US Stocks Under Pressure During Election Week as Apple and Palantir Earnings Beat Expectations

On Nov. 7, citing Investor’s Business Daily, U.S. stocks experienced a volatile week following the midterm elections. The report noted that concerns over Democratic election progress potentially impacting data center construction led to AI stocks facing selling on Thursday, with selling pressure subsequently spreading to the broader market.

In terms of earnings, Apple's revenue for the fiscal quarter ending in September rose 12% year-over-year to $114.48 billion, surpassing expectations, and the company forecasted sales growth of 7% to 10% for the current fiscal quarter. Palantir's third-quarter revenue surged 96% year-over-year to $2.313 billion, raising its full-year revenue guidance, though its stock price still declined during the week.

Additionally, the U.S. added 165,000 jobs in October, exceeding economists' expectations, while the unemployment rate dropped from 4.2% to 4.1%.