US markets enter the first full week of November riding strong momentum from October. The S&P 500, Nasdaq, and Dow all closed the month higher, fueled by optimism around tech earnings and growing bets on another Federal Reserve rate cut in December. But with Washington gridlocked and key economic data delayed, investors will lean heavily on corporate results and private indicators for direction.
Week at a Glance
- Mon, Nov 3: ISM Manufacturing (Oct); S&P Global Manufacturing PMI; Palantir (PLTR) earnings after the bell.
- Tue, Nov 4: AMD (after-market, Q3 FY25), Uber, Shopify, Arista Networks; Pfizer, Amgen; shutdown likely delays Trade balance, Factory Orders, JOLTS.
- Wed, Nov 5: ADP Private Payrolls (Oct), ISM Services (Oct); Qualcomm, Arm, Novo Nordisk, McDonald’s, DoorDash, Robinhood, AppLovin.
- Thu, Nov 6: Fed speakers (Paulson, Musalem); AstraZeneca, Airbnb; shutdown likely delays Initial Claims, Productivity.
- Fri, Nov 7: Univ. of Michigan Sentiment (Nov prelim), Consumer Credit (Sep); BLS jobs report still delayed by shutdown; CEG, KKR, ENB, DUK report.
Major US data (payrolls, trade, factory orders) is again delayed by the extended federal shutdown, keeping focus on private indicators (ADP, ISM) and corporate guidance
Tech and AI in the Spotlight
The week kicks off with Palantir (PLTR) on Monday, whose shares have doubled this year on soaring demand for its AI-driven software platforms. The focus will be on commercial contracts, government pipeline updates, and profit margins — key indicators of whether the company can sustain its rapid growth.
On Tuesday, semiconductor bellwether Advanced Micro Devices (AMD) will report results amid heightened enthusiasm for AI chip demand. Investors will scrutinize data-center revenue and new GPU announcements following its October deal with Oracle. Qualcomm (QCOM) and Arm Holdings (ARM) follow Wednesday, offering a broader view of semiconductor demand across mobile, automotive, and cloud infrastructure.
With AI investment driving much of the S&P 500’s earnings growth in 2025, these reports could shape sentiment across the tech sector, particularly as traders assess whether the massive capital-spending spree by Amazon, Meta, and Microsoft remains sustainable.
Pharmaceuticals Under Pressure
Drugmakers take center stage midweek as Pfizer (PFE), Amgen (AMGN), and AstraZeneca (AZN) report earnings against an unusual backdrop: President Donald Trump’s renewed push to lower drug prices. Novo Nordisk (NVO), maker of Ozempic, will likely face direct questions after Trump said the weight-loss treatment “should cost about $150 a month” — well below its current four-figure price tag.
The results could determine how investors price the sector in the face of potential pharmaceutical tariffs or price-control measures. Analysts will watch for any revenue adjustments tied to voluntary price reductions or negotiated contracts with US health agencies.
Platform and Gig Economy Earnings
Outside of chips and drugs, Uber (UBER), Shopify (SHOP), Arista Networks (ANET), and Airbnb (ABNB) headline an eclectic mix of platform and consumer tech earnings. Uber and DoorDash results will offer clues about post-summer demand and unit economics, while McDonald’s (MCD) will provide a window into consumer spending trends amid persistent inflation.
Cloud-networking giant Arista Networks may deliver key signals about enterprise IT investment, while Shopify faces scrutiny on gross merchandise volume and profit margins as small-business activity cools.
Data Drought and Private Indicators
The ongoing government shutdown, now entering its second month, has delayed major reports, including the US employment report, trade balance, and factory orders. As a result, Wall Street will turn to private-sector releases such as ADP’s employment report on Wednesday and ISM’s manufacturing and services surveys for clues on growth and inflation.
The ISM Manufacturing PMI on Monday and ISM Services PMI on Wednesday will gauge industrial and consumer-facing activity at a time when the Fed is trying to balance rate cuts with lingering inflation. Economists expect modest improvement in both measures but caution that rising input costs could pressure margins across manufacturing and services alike.
Meanwhile, Philadelphia Fed President Anna Paulson, St. Louis’s Alberto Musalem, and New York’s John Williams are scheduled to speak this week, providing additional insight into how policymakers view the economic outlook following the Fed’s second rate cut of the year.
What It Means for Markets
The convergence of AI, pharmaceuticals, and labor-market data makes this week a pivotal one for traders. Strong tech results and stable private-sector job numbers could extend the market’s recent rally, while disappointing AI guidance or weak employment trends could quickly reverse sentiment.
For now, the tone remains cautiously optimistic. As one strategist put it: “We’re flying without instruments, the corporate outlook will be the only compass markets have until Washington reopens.”
This week’s narrative belongs to AI chips, drug pricing, and jobs. Tech optimism remains high, but in a data-thin environment, even one weak earnings report or soft PMI print could flip the market’s tone from confidence to caution in a heartbeat.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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