre development.

A Democratic sweep could weigh on sentiment towards major AI companies and technology stocks more broadly, according to market participants cited by Reuters.

The election could also have implications for defence, healthcare, financial services and cryptocurrency companies. Changes in political control could influence government spending priorities and the regulatory environment for several industries, including Wall Street banks and digital asset businesses.

Apple, AMD and Palantir earnings in focus
Corporate earnings will provide another important test for the market. Strong profit growth has supported equity valuations in 2026, with earnings across the S&P 500 expected to increase 31.6% in the third quarter, based on LSEG IBES data as of Friday, according to Reuters. More than half of the index's companies have reported results so far.

However, investors have become increasingly unforgiving of companies that fail to meet elevated expectations. Caterpillar shares, for instance, fell 9% on Thursday after the company maintained its annual sales growth forecast despite strong demand for power equipment from data centres.

Apple will report its quarterly results on Monday. Its shares have gained around 27% so far this year, making the company's outlook particularly important for technology sector sentiment.

Chipmakers AMD and Qualcomm, along with AI software company Palantir, are also scheduled to announce results. Their commentary could offer further clues about demand for AI infrastructure, semiconductor spending and the commercial potential of AI applications.

More than 100 S&P 500 companies are due to report earnings next week. These include McDonald's, Amgen and ConocoPhillips, giving investors a broader view of corporate performance across consumer, healthcare and energy sectors, the report stated.

With market expectations already elevated, companies may face significant pressure to demonstrate that earnings growth can justify their valuations.

October jobs report to offer clues on US economy
Investors will also closely monitor the US employment report for October, scheduled for release next Friday, for fresh indications about the health of the world's largest economy.

Recent economic data have painted a relatively resilient picture. Figures released on Thursday showed that the US economy expanded at its fastest pace in a year during the third quarter, supported by strong consumer spending and increased business investment in AI.

The Federal Reserve also upgraded its assessment of economic conditions this week while keeping interest rates unchanged.

However, employment growth remains a key missing element in the otherwise resilient economic outlook. Investors will look for signs of whether businesses are increasing hiring in line with economic activity or becoming more cautious about workforce expansion.

The jobs report could therefore influence expectations around the Federal Reserve's future policy decisions, particularly as investors assess the balance between economic growth, inflation and labour market conditions.

Market gains broaden beyond technology stocks
Despite the recent weakness in AI and technology shares, other sectors have helped support the broader market.

Energy and financial stocks recorded solid gains in October, while defensive sectors such as utilities and healthcare also performed well. The S&P 500 remained more than 10% higher for the year, indicating that market gains have not been entirely dependent on the technology sector.

This broader participation could offer some cushion if AI-related stocks remain under pressure. However, political uncertainty, elevated earnings expectations and questions over AI investment returns are likely to keep volatility high in the near term.

According to Reuters, strategists believe this week's developments across corporate earnings, employment data and the midterm elections will be critical in determining whether the market can regain momentum after its latest bout of technology-led selling.

(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)
Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our ETMarkets WhatsApp channel)
Read More News onUS stock marketWall StreetUS midterm electionsAI stockstechnology selloffartificial intelligence investmentsApple earningsAMDPalantir TechnologiesIntel

(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

...moreless
(You can now subscribe to our ETMarkets WhatsApp channel)
Read More News onUS stock marketWall StreetUS midterm electionsAI stockstechnology selloffartificial intelligence investmentsApple earningsAMDPalantir TechnologiesIntel

(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

...morelessPrime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition

• Some elections matter more than you know: No crop changed in the fields, yet sugar, coffee and soya got cheaper in a day

• You can buy a walkie-talkie online. But can you legally use it?

• KYB and KYC: Quick commerce, the Damani premium and what DMart must deliver – 3rd and concluding part

• KYC and KYB: Inside Damani’s DMart, the retail chain for the middle class. And stock for the long term? – Part 2 of 3

• Will it be a regulatory nightmare if an exchange lists on its own platform?

• KYC and KYB: Inside Damani’s Avenue Supermarts that refuses to charge more – Part 1 of 3

• 1
• 2
• 3

View all StoriesContinue reading with one of these options:Limited AccessFreeLogin to get access to some exclusive stories
& personalised newslettersLogin NowUnlimited AccessStarting @ Rs120/monthGet access to exclusive stories, expert opinions &
in-depth stock reportsSubscribe NowET

Unlock Access to All Exclusives with ETPrime FREE TRIAL

15 Days Free: Unlock All ETPrime Exclusives, Market Tools & ePapers

Trial offer expiring in00 : 05 : 00

I'd rather pay ₹2599 now

Uh-oh! This is an exclusive story available for selected readers only.

Worry not. You’re just a step away.

Prime Account Detected!

It seems like you're already an ETPrime member with

Login using your ET Prime credentials to enjoy all member benefits

Log out of your current logged-in account and log in again using your ET Prime credentials to enjoy all member benefits.

Unlock ETPrime's Exclusive Stories Today!

Big Price Drop! Flat 40% Off

Student Only OfferAlready a Member? Sign In nowAlready a Member? Sign In nowAlready a Member? Sign In now

Offer Exclusively For You

Save up to Rs. 700/-

ON ET PRIME MEMBERSHIP

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get 1 Year Free

With 1 and 2-Year ET prime membership

Avail Offer

Offer Exclusively For You

Get Flat 40% Off

Then ₹ 1749 for 1 year

Avail Offer

Offer Exclusively For You

ET Prime at ₹ 49 for 1 month

Then ₹ 1749 for 1 year

Avail Offer

Special Offer

Get flat 40% off on ETPrime

Avail OfferAvail OfferClaim NowAlready a Member? Sign In now

Need Assistance?

Connect with an ETPrime expert for personalized support and guidance

+91 9484700004'; }); } if(listing) { var h3 = "You tried reading " + listArr.length + " locked stories in the past " + threshold + " days.", h4 = "Become an ET Prime member and don't miss out on these exclusive stories."; var html = '

' + h3 + '

' + h4 + '

' + listing + '

'; $('#paidSCWidget').html(html); var callback = $('#paidSCWidget').attr('data-callback'); if(callback && window[callback]) { window[callback](); } customDimension.dimension72 += ' | Shown SYFT no Trial_With Missed Paywalled Articles Collection'; } else { _processNormal() } } }); } else { _processNormal(); } } catch (e) { _processNormal(); } }, function () { _processNormal(); }); //console.log('storyCollectionLoad', $); }

What’s Included with

ETPrime Membership

1Exclusive Insights That Matter

Uncover the truth with our investigative stories

Make strategic moves using the real-world case studies

Read industry-specific stories to identify emerging trends

Spot opportunities with
in-depth insights that matter

• Trump temper on H-1B visas is forcing Indians to do these things to stay put in US

  What Adani’s US indictment means for India Inc’s overseas fundraising

• Why veterans like Reliance, L&T are on acquisition spree? Aswath Damodaran has an answer.

  Will China’s dollar bond sale in Saudi Arabia trump the US in financial world?

• Huawei launches its own OS to compete with Google and Apple. But can it win beyond China?

  The problem with lab grown diamonds

• Why a falling rupee is a better option for the economy

  A list of top 20 momentum stocks that have delivered massive returns in one year

2Invest Wisely With Smart Market Tools & Investment Ideas

Alpha Trade

Get daily trade ideas from SEBI-registered research analysts.

Investment Ideas

Grow your wealth with stock ideas & sectoral trends.

Stock Reports Plus

All-in-one stock research with Stock Score, peer comparison & key signals.

BigBull Portfolio

Get to know where the market bulls are investing to identify the right stocks.

Stock Analyzer

Check the score based on the company's fundamentals, solvency, growth, risk & ownership to decide the right stocks.

Market Mood

Analyze the market sentiments & identify the trend reversal for strategic decisions.

Stock Talk Live at 9 AM Daily

Ask your stock queries & get assured replies by ET appointed, SEBI registered experts.

3Stay informed anytime, anywhere with ET ePaper

ePaper - Print View

Read the PDF version of ET newspaper. Download & access it offline anytime.

ePaper - Digital View

Read your daily newspaper in Digital View & get it delivered to your inbox everyday.

Wealth Edition

Manage your money efficiently with this weekly money management guide.

TOI ePaper

Read the PDF version of TOI newspaper. Download & access it offline anytime.

Deep Explainers

Explore the In-depth explanation of complex topics for everyday life decisions.

Health+ Stories

Get fitter with daily health insights committed to your well-being.

Personal Finance+ Stories

Manage your wealth better with in-depth insights & updates on finance.

5Enjoy Complimentary Subscriptions From Top Brands

Stream new documentaries from all across the world every day.

Stories you might be interested in