Market Snapshot
Ahead of Monday's open, Marvell announced an all‑stock acquisition of Lumentum, while the market awaits after‑hours earnings reports from Apple and Palantir. As of press time, futures for the three major indices were all up: Dow Jones Industrial Average futures rose 0.36%, S&P 500 index futures gained 0.35%, and Nasdaq 100 futures advanced 0.65%.
Signs of progress in U.S.-Iran negotiations sent WTI crude oil futures down 4.47%, breaking below $100 per barrel, while Brent crude oil futures fell 4.25%.
The yield on the 10-year U.S. Treasury note fell by about 6 basis points to around 4.93%. COMEX gold futures rose 0.31%, and silver futures gained 1.76%; Bitcoin edged lower, trading near $78,000.
$Star Technology Stocks (LIST2518.US)$Most stocks were higher in pre-market trading, with NVIDIA and AMD up more than 1%.
$Optical Communications (LIST23979.US)$The stock market was rocked before the open by news of Marvell's merger with Lumentum, sending COHR surging nearly 4%.
$Storage Concept (LIST23925.US)$Collective rebound, SK Hynix rose nearly 4%, while Micron Technology and SanDisk gained over 1%.
$Popular Chinese Stocks (LIST2517.US)$Strong performance, with Alibaba up over 3% and PDD Holdings up over 2%.
Individual Stock News
Marvell plans to acquire Lumentum for $115 billion, with annualized cost synergies expected to exceed $1 billion.
$Marvell Technology (MRVL.US)$Before the market opened, it announced an all-stock acquisition of optical device maker Lumentum, offering 4.5 Marvell shares for each Lumentum share, equivalent to approximately $1,132 per share, a premium of about 23.9% over the unaffected closing price on October 28, implying an enterprise value of $115 billion. Following the transaction, Marvell shareholders will hold about 67% of the combined company; both boards have unanimously approved the deal, which still requires shareholder and regulatory approval and is expected to close in the first half of 2028. The merged company will be positioned as a leader in AI connectivity, with projected annualized cost synergies exceeding $1 billion and accretive non-GAAP earnings per share in the first year after closing. Lumentum CEO Huston stated that the combined company can capture a $550 billion market opportunity. As of press time, Marvell was trading volatile in pre-market activity.
Lumentum's revenue more than doubled year over year in the latest fiscal quarter; after issuing its earnings report ahead of schedule, the stock was briefly suspended, triggering sharp volatility.
$Lumentum(LITE.US)$Lumentum has issued preliminary results for the first quarter of fiscal year 2027: revenue reached $1.263 billion, up 137% year over year and 26% sequentially; non-GAAP gross margin was 53.2%, and non-GAAP operating margin stood at 42.3%; adjusted earnings per share came in at $4.57, surpassing market expectations. The company now forecasts second-quarter revenue of $1.575 billion to $1.625 billion, with adjusted EPS of $5.90 to $6.20. CEO Alan Horsager noted that pump lasers and optical switches were the biggest contributors, adding that the company secured its second major NPO/CPO order last quarter, with purchase commitments exceeding $5 billion, positioning optical switches as a business poised to generate several billion dollars in annual revenue. Lumentum's shares were briefly halted, experiencing sharp pre-market volatility before turning lower.
Oracle filed a shelf registration statement for a hybrid offering, having previously disclosed its final $20 billion financing plan.
$Oracle (ORCL.US)$On Monday, it filed a mixed shelf registration statement with the U.S. Securities and Exchange Commission, allowing it to issue various securities including bonds, common stock, and preferred stock, though the size was not disclosed. At its Investor Day on October 28, Oracle stated that it still needs to close a final $20 billion financing round—$10 billion in equity and $10 billion in debt—which could happen as early as this year, and that it will maintain an investment-grade rating. The market has been concerned about its borrowing to expand AI data centers: S&P downgraded its rating to BBB- in July, the lowest tier of investment grade; and its five-year credit default swap spread rose to as high as 315 basis points in mid-October, hitting a record high. JPMorgan had previously believed that the final financing size would be moderate, with alternative funding options reducing capital needs and removing the main headwind. As of press time, Oracle was down more than 1% in pre-market trading.
Apple releases its rankings tonight, and Apple Intelligence officially announces integration with Qwen.
$Apple(AAPL.US)$It will release its fiscal 2026 fourth-quarter results after the market closes on Monday Eastern Time, marking the first earnings call under new CEO Ternus. Market expectations are for revenue of approximately $113.35 billion, up about 10.6% year over year, and earnings per share of around $1.99; iPhone sales are expected to grow roughly 15% year over year, but rising storage chip prices may weigh on gross margins, making holiday-season guidance and AI progress key areas of focus. On the AI front, Apple and$Alibaba (BABA.US)$On October 31, it was officially announced that Qwen would be integrated into Apple's intelligent ecosystem, allowing Chinese users to access it via Siri, writing tools, and visual intelligence. On November 4, it entered beta testing with the iOS developer preview, and on December 1, it was officially rolled out with iOS 27.3. As of press time, Apple shares were slightly down in pre-market trading.
S&P lowers Meta's rating outlook to negative, with increased AI capital spending putting pressure on cash flow.
S&P Global Ratings has$Meta Platforms(META.US)$The credit rating outlook was lowered from "Stable" to "Negative," citing continuously rising AI capital expenditures that increase cash flow uncertainty; Meta is projected to face free operating cash flow shortfalls of approximately $39 billion and $71 billion in 2026 and 2027, respectively. Meta responded by saying it disagrees with S&P's view on its ability to monetize AI. Advertising remains the core: Meta's third-quarter ad revenue reached $63.1 billion, up 26% year over year—14 percentage points faster than Google's search business, marking the largest lead since 2021. CFO Susan Li stated that advertisers using Meta's AI-powered ad recommendations saw conversion rates rise nearly 5%. As of press time, Meta was down nearly 1% in pre-market trading.
SpaceX reportedly in talks to acquire Boost Mobile.
According to The Washington Post,$SpaceX(SPCX.US)$Currently with$EchoStar Communications (ECHO.US)$Discussions are underway, potentially involving the acquisition of its subsidiary operator Boost Mobile or securing access to its network. Boost Mobile currently leases…$AT&T(T.US)$and$T-Mobile US(TMUS.US)$of the network. According to reports, SpaceX plans to integrate its Starlink mobile satellite service with terrestrial communications infrastructure to launch its own wireless service, competing with the three major U.S. telecom operators and entering the roughly $235 billion U.S. mobile market. Additionally, over the weekend, Musk stated on X that monthly deployments of orbital computing power could surpass ground-based computing power around the end of 2028. As of press time, SpaceX was up nearly 2% in pre-market trading, while EchoStar Communications briefly surged as much as 7%.
Tesla's European sales rebounded in October, with registrations in Spain more than doubling year over year.
According to industry data from various countries,$Tesla (TSLA.US)$In October, new car registrations in Sweden rose 248% year over year, in Norway by 131%, and in Denmark by about 34%; data from the Spanish Automobile Industry Association show that Tesla's registrations in Spain surged 271.2% year over year in October, reaching 1,459 units. A low base, high oil prices, and vehicle purchase subsidies have all contributed to a continued rebound in sales. Meanwhile, the U.S. government is considering imposing additional tariffs on Vietnamese goods and will conclude its trade investigation and make a decision on November 29; Tesla and Samsung have already voiced their opposition. As of press time, Tesla was up slightly in pre-market trading.
Google has launched its second euro-denominated bond issuance of the year.
According to sources familiar with the matter,$Google-C(GOOG.US)$Parent company Alphabet on Monday launched its second eurobond offering of the year, divided into seven tranches with maturities ranging from 2 to 19 years. The initial price guidance for the shortest-term fixed-rate bond is about 60 basis points above the mid-swap rate, while for the longest term it stands roughly 205 to 210 basis points above, with Barclays, BNP Paribas and Deutsche Bank handling the deal; pricing is expected later Monday. Alphabet has filed issuance applications for the seven euro-denominated notes. As tech giants accelerate their pace of issuing bonds to fund AI investments, investor demand for recent offerings has weakened, forcing issuers to offer wider spreads. As of press time, Google was up slightly in pre-market trading.
Anthropic plans to sell up to $3.5 billion worth of shares to Japanese investors.
According to a regulatory filing submitted on Monday,$Anthropic(ANT.US)$It plans to sell up to $3.5 billion worth of shares to Japanese investors in a U.S. IPO, with the Japan portion led by Mizuho Securities and underwritten by Goldman Sachs, Mitsubishi UFJ Morgan Stanley Securities, and others. This is an international offering arrangement for a U.S. IPO, not a separate listing in Japan, and the offering will also cover Australia, Canada, and parts of Europe. Reuters, citing documents, said that proceeds from the Japan offering will be used for working capital, operating expenses, and capital expenditures; the documents have not yet disclosed the overall size of the IPO or the valuation. Earlier, media outlets, citing sources, reported that Blackstone told investors Anthropic might initially receive a speculative-grade rating after its listing.
Palantir is set to release its earnings tonight, with revenue growth expected to be around 85%.
$Palantir(PLTR.US)$It will release its third-quarter results after the market closes on Monday Eastern Time and hold an earnings call at 5 p.m. Eastern Time. Market expectations are for revenue of approximately $2.18 billion, up about 85% year over year, already exceeding the company's previous guidance midpoint; earnings per share are expected to be around $0.41. The focus will be on whether U.S. commercial revenue can sustain a growth rate of roughly 140% and on the extent of the upward revision to the full-year guidance. CEO Kapur recently stated that Japan has advantages in developing exclusively defensive AI systems and expressed interest in supplying the Japan Self-Defense Forces. As of press time, Palantir was up more than 1% in pre-market trading.
Perion Acquired by Affle in All-Cash Deal
Indian mobile advertising company Affle and an ad-tech firm$Perion Network(PERI.US)$A final merger agreement has been reached to acquire Perion for $11.70 per share in cash, representing a 34.5% premium over the previous trading day's closing price, with the transaction valued at approximately $420 million. The agreement includes a 40-day "go-shop" period, during which Perion may seek better offers before December 11; Citi is providing debt financing, and there are no financing contingencies. The transaction is expected to close in early 2027, after which Perion will delist from Nasdaq and the Tel Aviv Stock Exchange. As of press time, Perion was up nearly 31% in pre-market trading.
Inovio Pharmaceuticals' new drug receives FDA accelerated approval.
Inovio Pharmaceuticals announced that the U.S. FDA has granted accelerated approval for its drug Voceryq to treat the rare disease recurrent respiratory papillomatosis (RRP). Boosted by this news, the company's stock surged in pre-market trading on significantly increased volume. As of press time,$Inovio Pharmaceuticals (INO.US)$It rose nearly 270% in pre-market trading.
Global Macro
Iran says negotiations are based on a "seven-day plan" and depend on the U.S. side.
Iranian Foreign Ministry spokesperson Baghaei said on Monday that the indirect talks between Iran and the United States, conducted through mediators, are based on Iran's "seven-day plan," which has been streamlined to be fully implementable within two days. Whether the plan can be carried out, whether negotiations can begin, and whether security in the Strait of Hormuz can be restored all depend on the U.S. side's decision. According to Reuters, Iranian negotiators left Doha on Sunday; informed officials said this was not due to stalled talks, as a draft agreement is currently being circulated among the parties. Meanwhile, Axios reported that during a phone call with Trump, Netanyahu urged an immediate strike against Iran after the midterm elections, but Trump hopes the negotiations will continue. On Monday, Trump stated that Iran "very much wants to reach an agreement."
U.S. midterm elections were held on Tuesday, and the Republican Party may lose control of Congress.
The U.S. midterm elections will be held on November 3, and the results will reshape the composition of both the House and Senate, directly affecting Trump's policy space over the next two years. According to reports, the White House has already drawn up contingency plans in case the Republican Party loses control of Congress, with senior officials exploring the use of executive orders to advance policies on tariffs, fiscal matters, and more. Morgan Stanley strategist Wilson predicts that, amid the midterm elections, concerns about AI investment, and liquidity pressures, the S&P 500 could fall to 7,100 points, but may rebound to 8,000 points after the correction. Citi believes that the market has largely priced in the baseline scenario for the midterms, while two potential unexpected outcomes in the Senate deserve closer attention.
The market is betting on a December rate hike by the Federal Reserve, and Gools delivered a speech at 00:15.
According to CME's "FedWatch," the probability of the Federal Reserve raising interest rates by 25 basis points in December is 72%, while the probability of keeping rates unchanged is 28%. By January next year, the likelihood of a cumulative 25-basis-point hike stands at 58.4%, and the chance of a cumulative 50-basis-point increase is 22.3%. Dallas Fed President Logan said last Friday that the Fed needs to raise rates at least twice more, for a total of 50 basis points, adding that it is "unacceptable" if inflation does not move back toward the 2% target. Richmond Fed President Barkin, meanwhile, stated that gradually adjusting interest rates is a viable approach. Chicago Fed President Goolsbee is scheduled to speak at 00:15 Beijing time on Tuesday.
OpenAI lowers its fundraising target as Altman embarks on a series of intensive overseas trips.
Media reports indicate that OpenAI has lowered its funding target for this round by approximately US$10 billion, from US$30 billion to US$20 billion, with its valuation adjusted accordingly to US$1.25 trillion. On Saturday, CEO Sam Altman met with executives from Samsung and the SK Group in South Korea to discuss deepening cooperation on AI chips and data centers; on Monday, he met with the Crown Prince of Abu Dhabi, and OpenAI signed agreements that same day with Abu Dhabi National Oil Company and G42 to deploy AI in the energy sector. Altman stated, "Today's deal marks another step in OpenAI's relationship with the United Arab Emirates," adding that while the energy consumption per AI query has dropped significantly, usage is growing even faster.
Gold prices fell below $3,900, and bearish sentiment on Wall Street intensified.
Last week, gold prices consecutively fell below the $4,000 and $3,900 marks, hitting a near‑year‑low of around $3,870 and posting a weekly decline of nearly 4%. According to Kitco's latest weekly survey, among 16 Wall Street analysts, only one is bullish on the outlook, while 63% expect further declines; however, among 184 retail investors, 53% remain optimistic. Goldman Sachs notes that the primary drivers of this sell-off are unlikely to be hedge funds; rather, it may stem from sovereign entities liquidating gold to meet liquidity needs. Since September 22, cumulative short positions in gold futures have been unwound by $19.5 billion—far outpacing central banks' monthly buying pace of roughly 85 tonnes—and $3,850 could serve as the next key support level. As of press time, COMEX gold futures were trading slightly higher.
Top 20 Stocks by Pre-Market Trading Volume in the U.S. Market
U.S. Stock Market Macro Calendar Reminder
(The following is in Beijing Time)
22:45 U.S. October S&P Global Manufacturing PMI Final Value
23:00 U.S. October ISM Manufacturing PMI
23:00 U.S. September Construction Spending MoM
At 00:15 the following day, Chicago Fed President Goolsbee will speak.
After-hours earnings
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