【US Pre-Market】Futures Mixed as Apple Falls Over 4%, Palantir Drops Over 6% Ahead of AMD Earnings

TradingKey - On November 3, US Eastern Time, futures on the three major US stock indices were mixed. As of press time, Dow futures fell 0.84%, S&P 500 futures fell 0.17%, and Nasdaq 100 futures rose 0.2%.

[Source: Investing]

Tech stocks showed mixed performance, with Apple and Palantir under pressure in pre-market trading, while Nvidia and AMD bounced back. Markets were also focused on the US midterm elections and the employment data released on the same day.

In commodities, international oil prices rebounded from the previous session's decline. As of press time, WTI crude (USOIL) rose about 1.28% to $96.5/barrel; Brent crude (UKOIL) rose about 0.9% to $104.83/barrel.

US strikes on Iran's Qeshm Island, combined with Iranian statements that a war-ending deal remains far off, reignited market concerns over Middle East energy supply risks.

Gold (XAUUSD) remained below $4,000/oz, currently at $3,913/oz; Bitcoin (BTCUSD) was trading around $77,408.

Market Moves

Apple (AAPL) fell over 4% pre-market: Rising memory costs put pressure on gross margin guidance.

Apple shares fell about 4.5% in pre-market trading after reporting its fourth-quarter fiscal 2026 results. Quarterly revenue reached $114.5 billion, up 12% year-over-year; GAAP diluted earnings per share came in at $2.10, both topping expectations.

However, the company expects its first-quarter fiscal 2027 gross margin to be 45%–46%, down from 47.9% in the previous quarter. Rising memory costs and expenses related to the new Siri weighed on margins.

Palantir (PLTR) dropped over 8% pre-market at one point: Revenue jumped 96%, but high valuation remains tested.

Palantir's third-quarter revenue surged 96% year-over-year to $2.313 billion, with adjusted earnings per share of $0.44. U.S. commercial revenue grew 148% to $984 million, surpassing U.S. government revenue for the first time.

The company raised its full-year 2026 revenue guidance to between $8.530 billion and $8.534 billion, but the strong performance failed to boost the stock price, as the market continues to focus on whether its high valuation can be supported by sustained growth.

Lattice Semiconductor (LSCC) jumped over 10% pre-market: Revenue expected to grow at least 60% in 2027.

Lattice's third-quarter revenue grew 118.3% year-over-year to $291 million, with non-GAAP earnings per share of $0.72. The company expects fourth-quarter revenue of $325 million to $345 million and projected during its earnings call that 2027 revenue will grow by at least 60%. The acquisition of AMI, data center demand, and a recovery in the industrial business provided support for growth.

Nvidia (NVDA) and AMD (AMD) rebound pre-market.

Nvidia rose about 1.6% pre-market, while AMD gained nearly 3%. Tech stocks had previously suffered a sell-off due to concerns over AI capital expenditure returns and financing pressures. AMD is scheduled to report its third-quarter results after the market close on November 3, with investors closely watching data center revenue, Instinct accelerator shipments, and forward-looking growth guidance.

Market News

U.S. midterm elections take place, with congressional control and policy direction drawing close attention.

The U.S. holds its midterm elections on November 3, with all 435 seats in the House of Representatives and about one-third of Senate seats up for election. Markets are focusing on how shifts in congressional control could impact corporate taxes, trade policy, energy regulation, and tech sector policies.

However, the election results do not imply immediate policy changes, as subsequent congressional legislation and administration policy adjustments still bear watching.

AMD reports Q3 earnings tonight, with its AI chip business in the spotlight.

AMD will report its third-quarter 2026 financial results after U.S. markets close on November 3. Investors are focusing on data center revenue, demand for Instinct series AI accelerators, sales of EPYC server processors, and changes in gross margin.

In addition, the market will focus on the company's outlook for AI chip supply capacity and revenue growth in 2027. Against the backdrop of Nvidia continuing to expand its lead in AI computing platforms, whether AMD can gain market share in AI accelerators will impact its future earnings expectations.

Oracle plans to raise $20 billion to expand its AI cloud business, bringing debt and capex pressures under the spotlight.

Oracle (ORCL) announced on November 2 plans to raise $10 billion each through stock and bond offerings, totaling $20 billion in financing, to support the expansion of AI cloud infrastructure and for general corporate purposes.

Following the announcement of the financing plan, the market paid further attention to Oracle's debt burden and return on AI investment. The company has previously been expanding data center construction and securing large AI cloud computing contracts, but related projects require significant upfront capital investment. Investors will focus on financing costs, data center delivery progress, and whether AI orders can be converted into revenue and free cash flow.

Anthropic's revenue surged over 11-fold, with IPO valuation expectations lowered to $1.6 trillion.

According to The Wall Street Journal, some institutional investors have suggested setting Anthropic's IPO valuation at $1.5 trillion to $1.6 trillion, lower than the previously market-expected $2 trillion.

The company's latest filing shows that revenue reached $16.96 billion in the third quarter of 2026, up 1,127% year-over-year, but it posted an operating loss of $567 million. As of the end of September, cumulative commitments for computing power and infrastructure procurement and leasing totaled approximately $895.4 billion, of which $69.8 billion will be paid within the next 12 months.

Slowing revenue growth, rising computing power costs, and long-term spending commitments are heightening market concerns over its valuation and profitability.

Important Events Preview