Bitget UEX Daily | Oil Prices Plunge Over 7%; Tech Stocks Rebound But Lose Ground; Apple and Palantir Report Growth Earnings

I. Curated Hot News

US Economy | Manufacturing PMI Rises to 55.5, Price Pressure Eases

The U.S. ISM Manufacturing PMI rose to 55.5 in October, marking its tenth consecutive month of expansion; the new orders index stood at 55.5, while the production index climbed to 59.0. The input prices index dropped from 77.9 to 75.2, showing that input prices are still rising, but the breadth of increases has narrowed.

This data reflects coexisting manufacturing growth and easing price pressure. For the market, resilient demand supports corporate revenues, but the elevated price component is still insufficient to independently justify a clear pivot toward monetary policy easing; tonight’s job openings data will provide additional clues regarding labor demand.

International Energy | Diplomatic Expectations Dampen Supply Concerns, Crude Settlement Prices Plummet

On November 2, December WTI crude oil futures settled at $96.46/barrel, down approximately 7.4%; January 2027 Brent crude contracts settled at $104.77/barrel, down approximately 7.6%. News related to diplomatic contacts between the U.S. and Iran prompted the market to reassess the Middle East supply risk premium.

Falling oil prices help alleviate cost pressures in transportation and select manufacturing sectors, though energy companies face pressure on revenue expectations. The key going forward is whether diplomatic progress translates into actual supply improvements; currently, one should not equate negotiation expectations with an immediate ceasefire or full recovery of transport routes.

Policy Window | U.S. Midterm Elections Enter Voting Day

November 3 marks voting day for the U.S. federal elections in local time. The market will focus on congressional dynamics and their impact on fiscal, tax, and regulatory agendas. As of this daily report's publication, voting results have not yet been finalized.

Today's trading must simultaneously digest election outcomes, employment data, and corporate earnings. Policy expectations may trigger sector rotation, but it is crucial to differentiate between campaign rhetoric, election results, and subsequent legislation; none of these steps should be directly equated with implemented policies.

II. Market Review

Commodities & FX Performance

Crude opened slightly above yesterday's settlement price but remains within the post-crash range; gold is approaching $4,000, while the U.S. Dollar Index sits below 102. The pullback in oil prices provides room for easing inflation expectations, yet tech stocks continue to face pressure, indicating that cost improvements have not yet offset market concerns over AI investment returns.

Crypto Performance

BTC: Approximately 77,206.47 USDT, down 1.42% over 24 hours.

ETH: Approximately 2,260.30 USDT, down 1.10% over 24 hours.

Total Crypto Market Cap: Approximately $2.61 trillion, down 2.64% over 24 hours; last updated at 09:06 Beijing Time.

BTC | Liquidation Zone Observation

The more prominent potential short liquidation cluster above is approximately $78,400–$79,000, about 1.68%–2.45% away from the current price; the potential long liquidation cluster below is roughly $76,000–$76,600, about 0.66%–1.44% away. We are currently closer to the lower zone. If prices continue to drop, attention should be paid to volatility driven by long leverage unwinding.

ETH | Liquidation Zone Observation

The prominent potential short liquidation cluster above is approximately $2,305–$2,330, about 2.11%–3.22% away; the potential long liquidation cluster below is roughly $2,220–$2,240, about 0.77%–1.66% away. The near-term downside is closer, so intraday focus should first be placed on support and leverage pressure around the $2,240 level.

Institutional Holding Cost | BTC

Glassnode estimated the blended cost of the U.S. spot BTC ETF on October 28 at approximately $81,500, with the current price roughly 5.39% below this reference; Strategy disclosed on November 2 that it holds 849,327 BTC as of November 1, at a weighted average cost including fees of approximately $75,451, meaning the current price is roughly 2.20% higher. The above difference only reflects the un-leveraged price movement relative to holding costs and does not represent the overall returns for ETF investors or the company.

Key Market Takeaway

For BTC, monitor the near-side of the lower liquidation zone around $76,600; for ETH, watch the area near $2,240. On a rebound, look next at $78,400 and $2,305 respectively. Strategy's cost basis differs from the bottom of BTC's lower liquidation zone by approximately 0.73%, warranting observation of long deleveraging and price behavior near that level, but it should not be assumed to guarantee support.

Major U.S. Stock Indices Performance

The early U.S. market rally failed to sustain momentum, ultimately resulting in divergence with the Dow advancing while the S&P 500 and Nasdaq declined. Pulling back oil prices eased cost expectations for select sectors, yet financing and valuation pressures on heavy-weight tech names continued to drag on indices.

Tech Magnificent Seven Performance

Among the Magnificent Seven, two advanced and five declined, with Amazon and Tesla posting gains and Microsoft recording the largest drop. Apple's aforementioned decline occurred prior to its earnings release, so this cannot be used to gauge after-hours market reaction to the report.

Sector Moves & Observations

AI Infrastructure: Oracle fell 8.76%, and Marvell dropped 12.72%. The former plans to raise funds via equity and bond issuance, while the latter announced a major all-stock merger. Market focus has expanded to financing costs, share dilution, and integration realization.

Energy & Aviation: ExxonMobil fell 4.05%, Chevron dropped 3.29%, and Delta Air Lines rose 4.08%. With crude plummeting during the same period, energy producers and fuel users face divergent impacts on profitability.

Crypto-Linked Equities: Coinbase fell 3.98%, Robinhood dropped 1.35%, while Strategy gained 0.19%. Performance among related stocks diverged, requiring assessment based on each firm's trading operations, financing arrangements, and asset exposures.

III. In-Depth Analysis of Key U.S. Stocks

Apple (AAPL) | Revenue Growth, Margins Require Separate Analysis

Event Overview: Apple fell 1.83% to $338.32 during regular trading hours on November 2, before subsequently reporting Q4 FY2026 revenue of $114.5 billion, up 12% year-over-year, and diluted EPS of $2.10, up 14% YoY. Gross margin stood at 47.9%, positively impacted by approximately one percentage point from tariff refunds, which also contributed $0.05 to EPS.

Market Interpretation: Record quarterly iPhone and services revenue highlight growth in product and ecosystem sales; however, when assessing margins, the refund impact must be separated out, and not all improvements should be viewed as sustainable operating profits.

Investment Implications: Monitor upcoming holiday season product demand, services growth, and gross margin sustainability next. The price reaction during the next full trading session will be more appropriate for gauging how the market digests these earnings.

Palantir (PLTR) | Robust Commercial Growth, Order Sustainability Becomes the Key Test

Event Overview: Palantir declined 3.13% to $178.34 in regular trading, then reported Q3 revenue of $2.313 billion, up 96% YoY post-hours; U.S. commercial revenue reached $984 million, up 148% YoY. The company raised its full-year revenue guidance to $8.530–$8.534 billion.

Market Interpretation: U.S. commercial revenue surpassed government revenue for the first time, signaling customer base diversification. Total new contract value grew 6% YoY in tandem, creating a divergence with revenue growth; subsequent observation should focus on whether contract conversion and new orders can sustain high growth.

Investment Implications: Focus tracking on commercial customer expansion, order fulfillment, and GAAP profitability rather than solely on top-line growth. Since earnings were released after market close, the regular-session decline does not reflect the post-earnings reaction.

Oracle (ORCL) | $20 Billion Financing Plan Amplifies Capital Expenditure Scrutiny

Event Overview: Oracle disclosed preliminary offering documents on November 2, planning to issue $10 billion in common stock and separately raise $10 billion in senior notes, with neither condition dependent on the other's completion. Shares fell 8.76% to $119.22 that day; proposed issuance sizes do not equate to already deposited funds.

Market Interpretation: The market is simultaneously evaluating equity dilution, financing costs, and AI expansion returns. While financing provides capital, creating per-share value will ultimately depend on project utilization rates, revenue realization, and cash flow performance.

Investment Implications: Monitor final offering terms, capital allocation, and subsequent cash flow guidance, avoiding judgments on investment returns based solely on fundraising amounts or order sizes.

IV. Market & Project Updates

Strategy Discloses Weekly Purchases & Capital Arrangements. The company announced on November 2 that it purchased 811 BTC between October 26 and November 1 for approximately $65.5 million, at a weighted average price of $80,846 including fees; concurrently, it repurchased approximately $208.2 million in STRC. These purchases reflect historical execution during the disclosed period and should not be characterized as new buying pressure today.

Marvell Signs Merger Agreement withLumentum. Both parties announced an all-stock transaction where each Lumentum ordinary share will convert into 4.500 Marvell ordinary shares, expected to close in H1 2028 subject to shareholder and regulatory approvals. The deal further integrates electrical interconnect and optical technologies, with follow-up monitoring needed on dilution, regulatory clearance, and synergy realization.

Crypto Leverage Has Not Fully Cleared. A weekly observation published by Glassnode on November 2 noted that proactive selling in perpetual contracts drove recent declines, yet open interest and long funding rate pressures remain elevated, while spot buyers have remained relatively stable. This is a structural snapshot for the week ending November 1 and should not be directly conflated with today's capital flows.

Exchange Official Progress. Binance stated on November 2 that zero-knowledge proofs for the October 31 reserve snapshots have been generated, allowing users to verify balances for ten associated tokens, while continuing efforts to restore withdrawals for other assets and networks; relevant losses are being covered by the platform.

V. Today's Market Calendar

Key Event Preview: JOLTS data requires cross-referencing job openings, hiring, and separations to assess labor demand; AMD earnings will add clues on AI hardware demand and profitability. With elections and earnings overlapping, guard against attributing all stock movements solely to macro headlines.

Institutional View: Jake Dollarhide, CEO of Longbow Asset Management, noted on November 2 that AI spending has boundaries, with the crux lying in its ability to continue increasing shareholder value. Given current markets, future observations should focus more on the capacity to convert investments into cash returns.

This article is for market information purposes only and does not constitute investment advice.