Wed Nov 4, 2026 edition

Blue sweep, green futures: AMD, Arista and gold near $4,050

AP's Morning Brief · Wednesday, November 4, 2026 · covers the Tuesday, November 3 session and Wednesday pre-market · closes as of Tuesday 4:00pm ET; futures, oil, gold, yields, crypto and premarket moves as of about 6:41–6:56am ET Wednesday · times are ET

AP's Morning Brief banner. Results are in, futures turn green.

Brief art: AP's Morning Brief.

Good morning, everyone ☀️ Results are in, futures turn green. Stock futures were down sharply overnight, then turned higher after Democrats won majorities in both the House and Senate. [4]

BTW: The 30-year mortgage average is still above 7%. Track the weekly Freddie Mac numbers on our mortgage rates page.

Inside: Tuesday's close, the futures flip, AMD's beat, a wild night in Tokyo, gold near $4,050, mortgages, crypto and why Texas matters for AI stocks.

The close, the futures flip and AMD's beat

Tuesday close: The S&P 500 rose 0.36% to 7,568.92 [1] and the Nasdaq Composite gained 0.83% to 25,372.01, [2] while the Dow slipped 0.38% to 51,786.72. [3]

Futures flip: Stock futures were down sharply overnight, then turned higher after Democrats took control of Congress. [4] As of about 6:46am ET, Dow futures were up 1.59% at 52,722, S&P 500 futures up 1.17% at 7,685.50 and Nasdaq-100 futures up 0.96% at 28,576.75. [5]

AMD beat: AMD earned an adjusted $2.09 a share versus $1.95 expected, per LSEG, and its current-quarter revenue forecast came in above estimates. [4] The stock closed Tuesday at $483.90 (+3.65%) and was at $506.00 premarket, up 4.57%, as of about 6:56am ET. [6]

Servers too: Super Micro sees fiscal 2027 net sales of $72 billion to $82 billion, above the $69.17 billion LSEG consensus. [4] Shares were up 7.52% premarket at $33.75. [7]

Arista: Arista guided fourth-quarter revenue to $3.9 billion to $4.0 billion, above the $3.60 billion analysts expected. [4] Shares were up 9.82% premarket at $186.59. [8] Networking gear is having a moment.

Winners and losers: First Solar was up 7.46% and Plug Power 7.45% premarket, while Tesla fell 4.84% and CoreWeave 3.55%, as of about 6:56am ET. [9] European renewables also rallied on hopes of a U.S. policy shift. [4]

Why it matters: Investors read a split Washington as gridlock, and strong AI-hardware guidance gave them something to buy into it.

Global: Tokyo's slide and Europe's renewables pop

Japan: The Nikkei 225 closed 1.42% lower at 62,188.63, [10] after plunging more than 4% earlier as tech stocks led declines. [4]

South Korea: The Kospi rose 0.62% to 5,683.80, [10] even as SK Hynix dropped 5.08%. [4]

China: The CSI 300 gained 2.31% to 4,101.34. [4]

Australia: The S&P/ASX 200 fell 0.59% to 8,834.50. [10]

Europe: As of about 6:41am ET the DAX was up 1.43% at 26,233.30 and the FTSE 100 up 1.22% at 10,767.92. [11] In Copenhagen, Oersted surged 7.3% and Vestas 5.2% on hopes for U.S. renewables, and Novo's third-quarter sales of 79.2 billion kroner beat the 73.6 billion FactSet estimate. [4]

Economy: gold, yields, oil and the dollar

$4,050.90: Gold futures, up 2.80% as of about 6:46am ET. [12] Spot silver jumped 4.44% to $51.98 by 5:05am ET. [4]

4.933%: The 10-year Treasury yield as of about 6:56am ET, down from 4.95%. [13]

$95.16: WTI crude, down 0.97%; Brent was at $102.18, down 1.37%, as of about 6:46am ET. [14]

101.32: The dollar index, down 0.39%, with the euro at $1.1235. [4]

18.05: The Cboe Volatility Index as of about 6:56am ET, down from Tuesday's 20.83 close. [15] Back below the 20 level that tends to signal angst.

11 for 11: The S&P 500 has risen after each of the last 11 midterm elections from 1982 to 2022, per a CNBC analysis. [4] History, not a promise.

Real estate: Freddie 7.24%/6.60% and the year-ago gap

Good news: Freddie Mac's 30-year fixed average eased to 7.24% as of Oct 29 from 7.32% the week before. [16]

Bad news: A year ago it was 6.17%, so buyers are still paying about a point more. [16]

Good news: The 15-year fixed slipped to 6.60% from 6.68%. [16]

Bad news: It was 5.41% a year ago. [16] The next Freddie Mac reading lands Thursday. Track it on our mortgage rates page.

Crypto: bitcoin, ether and the rest of the board

As of about 6:56am ET Wednesday. [17]

Biggest coin: Bitcoin was at $78,480.22, up 0.96%. [17]

Biggest gain: Ether rose 1.85% to $2,328.46. [17]

Runner-up: XRP was at $1.29, up 0.94%. [17]

Biggest shrug: Solana edged up 0.36% to $93.69. [17]

Smallest move: Dogecoin was at $0.0753, up 0.21%. Very flat. [17]

Texas, data centers and gridlock

Watch Texas: Texas represents about 27% of U.S. data center gigawatts, per Wells Fargo estimates. Democratic candidate Gina Hinojosa, who has an early lead in the governor's race, has called for an immediate moratorium on data centers in the state. That is why AI infrastructure names are on edge. [4]

Gridlock: Andrew Slimmon of Morgan Stanley Investment Management said the result will bring “gridlock” to Washington, adding that markets “like gridlock.” [4]

Bottom line: A split Washington and strong AI-hardware guidance flipped a rough night into green futures. The full week of reports is on the earnings calendar.

Levels sheet

Know your levels before the bell. Our free levels sheet lays out the key index levels on the chart each week, in one page. Grab it at apsmorningbrief.com/levels

That's the brief

Which number are you watching today? Hit reply and tell me.

— AP Dult

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Sources

CNBC, S&P 500 quote (.SPX), close Nov 3, 2026, fetched Nov 4 ~6:56am ET: https://www.cnbc.com/quotes/.SPX
CNBC, Nasdaq Composite quote (.IXIC), close Nov 3, 2026: https://www.cnbc.com/quotes/.IXIC
CNBC, Dow Jones Industrial Average quote (.DJI), close Nov 3, 2026: https://www.cnbc.com/quotes/.DJI
CNBC, "Stock market today" live updates (Nov 3–4, 2026): https://www.cnbc.com/2026/11/03/stock-market-today-live-updates.html
CNBC, Dow (@DJ.1), S&P 500 (@SP.1) and Nasdaq-100 (@ND.1) futures quotes, ~6:46am ET Nov 4: https://www.cnbc.com/quotes/@DJ.1
CNBC, AMD quote (AMD), close Nov 3 and premarket ~6:56am ET Nov 4: https://www.cnbc.com/quotes/AMD
CNBC, Super Micro quote (SMCI), premarket ~6:56am ET Nov 4: https://www.cnbc.com/quotes/SMCI
CNBC, Arista Networks quote (ANET), premarket ~6:55am ET Nov 4: https://www.cnbc.com/quotes/ANET
CNBC, First Solar (FSLR), Plug Power (PLUG), Tesla (TSLA) and CoreWeave (CRWV) quotes, premarket ~6:56am ET Nov 4: https://www.cnbc.com/quotes/FSLR
CNBC, Nikkei 225 (.N225), Kospi (.KS11) and S&P/ASX 200 (.AXJO) quotes, close Nov 4, 2026: https://www.cnbc.com/quotes/.N225
CNBC, DAX (.GDAXI) and FTSE 100 (.FTSE) quotes, ~6:41am ET Nov 4: https://www.cnbc.com/quotes/.GDAXI
CNBC, gold futures (@GC.1) quote, ~6:46am ET Nov 4: https://www.cnbc.com/quotes/@GC.1
CNBC, U.S. 10-year Treasury (US10Y) quote, ~6:56am ET Nov 4: https://www.cnbc.com/quotes/US10Y
CNBC, WTI (@CL.1) and Brent (@LCO.1) quotes, ~6:46am ET Nov 4: https://www.cnbc.com/quotes/@CL.1
CNBC, Cboe Volatility Index (.VIX) quote, ~6:56am ET Nov 4: https://www.cnbc.com/quotes/.VIX
Freddie Mac, Primary Mortgage Market Survey (as of Oct 29, 2026) and PMMS history: https://www.freddiemac.com/pmms
CNBC, Bitcoin (BTC.CM=), Ether (ETH.CM=), XRP (XRP.CM=), Solana (SOL.CM=) and Dogecoin (DOGE.CM=) quotes, ~6:56am ET Nov 4: https://www.cnbc.com/quotes/BTC.CM=

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