Week Ahead: U.S. Midterms, October Payrolls, Apple and AMD Earnings Dominate Nov. 2–8

ChainCatcher reports that global markets face a busy calendar in the week of Nov. 2–8, with the U.S. midterm elections, Apple and AMD earnings and October nonfarm payrolls as the main focal points. Rate decisions from the Bank of England and the Reserve Bank of Australia, the result of the Israeli parliamentary election and progress in Russia-U.S.-Ukraine trilateral talks will also draw attention. In tech, Apple and AMD will report their latest results, a key test for confidence in AI-related trades after recent setbacks. Apple is expected to post revenue of about $113 billion in its first report under new CEO Tan Zhu. AMD is expected to report revenue of around $13 billion, with investors focused on progress on Helios cabinets and the MI450 chip. Qualcomm, Super Micro Computer, Coherent, Lumentum and Berkshire Hathaway will also release results. Marvell is in talks to acquire Lumentum and could announce a deal as early as next week, according to reports. Apple Intelligence integration with Qwen from Alibaba is scheduled to begin testing on Nov. 4. On Nov. 3, the U.S. midterms will put all 435 House seats and 35 Senate seats up for election. The outcome will shape the ability of the Trump administration to advance fiscal, tariff and industrial policy over the next two years. Final results from the Israeli parliamentary election are expected on Nov. 4. Russia-U.S.-Ukraine trilateral negotiations are due to resume in Abu Dhabi next week. On macro data, the U.S. October nonfarm payrolls report is due. After September added only 29,000 jobs, the market expects 65,000 for October. Strong employment data could reinforce expectations for a Fed rate hike in December, with implications for the dollar, U.S. Treasuries and gold. China will also release October foreign exchange reserves.