The Week Ahead, November 02 to November 06, 2026, published Sunday November 01, 2026 5:30 PM ET
Midterm elections, the October jobs report and Apple and AMD earnings headline a tense week
Nasdaq 100 futures slid 7.24% in October while oil sits above $104. Here is what we are watching.
Where last week left us
ES, S&P 500 futures
7,614.00
-0.60% on the week
-1.42% month to date
+10.34% year to date
NQ, Nasdaq 100 futures
28,534.00
-2.00% on the week
-7.24% month to date
+12.40% year to date
YM, Dow futures
51,918.00
-0.91% on the week
+1.32% month to date
+6.79% year to date
RTY, Russell 2000 futures
2,821.30
+1.32% on the week
-0.20% month to date
+11.85% year to date
VIX, volatility
19.42
-0.15% on the week
+18.49% month to date
+33.84% year to date
Bitcoin
77,198.21
-3.53% on the week
-9.02% month to date
-13.00% year to date
ES, S&P 500 futures, weekly
NQ, Nasdaq 100 futures, weekly
US stocks ended the last week of October mixed. S&P 500 futures fell 0.6% and Nasdaq 100 futures dropped 2.0%, while Dow futures slipped 0.91%. Small caps bucked the trend, with Russell 2000 futures up 1.32%.
The damage was concentrated in growth. Communication services lost 5.32% and technology fell 2.03%, while health care gained 3.12%, materials 2.79% and utilities 2.04%. Money rotated into defensive and cyclical corners of the market.
The month so far
October was a split month. Nasdaq 100 futures fell 7.24% and the VIX jumped 18.49% to 19.42, yet Dow futures gained 1.32%. Tech lost 9.25% on the month while health care and consumer staples each rose more than 11%.
Crude oil climbed 12.11% to $104.12 and gold fell 7.22%. Bitcoin lost 9.02% over the month.
What happened this weekend
The weekend was dominated by the Iran conflict. Reports said tankers were hit by mines or caught fire in the Strait of Hormuz, while Qatari mediators held a third day of talks with Iranian envoys. Oil had already settled at six month highs on Friday, so energy headlines are the main weekend risk for Monday's open.
Hormuz tanker incidents
Iran's IRGC Navy said tankers exploded or caught fire in the Strait of Hormuz after hitting mines. Any lasting disruption to shipping there can push oil and inflation fears higher.
Qatar mediated Iran talks
Iranian envoys held a third day of talks with Qatari mediators. President Trump said the war should be wrapped up soon, but reports also point to a threat of US strikes after the midterms.
OPEC+ holds December output
OPEC+ kept December oil output targets steady ahead of a tougher call for 2027. No new supply is coming to ease prices in the near term.
Fed's Musalem says tighter policy needed soon
St. Louis Fed President Musalem said tighter monetary policy is needed soon. That is a hawkish voice heading into a jobs report week.
The Sunday 6 PM ET reopen
Bitcoin
$77,571
Up 0.48% from Friday's close of $77,198, still down 9.02% in October
Ethereum
$2,253
Up 0.53% from Friday's close of $2,241, down 17.17% in October
Globex reopen
6 PM ET
Futures reopen with Iran and oil headlines as the main gap risk
The week ahead calendar
Monday brings ISM manufacturing, Tuesday is election day, Apple reports Monday after the close and AMD on Tuesday, and Friday's October jobs report is the main data event. Consensus figures were not available from sources we could verify, so check them before trading hours.
Monday, November 22 events, 2 high impact
10:00
ISM Manufacturing PMI
A read on factory activity and prices paid, which feeds inflation worries with oil above $100.
High impact
16:00
Apple earningsAAPL
The biggest US company reports after a weak month for tech.
Consensus EPS 2.03, revenue about $115.7B
High impact
Tuesday, November 33 events, 2 high impact
06:00
Pfizer, Marathon Petroleum, Archer Daniels Midland and Sysco earningsPFE
Pharma and energy refiners report with oil above $104.
Consensus Pfizer EPS 0.73
Medium
16:05
AMD, Super Micro, Amgen and Booking earningsAMD
AI chip and server demand is the heart of the tech selloff debate.
Consensus AMD EPS 1.97, revenue about $13.2B
High impact
TBD
US midterm elections
Control of Congress shapes policy expectations, and reports link possible Iran strikes to the post election period.
High impact
Wednesday, November 45 events, 1 high impact
06:30
CVS, Uber, Warner Bros. Discovery and Cencora earningsCVS
Health care and consumer names report in the sector that led last week.
Consensus CVS EPS 1.67, Uber EPS 0.98
Medium
08:15
ADP private payrolls
An early hint for Friday's jobs report, though it often misses the official number.
Medium
09:45
S&P Global Services PMI
Shows whether the service economy is holding up.
Medium
10:00
ISM Services PMI
Services is the largest part of the economy, and prices paid matter for the inflation debate.
High impact
16:05
Qualcomm, MercadoLibre, MetLife and Allstate earningsQCOM
Another chip read after the AI hardware names.
Consensus Qualcomm EPS 2.20, revenue about $10.3B
Medium
Thursday, November 52 events
06:30
Cigna, ConocoPhillips, Cummins, Duke Energy earningsCOP
Oil producer results with crude above $104.
Consensus ConocoPhillips EPS 2.99
Medium
08:30
Initial jobless claims
The weekly gauge of layoffs, one day before the jobs report.
Medium
Friday, November 62 events, 1 high impact
06:30
Humana and Charter earningsHUM
Managed care and cable results close the earnings week.
Consensus Humana EPS -1.01
Low
08:30
October Employment Report (nonfarm payrolls)
The key data print of the week, and it lands after a hawkish Fed voice said tighter policy is needed.
High impact
Earnings in focus
The heaviest names are Apple on Monday after the close, AMD and Super Micro on Tuesday after the close, and Qualcomm on Wednesday after the close. Pfizer, CVS, Uber and ConocoPhillips report before the open. With tech down more than 9% in October, guidance matters more than the headline beat.
The themes driving it
Tech reset or trap
Nasdaq 100 futures fell 7.24% in October and communication services lost 5.32% last week alone. Apple, AMD and Qualcomm earnings will show whether the damage is about earnings or just positioning.
Names in focus: AAPL, AMD, QCOM, SMCI
Oil and the Iran war
Crude settled at six month highs near $104 on Hormuz fears. Mediation talks continue, but headlines can swing oil in either direction.
Names in focus: XOM, COP, MPC
Midterms and the jobs report
Election results and Friday's payrolls arrive in the same week. A hawkish Fed comment adds weight to the labor data.
Names in focus: SPY, IWM
Rotation into defense
Health care, materials and utilities led last week while tech lagged. Small caps outperformed, with Russell 2000 futures up 1.32%.
Names in focus: XLV, XLU, IWM
Levels we are watching
S&P 500 futures
7558 to 7819
Last week's low and high
Nasdaq 100 futures
28,233 to 30,178
Last week's low and high, Friday closed near the low at 28,534
Dow futures
51,701 to 53,145
Last week's low and high
VIX
16.21 to 23.93
Last week's range, Friday close 19.42
These are last week's ranges, shown for reference only. They are not predictions. Nasdaq futures closed near the bottom of their weekly range, so we are watching whether that low holds when the Globex session reopens.
How our futures algo traded last week
Result
+$0
net for the week
Win rate
n/a
0 wins, 0 losses
Follow every signal
Telegram, Discord, X
The book stayed flat last week with zero trades. No strategies were active in the feed, so there was nothing to take and no results to report. Staying out is a valid outcome and this is not a performance claim.
Crypto into the new week
Bitcoin closed Friday at $77,198 and was at $77,571 on Sunday, up 0.48%. It is down 9.02% on the month and 13.0% year to date. Ethereum is at $2,253, down 17.17% in October. Crypto has tracked tech risk appetite, so the jobs report and tech earnings matter here too.
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preview sets the week up, the daily recap closes each session out, and the alerts fill in everything
in between.
Educational market preview, not financial advice. Nothing here is a
recommendation to buy or sell any security, and none of it is a forecast. Futures, options and crypto
trading carry a substantial risk of loss and are not suitable for every investor. Prices reflect the
November 06, 2026 close and the Sunday Globex reopen; charts are live and
interactive, so they will move after publication. Scheduled dates and times are subject to change,
so always verify with the primary source before acting.