Key facts
- Apple fell 4.5% in premarket trading after warning that rising memory chip costs would pressure its holiday-quarter gross margin.
- The Nasdaq-100 closed more than 10% below its all-time closing high on Monday, confirming a correction, per the report.
- Palantir forecast fourth-quarter revenue above estimates after topping third-quarter expectations; its shares fell 6.3%.
- At 05:06 a.m. ET, Dow E-minis were down 0.42% and Nasdaq 100 E-minis were up 0.46%.
- Nvidia rose 1.6% after four sessions of declines; AMD gained 2.8% ahead of earnings due after the bell.
- Aehr Test Systems rose 14.6% and Harmonic 16.1% after both raised full-year revenue forecasts.
US stock index futures were mixed early on Tuesday, November 3, 2026, as crude oil prices ticked up and markets awaited midterm election results, while Apple joined other Big Tech companies whose results failed to impress investors.
Apple fell 4.5% in premarket trading after the company warned that memory chip costs would continue to rise, pressuring its holiday-quarter gross margin. AI-powered analytics software provider Palantir Technologies forecast revenue above estimates for the last three months of the year after topping third-quarter expectations, but its shares fell 6.3%.
The Nasdaq-100 closed more than 10% lower than its all-time closing high on Monday, confirming that the tech-heavy index has entered a correction as investors grow wary of Big Tech's AI spending and little evidence of adequate returns. Several tech companies have also tapped the bond market to finance big AI investments recently, the report said, amplifying concerns that debt-funded spending will become harder to justify as borrowing costs rise.
At 05:06 a.m. ET, Dow E-minis were down 219 points, or 0.42%, and S&P 500 E-minis were up 1.5 points, or 0.02%. Nasdaq 100 E-minis were up 130.5 points, or 0.46%.
Most chip stocks rose, offsetting some tech losses. Nvidia climbed 1.6% after falling for the last four sessions. Following recent heavy losses in Nvidia, Apple surpassed the chip designer to become the world's most valuable company last week, according to the report. AMD gained 2.8% ahead of its quarterly earnings due after the bell, while Marvell Technology and Intel were also moving higher.
Aehr Test Systems gained 14.6% and Harmonic added 16.1% after the companies raised their full-year revenue forecasts. Pfizer, Archer-Daniels-Midland and Marathon Petroleum were set to report before the bell.