U.S. stocks finished Tuesday with a split performance as a semiconductor rebound lifted the Nasdaq Composite and S&P 500, while the Dow Jones Industrial Average declined. The Nasdaq gained 0.83%, the S&P 500 advanced 0.36%, and the Dow slipped 0.38%. Many balanced renewed enthusiasm for artificial intelligence infrastructure against higher Treasury yields and uncertainty surrounding the U.S. midterm elections.The session’s defining theme was divergence: technology shares recovered, but higher borrowing costs and uneven corporate outlooks kept the advance from becoming a uniform rally. After the closing bell, stronger results from Advanced Micro Devices (NASDAQ: AMD) and Super Micro Computer (NASDAQ: SMCI) added fresh evidence of demand for AI computing infrastructure.

November 3 Closing Market Performance

Why the Nasdaq Rose While the Dow Fell

Semiconductor shares helped reverse part of the recent technology selloff. Advanced Micro Devices (NASDAQ: AMD), Broadcom (NASDAQ: AVGO), Micron Technology (NASDAQ: MU), Nvidia (NASDAQ: NVDA) and Intel (NASDAQ: INTC) advanced during Tuesday’s session as many returned to chip-related exposure ahead of additional earnings reports.Apple (NASDAQ: AAPL) weighed on the Dow after its latest results raised concerns about margins and included weaker-than-expected iPad sales. That contrast helped explain why technology strength supported the Nasdaq without carrying every major benchmark higher.The distinction matters: Tuesday’s trading suggested renewed appetite for selected AI-related businesses, not an indiscriminate endorsement of technology valuations. Financing costs and the relationship between infrastructure spending and future revenue remained central concerns.

Macroeconomic Report: Job Openings Hold Steady as Manufacturing Expands

September JOLTS points to a steady, restrained hiring environment

The Bureau of Labor Statistics reported that September job openings were little changed at 7.5 million, with an openings rate of 4.5%. Hires totaled 5.4 million, while total separations reached 5.3 million. Quits increased to 3.4 million, and layoffs and discharges were little changed at 1.6 million. The report offered a mixed but relatively stable labor-market picture. Employers continued to hire, and layoffs did not show a broad acceleration, but hiring activity also failed to signal a major new surge in labor demand. For monetary policy, that combination does not provide a simple argument for either rapid easing or renewed tightening.

Manufacturing adds a firmer growth signal

The latest manufacturing report provided a stronger counterpoint. The Institute for Supply Management’s October Manufacturing PMI rose to 55.5 from 54.5 in September, marking the sector’s tenth consecutive month of expansion. Production reached 59.0, while new orders registered 55.5. Taken together, the labor and manufacturing reports describe an economy with continued industrial momentum but a more restrained pace of workforce turnover. That combination helps explain why many could favor earnings-sensitive shares while remaining cautious about how quickly borrowing costs might decline. This is an interpretation of the two reports, rather than a forecast of Federal Reserve action.

Higher Treasury yields keep financing costs in focus

The 10-year Treasury yield closed at 4.9520%, up 5.8 basis points. Its proximity to 5% kept the cost of capital prominent as technology companies pursued increasingly expensive infrastructure programs. Overseas, the Reserve Bank of Australia raised its cash rate target by 25 basis points to 4.85%. The decision underscored that monetary-policy paths remain uneven across major economies and that inflation concerns have not disappeared globally.

After-Hours Earnings: AMD and Super Micro Highlight AI Demand

AMD’s data-center revenue climbs 97%

Advanced Micro Devices (NASDAQ: AMD) reported third-quarter earnings per share of $2.09 on revenue of $13.38 billion, above Bloomberg consensus estimates of $1.97 and $13.08 billion, respectively. Data-center revenue increased 97% to $8.5 billion, exceeding the $8.19 billion estimate. Shares rose more than 4% in the initial after-hours reaction. The strength was not uniform across the business. Client revenue of $2.9 billion fell short of expectations, while gaming revenue declined 40% year over year to $773 million. The results highlighted the growing importance of data-center demand as consumer-related markets faced pressure.

Super Micro delivers a stronger sales outlook

Super Micro Computer (NASDAQ: SMCI) reported fiscal first-quarter revenue of $19.95 billion and earnings per share of $1.81. Its second-quarter revenue outlook of $19.5 billion to $21.5 billion exceeded the $16.35 billion consensus estimate. Shares initially gained more than 5% after hours. These earnings releases came after regular trading ended. Their initial stock reactions should therefore be distinguished from Tuesday’s closing index performance.

AI Spending Connects Technology, Debt Markets and Energy

Meta Platforms (NASDAQ: META) was seeking to raise between $20 billion and $25 billion through a bond sale as it expanded AI spending. Its full-year capital expenditure guidance stood at $135 billion to $145 billion, while its latest quarter produced negative free cash flow of $2.12 billion. The proposed financing highlighted the growing importance of balance-sheet capacity alongside computing demand. The infrastructure story also extended into energy. Energy Transfer (NYSE: ET) approved the approximately $1.6 billion South Mississippi Pipeline, according to Bloomberg. The planned 215-mile project would transport as much as 1.2 billion cubic feet of natural gas daily, with an expected startup in 2030. Energy Transfer (NYSE: ET) expects to operate the pipeline and own 51%.These developments show two sides of the AI buildout: expanding demand for chips and servers, and the substantial financing and energy infrastructure required to support their deployment.

Midterm Elections Add Policy Uncertainty

Tuesday’s congressional elections introduced another variable for markets. Control of the House and Senate could influence oversight, spending negotiations and the policy environment for technology, healthcare and defense. Election coverage available for this summary did not establish final congressional outcomes. For AI-related businesses, the implications are not one-directional. Congressional gridlock could limit sweeping federal changes, while state and local decisions could still affect data-center approvals and power development. Many therefore faced a policy question more complicated than which party gained seats: whether the eventual governing arrangement would accelerate or constrain infrastructure investment.

What Matters Next

The next market test is whether strong AI-related revenue can sustain broader equity gains while Treasury yields remain elevated. Election results will shape the policy discussion, but earnings quality, financing requirements and economic data remain essential to determining whether Tuesday’s rebound develops into a more durable advance.

Updates From the VP Watchlist

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of technology-enabled care, closed at $12.74, +1.76%. Amwell reported after the close Nov. 3 the company’s Third Quarter 2026 Highlights:

Recorded Total Revenue of $49.0 million, exceeding the previously provided financial guidance range for Q3, Achieved subscription revenue of $23.9 million, Recorded Amwell Medical Group (“AMG”) visit revenue of $23.7 million, Reported gross margin of 53%, Net loss was ($11.0) million, compared to ($9.6) million in the second quarter of 2026, Adjusted EBITDA of ($3.6) million compared to ($1.2) million in the second quarter of 2026, & Total visits on the platform were 0.8 million.

Financial Outlook: The Company is raising its 2026 revenue outlook, and adjusted EBITDA outlook, and reaffirming its AMG visit guidance., Revenue in the range of $204 million to $206 million increased from $200 million to $205 million
AMG visits between 1.32 million and 1.37 million Adjusted EBITDA in the range between ($8) million to ($7) million increased from ($9) million to ($7) million.

The Company also provided financial guidance for Q4 2026 Revenue and adjusted EBITDA:

• Q4 revenue in the range of $48 million to $50 million
• Q4 adjusted EBITDA expected to in the range of $0 million to $1 million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Serina Therapeutics (NYSE: SER)

Serina Theraeuptics (NYSE: SER, $1.83) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

On Thursday, September 24, 2026, Serina CEO Steve Ledger discussed discuss Serina’s programs’ progress during Tribe Public’s “A New Approach to Advanced Parkinson’s Disease: Serina Discusses SER-252’s Clinical Progress”webinar, followed by a live Q&A. You may view it below.

SER announced (Sept. 9) that the independent Safety Monitoring Committee (SMC) has completed its blinded review of Cohort 1 of the ongoing Phase 1b registrational study of SER-252 in patients with advanced Parkinson’s disease and recommended that the study advance to Cohort 2. Cohort 1 evaluated the lowest dose level in the single-ascending-dose portion of the study. In addition to supporting continued dose escalation, blinded Cohort 1 observations showed a pharmacokinetic profile consistent with the sustained apomorphine exposure SER-252 is designed to provide and included sustained periods of improvement in motor function in individual patients on exploratory clinical measures.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.88), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Oct. 15) that the ongoing RESOLVE study evaluating the safety and efficacy of EP-104GI for the treatment of Eosinophilic Esophagitis (“EoE”) has reached its enrollment target. “This is a significant milestone for the RESOLVE trial and the development of EP-104GI as a potential treatment option in EoE” said Dr. James Helliwell, Chief Executive Officer of Eupraxia. “We look forward to our interim analysis in December where we will be reporting on symptoms, histologic findings and safety in the first 60 patients in Phase 2b to reach 6 months. Data will also be available on the patients at 3, 9- and 12-month timepoints giving a fulsome interim look at the RESOLVE Trial”.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $1.77), a commercial-stage medical device company preparing for the full commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Oct. 27) that it has received a positive decision from its notified body regarding certification of its quality management system under ISO 13485:2016. The notified body is designated under the European Union Medical Device Regulation (“MDR”).

MODD announced (October 15) the launch of two innovative digital education resources designed to assist people living with diabetes build familiarity and confidence with insulin therapy ahead of formal training on the Pivot insulin delivery system. Developed in partnership with Relevate Health Games, the new tools use game-based technology to walk patients through the skills needed for insulin pump therapy. The resources are designed to help reduce barriers to adoption by allowing prospective users to become familiar with pump therapy before beginning formal onboarding. The first educational module gives users a virtual, hands-on walkthrough of the Pivot insulin delivery system. In approximately 15 minutes, users can visualize how to unpack the system, prepare and apply the pump, and understand the basic operational functions. The Pivot module was first previewed at the ADCES 2025 Annual Conference in August 2025. Healthcare providers may also use the platform to gauge a patient’s interest in pump therapy and ability to navigate basic operational tasks associated with insulin delivery devices. The experience offers clinicians valuable insight into patient engagement, learning readiness, and willingness to transition from multiple daily injections to a more advanced insulin delivery approach.

MODD announced (September 4) that it has secured a contract with a national U.S. pharmacy benefit manager (PBM) in the United States. Pursuant to the contract, the Company’s Pivot insulin delivery system is now available through the national PBM. The Company believes the engagement with this national PBM represents a significant step forward in broadening patient access to the Company’s Pivot tubeless patch pump and will further validate the Pivot pump as an accessible therapeutic option for people living with diabetes.

MODD announced (September 3) that the U.S. Food & Drug Administration (FDA) has cleared a set of software enhancements to its Pivot insulin delivery system, further expanding the system’s functionality and providing users with greater flexibility and customization options in bolus dosing, an enhanced user-interface (UI), and other software upgrades.

MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026.. You may watch the event video below now if you missed it below now.

Doximity, Inc. (NYSE: DOCS)

Doximity (NYSE: DOCS, $32.60) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

DOCS announced that its has launched DoseCheck, a free additional safety layer in Doximity Ask that instantly checks every AI-generated medication dosing claim against a structured drug database to reduce treatment errors and increase patient safety. The probabilistic nature of AI means that it predicts the most likely answer based on the data it’s been trained on. This can lead to different but equally confident answers to the same prompt. When it comes to drug dosing, doctors need to know that the dosing recommendations AI generates are consistently accurate. Building on Doximity’s existing work around AI safety, DoseCheck adds a deterministic, rule-based verification step to all dosing recommendations in Doximity Ask, Doximity’s clinical decision making support tool. By checking against FDA labeling and professional guidelines, DoseCheck increases accuracy to more than 99%.

Doximity and Wolters Kluwer Health, announced (Oct. 20) that UpToDate’s trusted, evidence-based, clinical content will be accessible directly within Doximity’s fast-growing AI clinical decision support tool, Ask.

DOCS announced (Oct. 13) it has extended its 13-year partnership with U.S. News & World Report, the nation’s most trusted source of independent healthcare information, rankings and guidance to help patients identify the best care for their needs.

Nvidia (NVDA, $206.69, +2.29%)

NVIDIA Corp. (NASDAQ: NVDA), at its GTC event in Berlin recently, the company unveiled its DSX POD, a reference design for an AI data center packed into a box about the size of a standard shipping container. According to Nvidia, the Vera Rubin-powered DSX PODs will arrive on site, ready to be plugged into the power, cooling, and networking infrastructure, reducing deployment time from six months to 14 days. The company said DSX PODs won’t replace traditional data centers, but will serve as a means to start running AI applications before brick-and-mortar facilities are ready.

Alphabet (NASDAQ: GOOGL $280.03, +.37%)

Alphabet (NASDAQ: GOOGL, GOOG) is confronting an expensive paradox: Artificial intelligence is bringing more activity to Google while making the economics of that activity harder to predict. Yet the latest results offer a more constructive interpretation than a simple obituary for search. Third-quarter revenue increased 25% to $127.6 billion. Operating income climbed 30% to $40.6 billion. Google Cloud revenue more than doubled. Those are unusual credentials for a company supposedly being escorted toward technological irrelevance. At the close on Thursday, Alphabet shares traded at $283.82, following a 12.64% decline, many are clearly demanding more proof and fewer architectural renderings of future data centers. That skepticism is understandable. But the opportunity lies in distinguishing a difficult transition in monetization from a collapse in demand. Google’s problem is not that people have stopped asking questions. According to management, its year-over-year search-query growth reached its highest rate in five years during the third quarter. The more consequential question is how quickly Google can turn its expanding AI audience into attractive, durable cash flow. Wall Street has little patience for a renovation when the contractor’s estimate begins with a trillion.

The Sources

1. November 2 live market updates, economic releases and corporate developments
2. Oil prices and prospects for U.S.-Iran diplomacy
3. IDEXX Laboratories (NASDAQ: IDXX) third-quarter earnings announcement
4. Morgan Stanley (NYSE: MS) strategists’ market-correction assessment
5. November 2 stock-market session developments
6. IDEXX Laboratories (NASDAQ: IDXX) official third-quarter results and guidance
7. Institute for Supply Management: October 2026 Manufacturing PMI report
8. U.S. Census Bureau: September 2026 construction spending
9. Marvell Technology (NASDAQ: MRVL) and Lumentum Holdings (NASDAQ: LITE): Official transaction announcement
10. Marvell Technology (NASDAQ: MRVL): Transaction presentation filed November 2, 2026