1. Today's Market: The Nasdaq Fell 1.07% and the Dow Rose 0.41% as Chip Stocks Fell BroadlyUnit: %, single-day change on November 2; the readings span positive and negative, so a zero line is drawn an1. Today's Market: The Nasdaq Fell 1.07% and the Dow Rose 0.41% as Chip Stocks Fell BroadlyUnit: %, single-day change on November 2; the readings span positive and negative, so a zero line is drawn an
Pre-Market Briefing on Nov 3: Chip Stocks Crash Before the Bell; Can AMD's Triple-Digit Data Center Growth Save the Sector Tonight?
1. Today's Market: The Nasdaq Fell 1.07% and the Dow Rose 0.41% as Chip Stocks Fell Broadly
Unit: %, single-day change on November 2; the readings span positive and negative, so a zero line is drawn and all three share one scale. The Dow reads +0.41%, the S&P 500 −0.50% and the Nasdaq −1.07%.
The three indexes went two ways: the Dow closed at 51,984, the S&P 500 at about 7,542 and the Nasdaq at 25,164, with the Dow finishing 1.48 percentage points ahead of the Nasdaq. The Nasdaq technology sector averaged −3.46% and semiconductors −4.17%; the energy sector index fell 4% as optimism about a possible U.S.-Iran peace deal pushed oil prices down, while consumer discretionary rose 2.25%.
Chip stocks fell together, but not for one reason. Intel fell 8.8% after already dropping 29% last Friday on quarterly revenue guidance below expectations and a statement that it does not expect positive cash flow this year; the market worried that weaker PC demand would spread and that tight memory supply would push up chip costs, and AMD followed with a 7.52% drop. Marvell fell 13% and Lumentum 18.6%, but the trigger there was an all-stock merger. When a whole sector falls, sort the declines by cause first, then check which group touches the company you care about.
2. Stock in Focus: Only Amazon Rose Among Six Cloud Platforms, and Oracle Fell Most
Unit: %, single-day change on November 2. These six are grouped by hand on the nature of the business as large cloud and technology platforms, not an industry field; the set spans positive and negative, so a zero line is drawn and all six share one scale. Amazon sits at one end on +2.20% and Oracle at the other on −8.85%, 11.05 percentage points apart.
Amazon was the only one of the six to rise that day. Two averages have to be kept apart: these six averaged −2.16%, while the specialty retail industry Amazon is classified under averaged +1.09%, so the denominators differ. Amazon closed at $245.63, adding back about $57B in market value in a day on turnover of $14.3B, 1.34 times its daily average, and the price sits at 54% of its 52-week range. The cloud business held it up: AWS revenue reached $46B last quarter, up 39%, its fastest pace in nearly five years and a sixth straight quarter of acceleration, with a $578B backlog. ⚠ But the company reaffirmed $220B of capital spending this year, and management said 2027 will be higher but gave no figure. Alongside it, Tesla rose 1.00% while the auto manufacturing industry averaged −0.23%, with no public news of its own that day.
Five Dimensions: Peer Rank Full, and Trend Position Weakest at 54
Unit: 0 to 100, 0 at the centre and 100 at the rim, all five axes on one scale. Peer rank reads 100, valuation heat 99, volatility control 62 and relative strength 56, and the weakest is trend position at 54.
The question this chart raises is why relative strength is only 56. The score is 50 plus five times the excess over the industry, and it is measured against the specialty retail industry's +1.09%, so Amazon's 1.11 percentage points of excess works out to 55.55; measured against the cloud group's −2.16%, the same formula would give 71.8. Before reading any score, ask what it is measured against, because changing the denominator changes the conclusion.
3. What to Watch Tonight: AMD Earnings, and Whether Data Center Growth Stays at Triple Digits
- At 15:00｜September JOLTS job openings and factory orders Thirty minutes after the U.S. open; today is also U.S. midterm election day
- After the close at 21:00｜AMD earnings The company has said only "after the close", with the call at 22:00; its own guidance is about $13B, plus or minus $300M, roughly 41% growth year on year and about 13% quarter on quarter at the midpoint, with a non-GAAP gross margin of about 56%
- Wednesday at 13:15｜ADP employment report Together with the ISM services index at 15:00 the same day, it previews Friday's payrolls
- Friday at 13:30｜October nonfarm payrolls and unemployment rate The macro focus of the week, with the market expecting 65,000 new jobs and a 4.2% unemployment rate
- Fed speakers this week Hammack, Barkin and Logan on Thursday; Williams, Musalem and Bowman on Friday
Unit: billions of dollars, data center segment revenue for each fiscal quarter, rounded as in the company's earnings releases; the quarters ended September 27, 2025, December 27, 2025, March 28, 2026 and June 27, 2026, with bars from zero on one shared scale. Revenue climbed from $4.3B, $5.4B and $5.8B to $6.7B, with year-on-year growth of 22%, 39%, 57% and 107%.
- Not steady growth but acceleration every quarter Last quarter's 107% was the high of the four, and the line was 58% of company revenue; a drop back to double digits tonight would mean repricing the acceleration story
- Why data center rather than total revenue Last quarter's four lines were data center at $6.7B, client at $3.1B, embedded at $980M and gaming at $780M; gaming fell 31% on lower semi-custom sales, following console makers' order cycles rather than AI, so its drag on the total does not signal weaker compute demand
- ⚠ The next guide is the other half This quarter's guidance is about $13B, roughly 41% growth; if next quarter's guided growth comes in below that, the company itself is saying growth is slowing
4. Frequently Asked Questions
Q: Amazon and Oracle were both talking about AI compute on the same day. Why did one rise and the other fall?
A: Amazon rose 2.20% and Oracle fell 8.85%. In cloud and AI the money goes out first and the revenue comes later, so the market looked at different things first. Amazon led with demand: AWS grew 39% for a sixth straight quarter of acceleration, with a $578B backlog. Oracle led with where the money comes from: a regulatory filing showed plans to raise $20B through debt and new shares for compute. Read these companies in two columns, revenue acceleration and funding source: the first answers whether the demand is there, the second who pays for the build-out.
Q: Amazon rose 2.20%. Was that moving against the tide?
A: It depends on the comparison. The specialty retail industry it is classified under averaged +1.09%, so against its own industry it was only 1.11 percentage points ahead, hardly against the tide; against the hand-picked cloud group, it was the only one of six to rise while the group averaged −2.16%; and the Nasdaq technology sector averaged −3.46% that day. To judge whether a stock moved against the tide, confirm the denominator first, because the same gain reads three ways against three benchmarks.
Q: Intel fell and so did AMD. What does Intel have to do with AMD's report tonight?
A: The two compete directly in server processors, where AMD's EPYC chips take share from Intel in the data center. The market's worry on November 2 was weaker PC demand spreading and memory costs rising, which at AMD maps to the client line, $3.1B last quarter and up 23% on Ryzen processor demand; but the line that made up 58% of revenue last quarter was data center, up 107%. AMD closed at $466.84, down 7.52%, a closing price set before results that come out after the close. Trace a peer's bad news to the specific business line it hits, then judge whether that line is the main one.
The data in this article is as of the November 2 US close and all times are UTC; guidance and expectations are company or market statements, not published figures.
Disclaimer: This article is compiled and written by the MEXC RealStocks team. The data in this article is based on the closing of the US stock market on November 2, 2026. The content is a compilation of public market information, and individual stocks are publicly discussed targets, which do not represent the recommendation or opinion of MEXC and do not constitute any investment advice. More US stock content: @MEXC | @Alpha_MEXC | @MEXC_Research
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