Gotrade News - Wall Street heads into a packed week with the US midterm elections on Tuesday and the October jobs report on Friday. In between, 138 S&P 500 companies are scheduled to report earnings, according to CNBC.
Key Takeaways
- US midterm elections take place Tuesday, November 3, after a tech-led sell-off.
- Apple, Palantir, AMD and Airbnb are among the larger companies reporting this week.
- October payrolls arrive Friday, after the Fed held rates at 3.75% to 4%.
The calendar lands right after a rough week for technology stocks. That leaves the market more sensitive than usual to every data release and earnings report.
This Week's Economic Calendar
The US data calendar is busy, and most of it centers on the labor market. Here are the key releases, in US Eastern Time (ET):
- Monday, Nov. 2, 10:00 a.m.: ISM Manufacturing for October, an early read on US factory activity.
- Tuesday, Nov. 3: midterm elections, plus September JOLTS job openings at 10:00 a.m.
- Wednesday, Nov. 4: ADP Employment at 8:15 a.m., then ISM Services at 10:00 a.m.
- Thursday, Nov. 5, 8:30 a.m.: initial jobless claims plus preliminary Q3 productivity and unit labor costs.
- Friday, Nov. 6, 8:30 a.m.: Non-Farm Payrolls (NFP) and the October unemployment rate.
According to CNBC, the FactSet consensus expects 55,000 jobs added in October, with unemployment steady at 4.2%. That would be an improvement on September, which added only 29,000 jobs.
The jobs data matters more than usual because the Fed is leaning toward tightening. At its October 28 meeting, the Fed held its target range at 3.75% to 4% in a 10-2 vote.
Both dissenters, Lisa Cook and Beth Hammack, wanted a quarter-point hike. The Fed's statement also said inflation remains elevated.
A payrolls number well above forecasts could strengthen the case for a hike at the December 9 meeting. A weak number could ease that pressure.
On the midterms, CNBC notes that early polling and prediction markets give Democrats a shot at both chambers of Congress. So far, investors expect limited direct market impact.
Still, a change in Congress could shift policy in a few areas:
- Possible cuts to defense spending.
- More pricing pressure on drugmakers.
- New regulation for data centers.
This Week's Earnings Calendar
According to FactSet, as of October 30, 60% of S&P 500 companies had reported Q3 2026 results. The index's blended earnings growth rate stood at 30.2% year over year, and 82% of companies had beaten EPS estimates.
That 30.2% is up from an estimate of 29.1% on September 30, and FactSet adds that 70% of companies have beaten revenue estimates.
The beats are smaller than usual, though. According to CNBC, companies are topping EPS estimates by 1.4% on average, well below the five-year average of 7.5% in FactSet data.
For the fourth quarter, FactSet counts 28 S&P 500 companies with positive EPS guidance and 19 with negative guidance. The index trades at 18.7 times forward earnings, below its five-year average of 19.8.
Here is when some of the week's larger companies report, with consensus EPS estimates from Nasdaq:
- Apple (AAPL), Monday, Nov. 2, after the close: consensus EPS of $1.98. The market will read gross margins and the effect of the latest iPhone launch timing.
- Palantir (PLTR), Monday, Nov. 2, after the close: consensus EPS of $0.33. The market will read revenue growth from US government and commercial clients.
- Airbnb (ABNB), Thursday, Nov. 5, after the close: consensus EPS of $2.89. The market will read travel booking trends and the fourth-quarter outlook.
Other reports scheduled this week:
- AMD (AMD), Tuesday, Nov. 3, after the close: the focus is on AI chip demand from data centers.
- Uber (UBER), Wednesday, Nov. 4, before the open: the focus is on gross bookings and trip volumes.
- McDonald's (MCD), Wednesday, Nov. 4, before the open: the focus is on same-store sales and US consumer spending.
- Qualcomm (QCOM), Wednesday, Nov. 4, after the close: the focus is on smartphone chip demand and its non-handset businesses.
If you trade from Asia, note that after-the-close releases land on the following morning in your time zone. The first full session to price in Apple and Palantir results is Tuesday in New York.
Market Sentiment
Markets enter the week in a cautious mood. According to CNBC, the S&P 500 posted a losing week after disappointing results from Amazon (AMZN) and Intel (INTC).
Alphabet (GOOGL) fell 12% on Thursday, its worst one-day drop on record, according to CNBC. That puts the largest tech names firmly in focus this week.
The central question is AI spending. CNBC reports that Amazon became the third hyperscaler, after Alphabet and Meta (META), to report negative free cash flow.
Investors are now asking less about how much is being spent on AI and more about when that spending turns into Profit. This week's chip reports will offer part of the answer.
Under the surface, most of the 11 S&P 500 sectors still gained last week, led by health care and consumer staples. That points to money rotating into defensive sectors rather than leaving the market altogether.
Historically, CNBC notes that November has been the Nasdaq's strongest month in midterm years, with an average gain of 3.5%. Past patterns do not guarantee the same outcome, especially with a rate hike still on the table.
Three things are likely to set the market's direction this week:
- The midterm results and how policy-sensitive sectors such as defense and pharma react.
- What companies say about AI spending and demand in their earnings calls.
- Friday's payrolls number and what it does to expectations for a December rate hike.
With elections, earnings and payrolls stacked into five sessions, Volatility could rise through the week. Keep the release schedule in view and understand the risks before you act.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
Sources
CNBC, Midterms, Apple earnings, jobs report. Wall Street faces a big week ahead just as investors dump tech, 2026
FactSet, Earnings Insight, October 30, 2026, 2026
Federal Reserve, Federal Reserve issues FOMC statement, October 28, 2026, 2026
Nasdaq, Earnings Calendar, 2026
