Dow, S&P 500, Nasdaq Trade Mixed as Post-Election Relief Rally Cools, Oil Falls

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US stock futures were mixed as the crosscurrents of a power shift in Washington, the war in Iran, earnings, and labor market data overlapped. Oil prices and Treasury yields fell, offering some upward support to stocks.

Futures on the Dow Jones Industrial Average (YM=F) rose 0.4% after the blue-chip index roared back on Wednesday following the US midterm election results. Meanwhile, futures on the S&P 500 (ES=F) fell 0.1%, and contracts for the Nasdaq-100 (NQ=F) dropped 0.7%.

Investors continued to process the Democrats' sweeping victory on Tuesday and its implications for markets and the economy. As the stock market sorts out the perceived winners and losers of a regime change on Capitol Hill, one thing is clear: The market breathed a sigh of relief at the removal of lingering election uncertainty.

Oil prices continued their descent amid hopes that President Trump would pursue a deal with Iran to end the war in the Middle East. Optimism grew overnight after Vice President JD Vance said, "The reason we lost [the midterm elections] is the war," in a post on X suggesting the party should push for a resolution to the conflict. Brent crude oil (BZ=F) prices declined to $94 per barrel, while US benchmark WTI crude (CL=F) dropped to $88 per barrel.

Initial jobless claims and a report from Challenger, Gray & Christmas will provide a fresh look at whether layoffs picked up in October, setting the scene for Friday's key employment report.

On the earnings calendar, Duke Energy (DUK), Airbnb (ABNB), and Lumentum (LITE), among others, will report results. Yahoo Finance reports.

🍔 Amazon Partners with Uber Eats to Bring Restaurant Delivery to Prime Members
Amazon (AMZN) is teaming up with Uber Eats (UBER), allowing Prime members to order from restaurants through Amazon.com and the Amazon app as third-party delivery becomes more competitive.

Prime members who order through Amazon will get free delivery on orders of $25 or more. Customers will also get $20 off their first two Uber Eats orders of $25 or more within the first 14 days.

"This is what Prime is all about: unlimited free, fast delivery on a wide selection of products, big savings, fantastic entertainment, and now even more value on restaurant delivery with Uber Eats, all in a single membership," Jamil Ghani, worldwide vice president of Amazon Prime, said in a statement.

Uber also offers its Uber One service, which includes no delivery fees on food and groceries, as well as other benefits, for $9.99 a month or $96 per year. Amazon Prime, which includes access to Prime Video and Amazon Music, as well as free shipping options, costs $140 a year. Yahoo Finance reports.

📝 Needham Raises Sezzle Stock Price Target to $220 on Strong Q3 Beat. Stock Up in Pre-Market

Needham raised its price target on Sezzle Inc (NASDAQ:SEZL) to $220 from $172 while maintaining a Buy rating on the stock.

The firm cited the company’s third-quarter results, which exceeded Wall Street estimates on both revenue and earnings. The beat was driven by higher total transaction volume and take rate performance. The company’s revenue surged 43% over the last twelve months to $532 million, while maintaining an impressive gross profit margin of 75%. With a market cap of $4.6 billion, the stock has delivered a 115% return year-to-date.
Sezzle also surpassed margin expectations during the quarter. Lower transaction costs more than offset increased marketing expenses related to growth initiatives.
Needham noted the growth of new products including Pay in 5, SezzleCash, and Sezzle Send. The firm said these offerings should support continued growth over the next several years. Investing.com reports.

📋 Lyntris (LYNX) Reports Q3 Earnings: What Key Metrics Have to Say. Stock Up in Pre-Market

Here is how Lyntris performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Revenue- Maritime Domain Awareness: $54.3 million compared to the $46.7 million average estimate based on two analysts.
• Revenue- Space ISR & Resilient Communications: $56.76 million compared to the $33.49 million average estimate based on two analysts.
• Revenue- Air & Missile Defense: $83.37 million versus $56.63 million estimated by two analysts on average. Yahoo Finance reports.

💻 What's Going On with Qualcomm Stock Thursday?
Qualcomm Inc. (NASDAQ: QCOM) stock fell more than 9% in Thursday’s premarket trading as investors pulled back from semiconductor and artificial intelligence stocks despite the company’s better-than-expected quarterly results.

Nasdaq futures declined 0.53%, while S&P 500 futures gained 0.15%.

Qualcomm stock closed more than 5% higher on Wednesday before reversing course in Thursday’s premarket trading.

Qualcomm reported fourth-quarter fiscal 2026 revenue of $10.322 billion, beating Wall Street’s estimate of $10.111 billion. However, revenue declined 8% year over year. Benzinga reports.

🔬 Needham Cuts Veracyte Stock Price Target to $46 on Growth Outlook
Needham lowered its price target on Veracyte, Inc. (NASDAQ: VCYT) shares to $46 from $69 while maintaining a Buy rating on Wednesday.

The company’s third-quarter 2026 revenue and earnings per share beat consensus estimates. The company has been profitable over the last twelve months, with earnings of $1.39 per share.

Revenue growth slowed to 15% in the third quarter from 16% in the second quarter, driven by slower Decipher volume growth. Non-GAAP gross margin rose 90 basis points year over year, but non-GAAP operating margin fell 270 basis points year over year. The company maintains a robust gross profit margin of 73.76% and holds more cash than debt on its balance sheet. Investing.com reports.

(All pricing and percent gains are based on Early Pre-Market from 4:00 AM to 7:00 AM ET). Stock Analysis reports.

1) AEHL: Antelope Enterprise Holdings Limited
Total gain: +86.44%

2) ELPW: Elong Power Holding Limited
Total gain: +62.15%

3) TBI: TrueBlue, Inc.
Total gain: +29.57%

4) SEZL: Sezzle Inc.
Total gain: +28.34%

5) LYNX: Lyntris Inc.
Total gain: +21.94%

The closing price of the top three market percent gainers trading near or above $2 on Nov 4.

(All pricing and percent gains are based on regular market trading hours from 9:30 AM to 4:00 PM ET). Stock Analysis reports.

1) CRCT: Cricut, Inc.
Total gain: +48.74%

The company announced that it will report its financial results for the third quarter ended September 30, 2026 after the U.S. markets close on Tuesday, November 3, 2026. Cricut management will host a conference call and webcast to discuss the results that afternoon at 3:00 p.m. Mountain Time (5:00 p.m. Eastern Time). GlobeNewswire reports.

2) LYEL: Lyell Immunopharma, Inc.
Total gain: +43.27%

The company reported financial results and business highlights for the third quarter ended September 30, 2026. “The updated ronde-cel data accepted for presentation at ASH further strengthen our conviction in ronde-cel’s potential to meaningfully improve outcomes for patients with large B-cell lymphoma,” said Lynn Seely, M.D., President and Chief Executive Officer of Lyell. GlobeNewswire reports.

3) ADV: Advantage Solutions Inc.
Total gain: +36.09%

The company reported financial results for the three and nine months ended September 30, 2026. Revenues for the three months ended September 30, 2026 were $913.7 million compared with $915.0 million, and net loss was $25.1 million compared with a net income of $20.6 million. GlobeNewswire reports.

(Estimate and Actual numbers represent Earnings Per Share in US Dollars)

NTDOY

Nintendo Co

Q2 2026

Before Market Open

Estimate: 0.110

Actual: 0.100

ACMR

ACM Research

Q3 2026

Before Market Open

Estimate: 0.500

Actual: 0.550

DTEGY

Deutsche Telekom

Q3 2026

Before Market Open

Estimate: 0.710

Actual: 0.725

Time (ET) / Report / Period

• 8:30 AM / Preliminary Productivity and Costs / 3Q
• 8:30 AM / Weekly Jobless Claims / Oct. 31
• 8:50 AM / Fed speech: Cleveland Fed President Beth Hammack

“Trying to beat the market is a zero-sum game where many smart people play. Recognizing that you don't need to beat the market to build lifelong wealth is the first step to financial peace.”

— Seth Klarman

Sourced in: Margin of Safety Book by Seth Klarman

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