Nov 3, 2026 · 11 min
Election uncertainty collides with retreating technology shares
Vote Looms with Tech in Retreat, Apple in Focus
The episode examines how election results or disputes could amplify investor anxiety while technology stocks absorb October’s sell-off and fresh earnings signals.
- 1Election results and potential disputes could add volatility to already anxious markets.
- 2Technology shares remain under pressure after October’s sell-off, keeping investor sentiment fragile.
- 3Investors are weighing Apple’s and Palantir’s recent earnings as the technology retreat continues.
Don't miss
The episode’s clearest warning is that disputed election results could compound technology-driven market anxiety.
The brief
With Election Day approaching, the Schwab Market Update frames trading as a test of investor nerves after October’s technology sell-off and warns that disputed results could intensify volatility.
The central tension is political uncertainty versus already-fragile technology sentiment: election results may move markets, while retreating shares leave investors less prepared for surprises.
Apple’s recent earnings receive particular attention as investors look for evidence that a major technology company can steady sentiment during the sector’s retreat.
The episode places company-specific earnings alongside the broader election risk, showing why market volatility could persist even without a single decisive catalyst.
The takeaway is a market balancing two uncertainties at once: what the election produces and whether technology earnings can restore confidence.
What was said on this episode
23 statements · 10 positive · 9 negative · 4 neutral
Election-related uncertainty could keep market volatility elevated and hurt markets.
“Volatility might remain elevated today and tomorrow as vote results come in and any tangles over the election could create uncertainty that hurts the market.”
Listen at 0:31
Apple beat estimates for earnings, revenue, iPhone sales, and services.
“Apple's results beat estimates across the board”
Listen at 1:07
Apple’s quarterly iPhone sales increased 15% year over year.
“quarterly iPhone sales up 15%”
Listen at 1:24
Apple benefited from the AI-linked sell-off because it spends less on AI and has stronger free cash flow.
“Apple, to some extent, benefited from the recent dramatic drop in names linked to AI because it has spent far less on the technology and appears better off from a free cash flow standpoint.”
Listen at 1:39
Apple reported EPS of $2.10 versus consensus of $1.99.
“Apple reported earnings per share of $2.10, beating consensus of $1.99.”
Listen at 1:52
Palantir’s fourth-quarter revenue guidance exceeded consensus.
“Its fourth quarter revenue guidance topped consensus.”
Listen at 2:23
AMD’s results may provide clarity for NVIDIA investors because the companies compete in AI chips.
“AMD's results possibly providing clarity for NVIDIA investors since they compete in many of the same high-grade AI chip markets.”
Listen at 2:46
Intel shares fell after investors judged its guidance disappointing.
“Shares of Intel tumbled 29% on Friday and another 9% Monday as investors found its guidance disappointing.”
Listen at 3:04
AI spending has damaged hyperscalers’ free cash flow.
“investors increasingly worried that hyperscalers have suffered too much damage to their free cash flow amid the AI spending binge.”
Listen at 3:37
September JOLTS is expected to show 7.13 million job openings.
“expected to show 7.13 million openings”
Listen at 4:00
Falling job openings or quits could signal tighter labor conditions and hurt the economy.
“A drop in openings or quits might be interpreted as a sign of tightening labor conditions, possibly bearish for the economy.”
Listen at 4:11
The NASDAQ fell 5% in October.
“the tech-powered NASDAQ, which fell 5%”
Listen at 5:16
Technology stocks comprise about 40% of the S&P 500 index.
“The S&P 500 index, now about 40% weighted toward tech stocks”
Listen at 5:19
The S&P 500 fell 3% between its October 6 high and Friday’s decline.
“the S&P 500 fell 3%”
Listen at 5:50
Markets traditionally favor legislative gridlock because it can slow regulatory changes.
“traditionally markets appreciate legislative gridlock that can slow regulatory changes.”
Listen at 6:33
Major indexes have often risen after U.S. midterm elections.
“Major indexes have often climbed after midterms historically”
Listen at 6:39
Lower oil prices likely supported Treasuries and consumer stocks.
“Weak oil likely helped treasuries, which in turn helped consumer stocks Monday.”
Listen at 7:02
About 61% of S&P 500 components trade above their 50-day averages.
“About 61% of S&P 500 components now trade above their 50-day moving averages, up from 20% a month ago.”
Listen at 7:40
Technical support for the S&P 500 could be around 7,300.
“Technical support for the S&P 500 could be around 7,300, near the 200-day moving average”
Listen at 8:15
A VIX reading of 20 or higher indicates elevated volatility.
“Anything 20 or above is considered elevated.”
Listen at 8:42
Marvell Technology agreed to buy Lumentum for $150 billion; Lumentum shares fell over 19%.
“Lumentum initially gained, then fell more than 19% on news it's being bought by Marvell Technology for $150 billion.”
Listen at 8:59
Oracle shares fell 9% after announcing a $10 billion stock offering.
“Oracle fell 9% after announcing a $10 billion common stock offering.”
Listen at 9:17
IDEX Laboratories rose 21% after earnings exceeded consensus.
“IDEX Laboratories climbed 21% on earnings that surpassed consensus”
Listen at 9:51
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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