The S&P 500 gained 0.36% on Tuesday 3 November, which recovered part of Monday's 0.51% fall. Single stocks again moved much further than the index. Results-day reactions ran from 7% to 13% in both directions, and last week's heaviest losers bounced. Weekly figures below run from the 27 October close.
Software Losers Pause After the Sell-Off
The software de-rating that began last Wednesday paused on Tuesday. DDOG (+2.05%, -21.47% wk) closed at $220.52 on 2.11 times average volume, which ended a three-session losing run. FFIV (+2.03%, -27.91% wk) closed at $331.15, FTNT (+1.51%, -30.75% wk) at $128.11 and RDDT (+5.69%, -29.54% wk) at $96.15. NOW (-29.47% wk) closed at $109.16. No source explains any of the rebounds. Fortinet now sits at its 200-day average, and Reddit trades at 10.4 times forward earnings.
APP (+7.28%) closed at $245.51 with no company news, as growth stocks recovered broadly. The shares fell 10.36% on 30 October and are still 60.29% lower this year. Datadog reports before the open on Wednesday and AppLovin after the close. Datadog's largest customer, an AI company, began cutting usage in the third quarter, and that detail makes its print the sharper test of the AI spending worry.
Chips and Optics Stabilise
Intel's PC warning and the Marvell and Lumentum deal had driven last week's fall, and Tuesday brought only small gains. INTC (+0.97%, -35.41% wk) closed at $60.55, still on a forward P/E of 33.7. MRVL (+0.33%, -29.40% wk) closed at $171.97. Marvell holders will own about 67% of the combined company, and the roughly 50% rise in share count stays in place until the deal closes, which is targeted for the first half of 2028. LITE (-21.48% wk) closed at $680.16, well under the roughly $1,132 that 4.5 Marvell shares were worth at announcement.
Power and Data-Centre Infrastructure Rally
Electrical and power suppliers rose together, partly as a rebound from a rough October. ETN (+7.00%) closed at $391.70 after record third-quarter sales rose 28% to $8.9bn. Adjusted EPS of $3.68 beat the $3.54 consensus, electrical backlog grew 46%, and full-year guidance rose for the third time this year. A Bernstein note issued after Monday's close argued that political risk to US data-centre construction is smaller than investors feared, which lifted the group.
BE (+9.05%) closed at $214.01 after Barclays upgraded it to Overweight, citing customer deposits of $661m against $78m at the end of 2025. The California Resources memorandum for 1 GW or more of fuel cell power is non-binding, and Barclays flagged that 2027 free cash flow may fall short of Street estimates. FIX (+7.08%) closed at $1,285.13 with no company news. Quanta rose 5.77% and EMCOR 3.61%, so the move was sector-wide, and the $1,279 to $1,289 zone is the level buyers have to hold.
Earnings Winners
Four companies rose on results and guidance. DD (+8.61%) closed at $153.46 after adjusted EPS of $2.09 beat about $1.87 and full-year guidance rose to $7.47 to $7.52, the third increase running. Peers barely moved. FISV (+12.46%) closed at $58.40 on 3.01 times average volume. The company reaffirmed its outlook, raised its savings target to $1bn and planned $500m of fourth-quarter buybacks, and the market looked past a $6.45bn goodwill impairment that produced a GAAP loss of $11.17 per share.
RVTY (+7.84%) closed at $163.48 after adjusted EPS of $1.37 beat roughly $1.30 and guidance rose to $5.40 to $5.45, then touched a new 52-week high intraday. GEN (+22.52% wk) closed at $29.71, and almost all of the gain dates from its 29 October beat and raised outlook. It trades 6.1% below its 52-week high on a forward P/E of 8.9.
Beats That Sold Off
Four reporters fell despite headline beats. BALL (-7.14%) closed at $63.21 after comparable EPS of $1.10 beat, because a $475m noncash pension charge pushed GAAP to a loss. It also said a $20m metal pass-through gain reverses in the fourth quarter. The shares had hit a 52-week high close of $68.07 on Monday.
IT (-13.19%) closed at $204.22 on 3.12 times average volume. Management said ex-federal contract value growth will fall short of the 4% exit rate by the end of 2026, which outweighed the raised guidance. SYY (-9.33%) closed at $74.11 on a sales miss of $21.74bn against $22.02bn and guidance at the low end of its range. Staples peers fell far less, and one source cites financing concerns around the Jetro deal.
ZBRA (-8.76%) closed at $329.50 after it lifted its 2026 memory cost estimate by $25m to about $145m, and fourth-quarter EPS guidance of $5.00 to $5.40 sat just under the $5.18 consensus. Memory pricing, the force behind last week's chip selloff, now appears in hardware margins.
What to watch
- 3 November, after the close: AMD (not among today's movers) and Super Micro reported, and their figures give the next read on Intel's PC forecast.
- 4 November: Datadog (DDOG) reports before the open and AppLovin (APP) after the close. The Street implies fourth-quarter revenue of about $2.25bn for AppLovin.
- 26 January 2027: F5 (FFIV) reports.
- 27 January 2027: ServiceNow (NOW) reports and gives its first 2027 guide.
- First half of 2028: Marvell (MRVL) and Lumentum (LITE) targeted closing.