Closing Bell: Tech Stocks Weak, Apple and Palantir Earnings Beat

Equities and especially tech stocks continued to take a hit Monday, but the Dow held up. 

The S&P 500 (SPX) was down 0.51%, the tech-heavy Nasdaq-100 (NDX) fell 1.39%, and the Dow Jones Industrial Average ($DJI) rose 0.41%. The Russell 2000 (RUT) was off by 0.21%. 

The PHLX Semiconductor Sector Index (SOX) was down 3.37% after plunging more than 7% Friday, its worst session in months. The S&P 500 consumer discretionary sector was a leader, up more than 2%. S&P energy names slumped nearly 4% along with the price of oil. The WTI crude futures contract (/CL) was down nearly 8% to near $96 per barrel Monday afternoon. 

The CBOE Market Volatility Index (VIX) jumped 9% to 21.17. 

Four things to watch from Monday's market: 

Tech Headlines: Merger Monday, Eyes on Revenue 

• Marvell Technology (MRVL) shares tumbled nearly 13% Monday after it announced an all-stock agreement to acquire Lumentum Holdings (LITE) for an implied enterprise value of $115 billion, including debt. Lumentum shares slumped more than 18%. 
• SpaceX (SPCX) is in talks to buy EchoStar's Boost Mobile outright or gain access to its wireless network as a shortcut to launching its own national mobile service, according to a Washington Post article. 
• Anthropic filed an amended Form S-1 with the SEC revealing $16.96 billion in third-quarter revenue, alongside an operating loss of $567 million. 
• Oracle (ORCL) shares fell after the company filed to raise $20 billion through a combination of common stock and debt. 

Palantir Earnings Beat Analyst Estimates 

Palantir (PLTR) shares were higher in after-hours trading after it reported third quarter earnings of 44 cents per share, ahead of the 41 cents analysts expected. Revenue of $2.31 billion was well ahead of the $2.17 billion expected; it also raised its free cash flow estimate. 

Apple Earnings Ahead of Expectations 

Apple (AAPL) shares were down 1.5% in regular trading. That was before Apple reported earnings of $2.10 per share for the fiscal fourth quarter ended Sept 30, versus the $1.98 per share consensus, according to Zacks. Revenue came in at $114.48 billion for the period, versus the $112.95 billion consensus. IPhone revenue set records, but China revenue was among segments that were lower than expectations. With pricing increases and memory costs rising, gross margins were 47.9%. It was the first earnings report under new CEO John Ternus, an engineer by training.

Apple stock reached an all-time high of $351.73 on Oct. 23. William Kerwin, a senior equity technology analyst at Morningstar, said Monday that Apple has a wide economic moat, but is moderately overvalued, with long-term iPhone sales being the key to growth. The foldable iPhone Duo, with a $2,000 price tag, was just released. For AI to spur a "super cycle" of iPhone shipments, Apple needs improved memory content on phones and killer AI applications that require more memory and phone upgrades, Kerwin says. See: iPhone & Siri Offer Massive Tech Moat, AAPL Valuation Hinders Stock  

PMI: What is Keeping U.S. Manufacturers Up at Night? 

ISM PMI survey sentiment is weak despite U.S. economic health, says Susan Spence, chair and spokesperson for the ISM Manufacturing Business Survey Committee. Manufacturing economy sentiment could be on fire if not for the U.S.-Iran war and U.S. policy decisions, she says. She notes that high oil prices impact the price of many products and transportation, and tariff uncertainty is also a weight. Employment is not her biggest worry, she says, relative to 2025 layoffs and hiring weakness. See ISM PMI: Why Sentiment is Weak Despite U.S. Economic Health 

Also see: 

• Schwab IMPACT 2026: Midterm Election Ripple Effects in Stock Market 
• Week Ahead: Apple Earnings and Marquee Jobs Data in Focus 
• Week in Review: 5 Observations from Leaders at Schwab IMPACT 2026 

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