U.S. stocks under pressure in election week; Apple and Palantir beat earnings expectations

TechFlow reported on November 7 that, according to Investor’s Business Daily, U.S. stocks had a volatile week following the U.S. midterm elections. The report said market concerns that Democratic gains in the election could affect data center construction led to a selloff in AI stocks on Thursday, with selling pressure later spreading to the broader market.

On the earnings front, Apple's revenue for the fiscal quarter ended September rose 12% year over year to $114.48 billion, beating expectations, and the company forecast sales growth of 7% to 10% for the current fiscal quarter. Palantir's third-quarter revenue climbed 96% year over year to $2.313 billion; the company raised its full-year revenue guidance, but its shares still fell this week.

In addition, the U.S. added 165,000 jobs in October, above economists' expectations; the unemployment rate fell from 4.2% to 4.1%.

Source: TechFlow