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MARKET BRIEFING · US

Apple's cost warning turned into good news for memory makers, and the Dow fell while the Nasdaq rose.

November 3, 2026 · Read the Korean original

Major indices

  • Dow 51,786.72 -0.38%
  • S&P 500 7,568.92 +0.36%
  • Nasdaq 25,372.01 +0.83%

What moved the overnight session was the labour data rather than the ballot box. September job openings came in at 7.523 million against the 7.125 million expected in the Dow Jones survey, pushing the read toward a labour market that has not cooled yet. Bond investors waiting on rate cuts gave ground immediately: by CNBC's tally the 10-year Treasury yield rose more than six basis points to around 4.96% and the 30-year reached 5.33%. Reports of a US strike on Iran's Qeshm Island then clawed back part of the oil slide that had wiped out more than 7% the day before. The National and EnergyNow reported Brent back above $106 a barrel and West Texas Intermediate near $98 on Tuesday morning local time, though the direction stayed unsettled into the afternoon as Tehran denied any deal was final.

The indexes split. The Dow closed 0.38% lower at 51,786.72, while the S&P 500 rose 0.36% to 7,568.92 and the Nasdaq gained 0.83% to 25,372.01, ending a three-session losing run for the S&P 500. The reason for the split is simple: the price-weighted Dow absorbed Apple's drop in full, while the Nasdaq absorbed the rebound in chips, which had entered bear-market territory the previous day.

The point of the session is that Apple's bad news was good news for chipmakers. Apple (AAPL, smartphones and devices) guided December-quarter gross margin down to 45-46%, pointing mainly at rising memory costs and giving no timeline for when those prices might ease. The read that a device maker's cost burden is a memory maker's pricing power followed at once, and Micron (MU, DRAM and HBM memory), Sandisk (SNDK, NAND flash memory), Western Digital (WDC, hard-drive storage) and Seagate (STX, hard-drive storage) all rose. Sandisk also had a Buy initiation from Rosenblatt. The mood turned toward treating the previous days' slide, driven by Kioxia's NAND pricing outlook, as an overreaction. Nvidia (NVDA, AI accelerators) and AMD (AMD, CPUs and GPUs) gained 3% to 5%, and Broadcom (AVGO, networking and custom AI chips) closed 3.07% higher at $332.13. Palantir (PLTR, data-analytics software), by contrast, fell 2% even though its third-quarter adjusted results beat estimates.

Memory is the first place to look in Korean trading today. Apple saying on its own call that memory prices will keep rising for a while can be read as one more argument on the pricing side for Samsung Electronics and SK Hynix, and it points the opposite way from the supply-glut worry that has driven the memory selling of recent sessions. The oil rebound cuts differently within sectors: refiners gain on inventory valuation, while petrochemical makers that use crude as feedstock face heavier input costs again. Renewed Middle East tension gives defence sentiment something to lean on, but the strike was described as a limited measure aimed at protecting commercial vessels in the Strait of Hormuz, so it is early to read more into it.

After the close, AMD beat expectations with third-quarter revenue of $13.38 billion and adjusted earnings of $2.09 a share, guided fourth-quarter revenue to roughly $17 billion and rose 7% to 9% in extended trading. Its data-center revenue nearly doubled from a year earlier, and none of that is yet in the regular-session price. ADP employment and the ISM services index are due tonight, with the October jobs report on Friday. What is confirmed is that job openings beat expectations, yields rose and the indexes split; whether the memory rebound is a turn in trend or a bounce from oversold levels is still interpretation.

Korean industries to watch today

  • Semiconductors · Apple flagged continued memory price increases, adding to the pricing argument for memory
  • Chemicals & refining · The oil rebound helps refiner inventories but raises petrochemical input costs
  • Defense · The US strike on Iran's Qeshm Island renewed Middle East tension

Watchlist stocks in the news

  • Apple (AAPL) · Fell after guiding December-quarter gross margin to 45-46% on memory costs, dragging the Dow down. (Quartz)
  • Micron (MU) · Rebounded from the prior slide as Apple's memory-cost warning was read as pricing power for memory makers. (24/7 Wall St.)
  • Sandisk (SNDK) · Surged after Rosenblatt initiated coverage at Buy and the Kioxia-driven NAND price worry was judged overdone. (24/7 Wall St.)
  • Western Digital (WDC) · Rose with the broader rebound across memory and storage names. (24/7 Wall St.)
  • Seagate (STX) · Gained on expectations of a better storage pricing outlook after Apple's memory-cost remarks. (24/7 Wall St.)
  • NVIDIA (NVDA) · Rose around 3% leading the chip rebound, driven more by the sector bounce than any single catalyst. (CNBC)
  • AMD (AMD) · Up about 5% during the session, then higher after hours as third-quarter results and fourth-quarter guidance beat. (CNBC)
  • Broadcom (AVGO) Close +3.07% · Closed higher with the chip rebound as AI infrastructure spending stayed in focus. (The Motley Fool)
  • Marvell Technology (MRVL) Close +0.33% · Recovered to a small gain after falling premarket on its $115 billion deal for Lumentum. (The Motley Fool)
  • Intel (INTC) · Climbed about 3% along with the broad chip rebound. (CNBC)
  • Palantir (PLTR) · Fell 2% as fourth-quarter revenue guidance failed to impress despite a third-quarter adjusted beat. (CNBC)
  • Coinbase (COIN) · Bounced about 8% after a 15% slide over the prior three sessions that followed a Morgan Stanley downgrade. (CNBC)
  • Bloom Energy (BE) · Jumped close to 10% after Barclays upgraded it to overweight. (CNBC)

Sources (Korean-language)

This market briefing was compiled by AI from this site's own price and filing data together with public news reports, and translated from the Korean original. Please check the sources below before relying on it.

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