Apple and Palantir Beat Earnings — and Both Are Selling Off on Election Day, With AMD Reporting Tonight
Tuesday, November 3, 2026. Prepared premarket. Futures below are stamped 5:40 AM ET; stock indications are extended-hours marks around 7:18 AM ET, not opening prices.
S&P 500 -0.51% · Nasdaq-100 -1.39% · Dow +0.41% — Monday's closes, percent only (Robinhood index quotes; DIA).
Apple fell 4.04% and Palantir fell 8.05% in extended-hours trading after both companies beat on earnings after Monday's close — and today America votes in the midterms, with AMD reporting after the close.
The setup. Monday was a rotation day that tech lost: the S&P 500 fell 0.51% to 7,541.40, the Nasdaq-100 fell 1.39% to 27,989.82 and the Russell 2000 fell 0.21%, while the Dow rose — DIA +0.43% (Robinhood index and ETF closes). SPY closed -0.48% and QQQ -1.36% (Robinhood). Chips were the drag again: AMD fell 7.54% to $466.74, Intel fell 8.84% and the VIX rose 8.91% to 21.15 (Robinhood). Tuesday's premarket is mixed and cautious into the midterm elections: Nasdaq-100 futures +0.40%, S&P 500 futures -0.05%, Dow futures -0.54% as of 5:40 AM ET, with the 10-year Treasury yield at 4.91% (TipRanks). Robinhood extended-hours marks agree — QQQ +0.16%, SPY -0.13%, DIA -0.85%. The VIX was at 21.63 Tuesday morning (Robinhood), Brent crude settled -7.63% at $104.77 on Monday, and Bitcoin's mark was $77,138.36 (Robinhood).
Apple's beat came with a margin warning. Apple closed Monday at $339.11, down 1.60% (Robinhood), then reported fiscal fourth-quarter diluted EPS of $2.10 against the $1.98 Robinhood-calendar estimate, on record September-quarter revenue of $114.48 billion, up 12% year over year (Robinhood earnings calendar; Apple). The problem was the guide: December-quarter gross margin of 45% to 46%, below the 46.3% analysts expected, with revenue guided to grow 7% to 10% (CNBC) — and the stock is down 4.04% in extended hours to $325.42 (Robinhood). Monday's other Mag 7 movers: Amazon +2.27% to $245.80 and Tesla +1.04% rose, while Microsoft fell 2.83%, Meta 1.37%, Nvidia 1.19% to $202.20 and Alphabet 0.29% (Robinhood). Nvidia is +1.44% in extended hours.
Palantir's beat was bigger — and the sell-off is too. Palantir reported EPS of $0.44 vs $0.39 estimated and revenue of $2.313 billion, up 96% year over year, with U.S. commercial revenue passing U.S. government revenue for the first time (Robinhood earnings calendar; SiliconANGLE). It closed Monday at $178.62, down 2.98% (Robinhood), and is down another 8.05% in extended hours to $164.25. The pattern from October is repeating: in this market a beat is the entry fee, not the reward. Monday's other after-close beats: Vertex ($4.76 vs $4.70), Diamondback Energy ($5.86 vs $5.46), Clorox ($1.55 vs $1.05) and Roku ($1.20 vs $0.55) (Robinhood earnings calendar). This morning's reporters mostly beat too: Pfizer ($0.87 vs $0.73), Shopify ($0.49 vs $0.43) and DuPont ($2.09 vs $1.87) (Robinhood).
What to watch today:
- Election Day, Tuesday November 3 — the midterm elections decide control of Congress; markets stay open and results land overnight (TipRanks).
- 10:00 AM ET — September JOLTS job openings (forecast 7.11M, prior 7.08M) and factory orders (forecast +1.2%, prior +0.1%) (FXEmpire week-ahead calendar).
- After the close — AMD ($1.89 estimated EPS, Robinhood), plus Amgen ($5.77), Arista Networks ($1.06), Super Micro ($1.20), Booking Holdings ($4.49) and Block ($0.96) (Robinhood earnings calendar). AMD is +2.09% in extended hours after Monday's -7.54%.
- Friday, November 6 at 8:30 AM ET — the October jobs report closes the week.
MarketsOnDeck — market data as cited, Tuesday November 3, 2026, pre-market. Not investment advice.