Ray: Good morning, this is Biscuits and Tickers for Monday, November second. I'm Ray.

Nora: And I'm Nora. Futures are bouncing after a rough end to October. Oil is down more than four percent on hopes for Iran talks, Apple and Palantir report after the close, and tomorrow is Election Day for the midterms.

Ray: Start with Friday. The S and P 500 closed at 7,580, down about 1.8 percent. The Nasdaq 100 fell about 3.5 percent to 28,385, its worst day in a while, after Amazon and Intel results. Yahoo Finance puts the Dow down about 1.1 percent and the Russell 2000 down about 1.7 percent. For the week, the S and P lost a little over half a percent and the Nasdaq 100 nearly 2 percent.

Nora: Yahoo Finance says the Nasdaq 100 lost about six and a half percent in October, its worst month since March of 2025. The VIX closed Friday near 19 and a half after spiking to almost 24 during the session. It's about 19.4 this morning.

Ray: As of about 8:15 Eastern, the market is bouncing. The S and P 500 E T F is up about four tenths of a percent pre-market, and the Nasdaq 100 tracker is up about seven tenths. Dow and small-cap trackers are up roughly four to six tenths of a percent.

Nora: The ten-year Treasury yield is near 4.93 percent, down about 6 basis points per Yahoo Finance data. Gold is around 3,906 dollars an ounce, per TradingKey. Bitcoin is back near 78 thousand dollars after a six-week low on Friday.

Ray: On today's calendar. At 9:45 Eastern, the final S and P Global manufacturing P M I for October. At 10, the I S M manufacturing index. Newsquawk says consensus is 54.7, up from 54.5. Construction spending for September also comes out at 10.

Nora: Earnings before the open were mostly beats. Marriott, ticker M A R, earned 3 dollars and 2 cents a share against 2.85 expected. IDEXX Laboratories, Estee Lauder, Fox and Lumentum also topped estimates, per Robinhood's earnings calendar. After the close: Apple, Palantir, Vertex, O N Semiconductor, Roku, Diamondback Energy and Williams.

Ray: The rest of the week is busy. Midterms are Tuesday. AMD reports Tuesday, and Amgen reports Tuesday after the close. I S M services is Wednesday. The Bank of England decides Thursday and is expected to raise rates. The October jobs report comes Friday. Newsquawk's consensus is 55 thousand jobs added, with unemployment holding at 4.2 percent.

Nora: Our first story is tonight's tech earnings. Apple, ticker A A P L, reports fiscal fourth-quarter results after the bell. It's the first call for John Ternus, who became C E O in September. TradingKey says analysts expect about 113 billion dollars in revenue and about 1.99 dollars a share in earnings.

Nora: Yahoo Finance says investors will focus on holiday-quarter guidance, Apple's progress on A I and Siri, and how rising memory-chip costs hit margins. Some analysts expect the slowest profit growth in six quarters. Apple is roughly flat to slightly lower pre-market. It fell 1.2 percent Friday but closed above Nvidia in market value, at about 5 trillion dollars.

Ray: Palantir, ticker P L T R, also reports tonight. Yahoo Finance, citing Koyfin, says the consensus is about 2.18 billion dollars in revenue, up 85 percent from a year ago, and 41 cents a share in adjusted earnings. The focus is U S commercial growth, government contracts and full-year guidance. Palantir is up about 1.6 percent pre-market.

Ray: Story two is oil. Reuters reports Brent crude fell about 4.2 percent this morning, to around 108.6 dollars a barrel. U S crude slipped below 100 dollars. Both benchmarks gained nearly 15 percent in October, and Brent ended the month at a six-month high.

Nora: What's new is diplomacy. Reuters says Iranian and Qatari officials held talks, with Qatar mediating, on ending the U S and Israeli war with Iran. A draft proposal is circulating, and a follow-up meeting is possible. Iran's foreign minister, Abbas Araqchi, said Sunday the talks were ongoing and progressing.

Nora: Reuters also notes the risks haven't gone away. There are worries about escalation after the U S election and recent attacks on tankers in the Strait of Hormuz. Goldman Sachs says Brent could reach 140 dollars in 2027 if Gulf output stays depressed. Energy stocks are lower pre-market. Exxon Mobil, ticker X O M, is down about 1 percent.

Ray: Story three is a big macro week, starting with tomorrow's midterm elections. All 435 House seats and 35 Senate seats are up, along with 36 governorships. Newsquawk says Polymarket bettors give Democrats about a 94 percent chance of taking the House and about 69 percent for the Senate.

Ray: Yahoo Finance says investors are watching how the results could shift tax, trade, fiscal and regulatory policy. Divided control usually means more gridlock on new legislation. Then comes Friday's jobs report, after September's weak gain of just 29 thousand.

Nora: Story four is memory chips, a mixed picture overnight. In Tokyo, Kioxia fell about 16 percent. TradingKey says its guidance for operating profit this quarter, around 2 trillion yen, missed estimates, citing delayed enterprise storage deliveries and slower NAND price gains.

Nora: Even so, U S-listed memory names are rising. TradingKey reports SK Hynix up nearly 5 percent pre-market and SanDisk up about 3 percent. Micron, ticker M U, is up a bit more than 1 percent.

Ray: A quick follow-up on last week's record crypto hack. Yahoo Finance reports Binance saw about 3.64 billion dollars in withdrawals after resuming operations, around 2 percent of its assets. The exchange says outflows are stabilizing.

Nora: Now the pre-market movers. Inovio Pharmaceuticals, ticker I N O, has more than tripled. TradingKey says the F D A granted accelerated approval for its drug for recurrent respiratory papillomatosis. IDEXX Laboratories, ticker I D X X, is up about 7 percent after a quarterly beat. Marriott is up more than 3 percent, and Estee Lauder about 2.5 percent.

Nora: Lumentum, ticker L I T E, is down nearly 4 percent pre-market. That's despite beating estimates, reporting a design win worth more than 5 billion dollars, and saying its capacity is effectively sold out. Alphabet and Intel are up about 1 percent, rebounding after steep losses last week.

Ray: By sector, tech and chips lead the rebound in futures. Energy lags as oil drops. TradingKey notes that worries about A I spending and its returns, which drove October's tech selloff, haven't gone away.

Nora: Here's what to watch today. The I S M manufacturing report at 10 Eastern. Whether tech can extend its rebound after Friday's selloff. Oil prices and any headlines on Iran talks. Apple and Palantir after the bell, plus Vertex, O N Semiconductor and Roku. And positioning ahead of tomorrow's midterms and Friday's jobs report.

Ray: That's Biscuits and Tickers for Monday, November second. This is news and information, not investment advice. I'm Ray.

Nora: And I'm Nora. See you tomorrow morning.