U.S. stocks finished sharply higher Wednesday, November 4, 2026, as markets welcomed a clearer political outlook following Democrats’ capture of both chambers of Congress. The Dow Jones Industrial Average climbed 1,569.40 points, or 3.03%, to 53,356.12, while the S&P 500 gained 1.58% and the Nasdaq Composite advanced 1.44%. A steep decline in crude oil added momentum to a rally that extended beyond technology into other parts of the marke. The session reflected a reassessment of Washington’s policy direction, the economic consequences of the Iran conflict, and the outlook for artificial intelligence infrastructure. Many appeared encouraged by the prospect of checks on trade and foreign policy, even as potential restrictions on data center development created a more complicated picture for AI-related businesses.

Stock Market Closing Performance

The major U.S. equity benchmarks ended Wednesday with substantial gains, led by the Dow’s 3.03% advance. Small-cap stocks also participated, with the Russell 2000 matching the S&P 500’s 1.58% increase.

The breadth of the advance was an important part of the story. During the session, consumer discretionary and communication services stocks led gains, while financials, consumer staples, real estate, and healthcare also attracted buying. That pattern suggested the rebound was not simply another semiconductor-led move.

Why Stocks Rose After the Midterm Elections

Democrats’ victories in the House and Senate set the stage for divided government, with President Donald Trump remaining in the White House. Markets responded positively as the election outcome became clearer and Trump indicated a willingness to accept the results and work with Democrats. The market’s reaction was less about a single party’s economic agenda than about a potential reduction in policy uncertainty. A divided Washington could constrain major legislative changes, while a stronger congressional opposition could increase pressure over tariffs, healthcare costs, and the Iran war. Those possibilities helped shift attention toward businesses that might benefit from a more stable operating environment. However, an election result is not an enacted policy. Wednesday’s gains reflected expectations about what could change, rather than confirmation that trade restrictions, energy disruptions, or regulatory pressures had already eased.

Oil Falls Below $90 as Markets Reprice Iran War Risk

December crude oil futures fell $7.54, or 7.85%, to $88.55 a barrel in the supplied market snapshot. The decline was one of the day’s most consequential cross-market developments. Oil selling accelerated as many reassessed the likelihood of further escalation in the Iran conflict. Vice President JD Vance attributed Republican election losses to the war, reinforcing expectations that the administration could face greater pressure to pursue negotiations. Earlier reporting also indicated that senior U.S. and Iranian officials had signaled openness to a diplomatic settlement. For the broader economy, sustained lower oil prices could reduce transportation expenses, ease pressure on household budgets, and improve margins for fuel-intensive businesses. But Wednesday’s decline represented a repricing of geopolitical risk, not proof that disrupted energy supplies had returned to normal. The distinction matters because an improvement in sentiment can happen much faster than a recovery in physical supply.

Macroeconomic Report: Hiring Holds Up, but Services Inflation Remains Elevated

Private Employers Add 86,000 Jobs

Automatic Data Processing (ADP) reported that private employers added 86,000 jobs in October, matching September’s downwardly revised increase. Service-providing businesses accounted for 82,000 of the new positions, while goods-producing businesses added 4,000. The details showed an uneven but still expanding labor market:

• Trade, transportation, and utilities added 39,000 jobs.
• Education and health services added 28,000.
• Leisure and hospitality added 19,000.
• Financial activities added 15,000.
• Professional and business services lost 27,000.

Annual base-pay growth measured 3.2%, while gross pay, including additional compensation such as overtime and bonuses, increased 4.7%. The difference suggests that total earnings were receiving support beyond regular wage increases. The economic takeaway is stabilization rather than a hiring boom. Employment continued to grow, but the losses in professional and business services showed that demand for workers remained uneven across industries. The report measures private employment and should not be treated as the government’s comprehensive monthly payroll count.

Services Activity Expands at a Slower Pace

The Institute for Supply Management’s October Services PMI registered 54.5, down from 54.9 in September. Readings above 50 indicate expansion, making October the sector’s 28th consecutive month of growth. The underlying measures presented a mixed picture:

Business activity and new orders continued expanding, but at slower rates. Employment improved, while the prices measure remained elevated despite a modest decline. Respondents continued to identify tariffs, fuel costs, and supply-chain constraints as operating challenges.

What the Data Mean for Interest Rates

Taken together, the reports described an economy that was still growing without delivering a decisive inflation all-clear. Continued hiring and services expansion supported the growth outlook, but persistent input-cost pressures complicated the case for rapid monetary easing. That tension made the oil decline particularly important. If sustained, cheaper energy could help relieve one source of business cost pressure. It would not, by itself, resolve tariff-related expenses, wage pressures, or supply bottlenecks identified in the services survey.

Treasury Yields Fall, Volatility Retreats, and Gold Climbs

The VIX’s decline reflected a sharp reduction in near-term market anxiety following the election. Gold also advanced, alongside a weaker dollar reported during the session, showing that the equity rebound did not eliminate demand for precious metals. Bitcoin moved above $80,000 as risk appetite improved. Its rise nevertheless came against a potentially more difficult legislative backdrop, with the incoming congressional balance raising questions about the prospects for crypto-friendly legislation. Bitcoin trades continuously, so the figure above represents the price at the approximate time of publishing today, rather than a fixed exchange closing price.

Apple and Major Cloud Platforms Rise as the AI Trade Splits

Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOGL, GOOG), and Meta Platforms (META) advanced during Wednesday’s trading as many reassessed the implications of the election for technology spending and regulation. Apple (AAPL) and Microsoft (MSFT) reached record highs during the session. Apple (AAPL) offered a different exposure from companies whose near-term growth depends heavily on constructing new AI data centers. Its hardware and services businesses could also benefit if slower infrastructure expansion eventually reduces pressure on memory component prices, although that remains an expectation rather than an established outcome.The largest cloud platforms presented a different argument. Companies with substantial cash flow, financing capacity, and established infrastructure may be better positioned to manage tougher permitting requirements or power constraints than smaller competitors. That helped explain why major technology platforms could rise even while other AI-linked shares struggled. Nvidia (NVDA), Tesla (TSLA), and CoreWeave (CRWV) traded lower during the session. Concerns centered on potential restrictions on data center development, including opposition expressed through local ballot measures and gubernatorial campaigns. These were intraday stock movements, not closing returns supplied by the market screenshots.

CVS Health Plans a Major Breakup

CVS Health (CVS) announced plans to separate into two publicly traded companies, targeting completion in the first half of 2028. The proposal would divide its retail pharmacy operations from its insurance, pharmacy benefit management, and other healthcare businesses. Under the proposed structure:

• One company would retain the CVS Health name and include Aetna, Caremark, specialty pharmacy, and healthcare delivery operations.
• The separate CVS Pharmacy company would include approximately 9,000 retail pharmacies, mail pharmacy operations, and MinuteClinic locations.

The proposal marked a major shift from the integrated healthcare model CVS Health (CVS) spent years assembling. Management argued that stronger operating performance and improved financial flexibility now make a separation more practical. Shares fell roughly 12% during the session as many weighed the potential benefits against execution risks. A central question is whether future commercial agreements can preserve the advantages currently created by common ownership, including prescription volume, customer access, and coordination between pharmacy and insurance operations.

Qualcomm Agreement Advances Starlink Mobile’s Network Plans

Qualcomm (QCOM) announced that SpaceX (SPCX) selected its Dragonwing cellular infrastructure platforms for Starlink Mobile’s planned nationwide terrestrial 5G network. Deployment is expected to begin in 2027, with tens of thousands of sites planned under a multiyear agreement. The agreement is important because it extends the strategy beyond satellite connectivity. Ground-based cellular infrastructure would complement Starlink’s satellite network and strengthen its effort to compete with AT&T (T), T-Mobile US (TMUS), and Verizon Communications (VZ). For Qualcomm (QCOM), the arrangement represents a cellular infrastructure opportunity built around radio and baseband processing. For SpaceX (SPCX), it is another operational step toward a combined satellite-and-terrestrial service, although the planned rollout still requires substantial deployment work.

Alcohol Stocks Gain on Trade and Immigration Expectations

Alcohol producers rallied as many considered whether a Democratic-controlled Congress could push back against trade and immigration policies that have weighed on demand and international sales. Bloomberg reported gains in Constellation Brands (STZ), Boston Beer (SAM), Brown-Forman (BF.A, BF.B), and Molson Coors Beverage (TAP). Constellation Brands (STZ) rose as much as 7.4% during the session. Analysts pointed to the importance of Hispanic consumers to its U.S. beer business and the potential for reduced pressure on spending and social gatherings if immigration-related uncertainty eases. For Brown-Forman (BF.A, BF.B), attention focused on the possibility of improved U.S.-Canada trade relations and restored access for American spirits. The rebound reflected optimism about policy relief, but the industry still faced the separate challenge of subdued alcohol consumption.

DISCO Reports Revenue Growth and Positive Adjusted EBITDA

Legal technology company CS Disco (LAW) reported third-quarter revenue of $45.3 million, up 11% from a year earlier. Software revenue increased 10% to $38.6 million, while its GAAP net loss narrowed to $5.0 million from $13.7 million. The company also reported approximately $0.1 million in positive adjusted EBITDA, reaching that milestone one quarter ahead of its expectations. Management highlighted continued software growth and demand for AI-enabled litigation tools. The distinction between adjusted profitability and GAAP results remains important. Positive adjusted EBITDA marked operating progress, but CS Disco (LAW) still reported a net loss. Its full-year outlook called for revenue of $176.1 million to $178.1 million and an adjusted EBITDA loss of $5.3 million to $6.8 million.

Market Outlook: Energy Relief Meets Persistent Cost Pressure

Wednesday’s market action favored a scenario in which political uncertainty recedes, energy costs decline, and economic activity continues expanding. The Dow’s leadership, participation from smaller companies, and retreat in volatility showed how broadly that reassessment spread. The next test is whether expectations translate into measurable improvement. Sustained lower oil prices would strengthen the case for easing cost pressures, while the services survey showed that tariffs, delivery delays, and elevated input prices remained unresolved. In technology, the key distinction is increasingly between companies with secured power, financing, and established operations and those still dependent on future infrastructure approvals.

Updates From the VP Watchlist

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of technology-enabled care, closed at $12.35. 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, $1.69) 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, $6.76), 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, $1.67), 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, $34.67, +6.35%) 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, $200.13, -3.17%)

NVIDIA Corp. (NASDAQ: NVDA), remains at the forefront of the AI infrastructure expansion, supported by new cloud-computing deployments in Mexico and a major chip-financing agreement involving HIVE Digital. Its approximately $108 billion quarterly revenue outlook underscores the scale of anticipated demand, while investors look to margin performance and upcoming product transitions as key drivers of sustained, profitable growth..

Alphabet (NASDAQ: GOOGL $288.93, +3.18%)

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. Post-election U.S. stock market overview and sector developments
2. November 4 market session updates, economic releases, and company developments
3. Crude oil prices and changing expectations surrounding the Iran conflict
4. Major technology companies and the post-election AI infrastructure outlook
5. CVS Health’s proposed separation and business strategy
6. SpaceX and Qualcomm agreement and the Starlink Mobile strategy
7. Bloomberg: Alcohol stocks respond to trade and immigration expectations
8. CS Disco third-quarter 2026 financial results
9. October 2026 private employment and pay report
10. Institute for Supply Management October 2026 Services PMI release
11. Qualcomm’s official announcement of the Starlink Mobile infrastructure agreement