Michael Anthony

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Japan’s service sector continued to expand in October, marking the fifth consecutive month of growth, purchasing managers index data showed released Thursday. $TSLA $SPCX The S&P Global final Japan Services PMI rose to 51.7 in October from 51.3 in September. The reading came in below the flash estimate of 52.0. A reading above 50 indicates expansion, while below 50 signals contraction. New orders increased for the 28th consecutive month, with the growth rate accelerating from September. Companies reported stronger domestic demand, new clients and business development efforts as contributing factors. Foreign demand remained weak, though the decline in new export orders slowed to its weakest pace since April. Cost pressures continued to ease, with input price inflation slowing for the fourth straight month to an eight-month low. Output price inflation also moderated, though prices have risen every month for the past four and a half years. Business confidence fell to its lowest level since March. Companies cited concerns over inflation, an aging population and labor shortages as factors that tempered optimism about growth in the defense and technology sectors, business expansion plans and increased tourism. Japan’s composite PMI index declined to 52.1 from 52.3, representing the softest growth pace since May. Stronger growth in services activity was offset by a slowdown in manufacturing output.

U.S. stock index futures turned abruptly lower on Wednesday evening after a Democrat sweep of Congress in the midterm elections sparked sharp gains on Wall Street. Nasdaq futures led declines, as underwhelming earnings and guidance from chipmakers Arm and Qualcomm raised more doubts over the artificial intelligence trade. Focus now turns to more upcoming third-quarter earnings and key labor data for more cues on the economy and interest rates. $SPCX $TSLA

**November 4, 2026 – Stock Market Wrap** U.S. stocks surged Wednesday on the day after the midterms, as Democrats won control of both the House and Senate and President Trump signaled acceptance of the results. The rally accelerated as oil prices plunged more than 8%.[](<cnbc.com/2026/11/03/stock-ma…>)[](<marketwatch.com/investing/in…>) ### Major Indexes (near/at close) | Index | Level | Change | |-------------|-----------|-----------------| | **Dow Jones** | ~53,404 | **+1,617 pts (+3.1%)** | | **S&P 500** | ~7,694 | **+125 pts (+1.7%)** | | **Nasdaq** | ~25,753 | **+381 pts (+1.5%)** | | **Russell 2000** | ~2,855 | **+~1.5%** | The Dow was on pace for its best day since April 2025 (the tariff-pause session) and its strongest post-midterm session in decades. The S&P headed for its best day since early April.[](<cnbc.com/2026/11/03/stock-ma…>) ### Key Drivers - **Election clarity**: Democratic sweep removed political uncertainty. Markets historically favor gridlock/divided government. - **Oil collapse**: U.S. crude fell ~8% (to the high $80s) as VP JD Vance tied Republican losses to the Iran conflict and inflation. This boosted consumer-sensitive and broader economic names while easing inflation fears.[](<cnbc.com/2026/11/03/stock-ma…>) - **VIX** plunged ~20% to ~16.7 as fear evaporated.[](<marketwatch.com/investing/in…>) ### Sector & Stock Highlights - **Big winners**: Apple hit a record high (benefiting from potential slower data-center buildout and less pressure on memory-chip prices); Amazon, Microsoft, and other megacaps rallied strongly. Consumer staples, banks (e.g., Bank of America), solar, and healthcare also gained. - **Mixed/AI trade**: Some pure AI data-center and infrastructure names (CoreWeave and peers) lagged or sold off on worries about new restrictions, especially after the Texas governor race. Nvidia was softer at times. - Trump Media and some Trump-linked names declined further. Treasury yields eased, the dollar weakened, and gold rose. Breadth was solid as the rally broadened beyond just tech. This was a classic “relief + policy recalibration” session. Official closing prints may settle slightly from the late-afternoon levels above, but the direction and magnitude are clear: one of the strongest single days of 2026 so far, led by the Dow. $TSLA $SPCX

Shares of SpaceX and Tesla fell Wednesday as Democrats’ strong showing in the US midterm elections raised fresh questions about Elon Musk’s political influence and the regulatory future of his sprawling business empire. $TSLA $SPCX Unlock key market insights by upgrading to InvestingPro. Get 55% off today! SpaceX shares dropped about 5%, while Tesla declined 5.6%, as investors weighed the possibility of increased scrutiny of Musk’s companies and complications for a potential combination of the rocket maker and electric-vehicle manufacturer. The declines came despite a markedly more optimistic assessment of SpaceX from Morgan Stanley. Analyst Adam Jonas has sharply increased his financial forecasts for the company, arguing that its improving earnings outlook is not yet fully reflected in its valuation. The election results present a new complication for Musk, who has closely aligned himself with President Donald Trump and reportedly contributed nearly $450 million to Republican political causes. Democrats’ gains could strengthen their ability to scrutinize Musk’s business activities, particularly as his companies expand into artificial intelligence and defense-related infrastructure. SpaceX is especially exposed to Washington’s decisions. The company generates billions of dollars from government contracts, while its Starlink satellite network has become strategically important in military and geopolitical affairs. Greater congressional scrutiny could also complicate the regulatory environment for its expanding AI operations.

AT&T looks like the most vulnerable U.S. carrier if SpaceX turns Starlink into a full mobile network. AT&T faces the most pressure AT&T Inc (T) has the weakest current EBITDA margin of the three at 35.7%, versus 37.4% for Verizon Communications Inc (VZ) and 37.7% for T-Mobile US Inc (TMUS). Its debt-to-EBITDA is also high at 3.5x, as of Sep 30, 2026. Why AT&T Strategic gap: T-Mobile already has a commercial satellite relationship with Starlink. That makes T-Mobile US Inc (TMUS) both a potential rival and an early beneficiary $TSLA $SPCX

Wall Street surged on Wednesday, following a Democratic sweep of both chambers of Congress in the midterm elections. Investors shrugged off any potential policy ramifications and cheered the removal of a major uncertainty in terms of market catalysts. $TSLA $SPCX

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