Isophoric News · Tuesday, November 3, 2026
Nasdaq fell 1.07% Monday as investors sold tech stocks; Apple then forecast lower margins on memory chip costs
The Nasdaq Composite closed down 1.07 percent and the S&P 500 down 0.51 percent on Monday, Nov. 2, while the Dow Jones Industrial Average rose about 214 points, or 0.41 percent, CNBC reported, as investors continued to rotate out of tech stocks. After the close, Apple reported fiscal fourth-quarter revenue of $114.5 billion, up 12 percent, and gross margin of 47.9 percent, which it said included about one percentage point from tariff refunds. Fortune reported that Apple, on its earnings call, forecast gross margin of 45 to 46 percent for the holiday quarter, citing rising memory costs, and that the shares fell as much as 4 percent in after-hours trading before trading down 2.7 percent. Chief executive John Ternus called the memory market "unprecedented" on the analyst call, Fortune reported, and Apple's release showed iPad sales of $6.2 billion against $7.0 billion a year earlier. On Tuesday, South Korea's Kospi closed down 3.59 percent at 5,648.79 and Taiwan's main index also fell 3.59 percent, CNBC reported, and as of 3:31 a.m. ET Tuesday, Dow futures were down 0.46 percent and S&P 500 futures down 0.14 percent; Europe's Stoxx 600 opened 0.62 percent lower. Ryan Detrick of Carson Group told CNBC that markets "tend to do pretty well" once elections are past.