The Market ThesisDaily Summary
United States Edition
November 3, 2026 at 5:30 AM ET
By MacroGlide's Analysts
Markets Recap for November 2, 2026
Tech Stocks Decline as Marvell-Lumentum Deal Faces Backlash
What's in the markets today?
Marvell and Lumentum’s newly announced merger was publicly panned by shareholders, who called the deal a 'trash offer', leading to a sharp drop in both companies' shares and rattling confidence in large-cap tech stocks. The ISM Manufacturing PMI was released at 55.5, signaling solid, accelerating factory growth and supporting views of continued resilience in US industrial activity as the year progresses. WTI crude oil prices plunged after Monday's settlement, sparked by expectations of loosening supply constraints, which helped to alleviate some inflation pressure across energy-sensitive sectors. Apple and Palantir reported earnings after today's close, while Marriott reported before the opening bell, directing further attention to tech and services sectors as investors awaited their quarterly results. With the S&P 500 dipping and the Nasdaq 100 retreating even more, markets reflected sector-specific volatility as the country prepared for midterm elections.
Benchmark Moves
The S&P 500 fell 0.51% as both Marvell and Lumentum faced shareholder backlash against their proposed merger, which contributed to a decline in large-cap tech stocks. The ISM Manufacturing PMI rose to 55.5, signaling solid growth in factories and suggesting resilience in US industrial activity. In a related move, WTI crude oil prices dropped 7.36% due to easing inflation pressures tied to expectations of loosening supply constraints. This combination of factors leaves the market attentive to how these dynamics will affect sectors ahead of the midterm elections.
Market data as of Nov 2, 2026 at 4:00 PM ET.
Market data as of Nov 2, 2026 at 4:00 PM ET.
Market data as of Nov 2, 2026 at 5:00 PM ET.
Key Financial Reports
Earnings showed a strong tilt toward outperformance from large-cap tech and services. Apple (AAPL) delivered $2.10 EPS and posted record quarterly revenue, citing double-digit iPhone and Mac growth plus a strong outlook for December revenue. Palantir (PLTR) reported $0.44 EPS, with the call highlighting record year-over-year revenue growth and raised full-year guidance, driven by accelerating U.S. commercial demand. This round of earnings indicates leading US tech and data firms are benefiting from resilient demand and are raising expectations for the year.
EPS reported on November 2, 2026 ET. Figures use each company's reported basis.
Key Macroeconomic Reports
Resilience is the main US macro signal as factory demand strengthened. The ISM Manufacturing PMI rose to 55.5, moving further above 50, while the Prices Paid index fell to 75.2, easing from previous levels. This shows that manufacturing growth remains solid even as input cost pressures moderate. The combination could keep inflation expectations stable and reduce urgency for near-term Fed rate cuts.
Macroeconomic data released on November 2, 2026 ET.
Top Stories
A quick look at the five stories that shaped today's market sentiment. Explained with brief context highlighting why each story mattered today.
Source: NYT — Business
Anthropic Reveals $17 Billion in Revenue as I.P.O. Approaches
Anthropic reported quarterly revenue of $17 billion, marking a significant increase of 12 times compared to the same quarter last year. However, the company also faced a net loss of $23 billion. This financial performance comes as the company approaches its initial public offering (I.P.O.). The substantial revenue growth highlights the company's rapid expansion in the artificial intelligence sector.
Source: NYT — Business
Binance Reports $3.64 Billion in Outflows as It Resumes Normal Transactions
Binance experienced $3.64 billion in customer withdrawals after a recent incident involving the theft of $6.3 billion in tokens, which is linked to North Korea. The exchange has since resumed normal transaction operations. This surge in outflows reflects customer concerns over security following the theft. The situation underscores the ongoing challenges faced by cryptocurrency exchanges in maintaining user trust.
Source: MarketWatch — Top Stories
Palantir earnings reveal a major AI turning point
Palantir's earnings report indicates a significant shift in its business dynamics, with the U.S. commercial sector generating more revenue than the U.S. government segment in the third quarter. This marks a notable turning point for the company, as it diversifies its revenue sources. The shift suggests growing demand for Palantir's services in the private sector. The results may signal a broader trend in the utilization of AI technologies across industries.
Source: MarketWatch — Top Stories
The bond-market rally is defying the typical investing playbook. Here’s why.
Despite the U.S. economy expanding at its fastest rate in about a year during the third quarter, Treasury bonds experienced an unexpected rally in October. The Commerce Department's initial GDP reading indicated robust economic growth, yet the bond market defied typical investing patterns. This rally raises questions about investor sentiment and market dynamics in light of strong economic indicators.
Source: MarketWatch — Top Stories
Oil prices could average $130 a barrel next year, according to Goldman Sachs
Goldman Sachs analysts predict that oil prices could average $130 a barrel next year, with a potential rise to $140 a barrel if tensions in the Middle East escalate. This forecast highlights the volatility in the oil market and the impact of geopolitical factors on pricing. The projection indicates a significant increase from current levels, which could have widespread implications for global energy markets. Investors and consumers alike will be closely monitoring these developments.
Other Headlines
Enjoying The Market Thesis? Get more news and analysis with our regional editions for Asia & Pacific and Europe & UK.
If you received this newsletter from someone else, subscribe here.
To stop receiving The Market Thesis, unsubscribe.
Follow Us
Explore all our Newsletters at MacroGlide.com
Explore all past issues →The Market ThesisDaily Summary
United States Edition
November 3, 2026 at 5:30 AM ET
Markets Recap for November 2, 2026
Tech Stocks Decline as Marvell-Lumentum Deal Faces Backlash
What's in the markets today?
Marvell and Lumentum’s newly announced merger was publicly panned by shareholders, who called the deal a 'trash offer', leading to a sharp drop in both companies' shares and rattling confidence in large-cap tech stocks. The ISM Manufacturing PMI was released at 55.5, signaling solid, accelerating factory growth and supporting views of continued resilience in US industrial activity as the year progresses. WTI crude oil prices plunged after Monday's settlement, sparked by expectations of loosening supply constraints, which helped to alleviate some inflation pressure across energy-sensitive sectors. Apple and Palantir reported earnings after today's close, while Marriott reported before the opening bell, directing further attention to tech and services sectors as investors awaited their quarterly results. With the S&P 500 dipping and the Nasdaq 100 retreating even more, markets reflected sector-specific volatility as the country prepared for midterm elections.
Benchmark Moves
The S&P 500 fell 0.51% as both Marvell and Lumentum faced shareholder backlash against their proposed merger, which contributed to a decline in large-cap tech stocks. The ISM Manufacturing PMI rose to 55.5, signaling solid growth in factories and suggesting resilience in US industrial activity. In a related move, WTI crude oil prices dropped 7.36% due to easing inflation pressures tied to expectations of loosening supply constraints. This combination of factors leaves the market attentive to how these dynamics will affect sectors ahead of the midterm elections.
Indexes
Detailed View →Market data as of Nov 2, 2026 at 4:00 PM ET.
Stocks
Detailed View →Market data as of Nov 2, 2026 at 4:00 PM ET.
Commodities & Crypto
Detailed View →Market data as of Nov 2, 2026 at 5:00 PM ET.
Key Financial Reports
Earnings showed a strong tilt toward outperformance from large-cap tech and services. Apple (AAPL) delivered $2.10 EPS and posted record quarterly revenue, citing double-digit iPhone and Mac growth plus a strong outlook for December revenue. Palantir (PLTR) reported $0.44 EPS, with the call highlighting record year-over-year revenue growth and raised full-year guidance, driven by accelerating U.S. commercial demand. This round of earnings indicates leading US tech and data firms are benefiting from resilient demand and are raising expectations for the year.
Earnings Per Share (EPS)
Detailed View →EPS reported on November 2, 2026 ET. Figures use each company's reported basis.
Key Macroeconomic Reports
Resilience is the main US macro signal as factory demand strengthened. The ISM Manufacturing PMI rose to 55.5, moving further above 50, while the Prices Paid index fell to 75.2, easing from previous levels. This shows that manufacturing growth remains solid even as input cost pressures moderate. The combination could keep inflation expectations stable and reduce urgency for near-term Fed rate cuts.
Macroeconomic Data
Detailed View →Macroeconomic data released on November 2, 2026 ET.
Top Stories
A quick look at the five stories that shaped today's market sentiment. Explained with brief context highlighting why each story mattered today.
Anthropic Reveals $17 Billion in Revenue as I.P.O. Approaches
Anthropic reported quarterly revenue of $17 billion, marking a significant increase of 12 times compared to the same quarter last year. However, the company also faced a net loss of $23 billion. This financial performance comes as the company approaches its initial public offering (I.P.O.). The substantial revenue growth highlights the company's rapid expansion in the artificial intelligence sector.
Source: NYT — Business
Binance Reports $3.64 Billion in Outflows as It Resumes Normal Transactions
Binance experienced $3.64 billion in customer withdrawals after a recent incident involving the theft of $6.3 billion in tokens, which is linked to North Korea. The exchange has since resumed normal transaction operations. This surge in outflows reflects customer concerns over security following the theft. The situation underscores the ongoing challenges faced by cryptocurrency exchanges in maintaining user trust.
Source: NYT — Business
Palantir earnings reveal a major AI turning point
Palantir's earnings report indicates a significant shift in its business dynamics, with the U.S. commercial sector generating more revenue than the U.S. government segment in the third quarter. This marks a notable turning point for the company, as it diversifies its revenue sources. The shift suggests growing demand for Palantir's services in the private sector. The results may signal a broader trend in the utilization of AI technologies across industries.
Source: MarketWatch — Top Stories
The bond-market rally is defying the typical investing playbook. Here’s why.
Despite the U.S. economy expanding at its fastest rate in about a year during the third quarter, Treasury bonds experienced an unexpected rally in October. The Commerce Department's initial GDP reading indicated robust economic growth, yet the bond market defied typical investing patterns. This rally raises questions about investor sentiment and market dynamics in light of strong economic indicators.
Source: MarketWatch — Top Stories
Oil prices could average $130 a barrel next year, according to Goldman Sachs
Goldman Sachs analysts predict that oil prices could average $130 a barrel next year, with a potential rise to $140 a barrel if tensions in the Middle East escalate. This forecast highlights the volatility in the oil market and the impact of geopolitical factors on pricing. The projection indicates a significant increase from current levels, which could have widespread implications for global energy markets. Investors and consumers alike will be closely monitoring these developments.
Source: MarketWatch — Top Stories
Other Headlines
Enjoying The Market Thesis? Get more news and analysis with our regional editions for Asia & Pacific and Europe & UK.
If you received this newsletter from someone else, subscribe here.
To stop receiving The Market Thesis, unsubscribe.
Follow Us
© MacroGlide LLC 2026. All rights reserved.
You received this email because you are subscribed to MacroGlide's The Market Thesis newsletter. If someone forwarded you this email, you can sign up here to receive future editions directly in your inbox. Content may include material from third-party sources. Such content remains the property of its respective owners and is used for informational purposes only. All content provided by MacroGlide LLC is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any financial instruments. MacroGlide LLC assumes no liability for any actions taken based on this information.
Austin, TX 78731