Premarket Movers: Palantir Sinks on Slowing Contracts, Apple Slides on Margin Warning
US stock futures were mixed before Tuesday's open as Americans cast ballots in the midterm elections. Dow futures fell 0.8%, S&P 500 futures slipped 0.2% and Nasdaq-100 contracts rose 0.1%, leaving the tech-heavy Nasdaq in correction territory, more than 10% below its all-time high. Traders were watching the election results, the September JOLTS report and factory orders, with Advanced Micro Devices earnings due after the close.
Palantir and Apple Lead the Premarket Decliners
Premarket moves, %, Nov. 3, 2026
| Company (ticker) | Move (% up or down) | Catalyst |
|---|---|---|
| Advanced Micro Devices | +2.4% | Q3 results due after the close |
| Marvell Technology | +2% | Agreed to buy Lumentum in a $115B all-stock deal |
| Nvidia | +1.3% | Snapping a four-session losing streak |
| Yum Brands | +1% | Third-quarter earnings beat |
| Palantir | -8% | Contract growth slowed despite a Q3 beat |
| Apple | -4.5% | Warned on holiday-quarter gross margin |
Source: CNBC, Reuters, Yahoo Finance, Benzinga
Big tech splits after earnings
Palantir Technologies fell more than 8% in premarket trading even though third-quarter results cleared Wall Street's bar. Revenue of $2.31B came in above the $2.18B consensus, and the company guided fourth-quarter revenue to about $2.65B, ahead of the $2.46B estimate. US commercial revenue jumped 148% to $984M, topping US government revenue of $953M. Adjusted earnings of 44 cents topped the 41-cent consensus, but investors zeroed in on a sharp deceleration in contract growth, which cooled to 6% from 49% in the prior quarter, and on the stock's rich valuation.
Apple slid about 4.5% before the bell after warning that climbing memory chip costs would keep squeezing its holiday-quarter gross margin. The guidance overshadowed fiscal fourth-quarter results in which overall revenue and iPhone sales topped expectations, while iPad and Greater China sales came up short. Revenue rose 12% last quarter, but Apple still joined a list of Big Tech names whose latest results left investors unimpressed.
Nvidia rose 1.3% in premarket trading, snapping a four-session losing streak as chip names steadied after the recent pullback in tech. The gains came after a stretch in which Nvidia had ceded its spot as the world's most valuable company to Apple.
Marvell Technology gained more than 2% in premarket trading. The chipmaker agreed to buy optical components maker Lumentum in a deal valued at $115B, with the combination set to finish in the first half of 2028 and a combined addressable market of about $550B.
Earnings keep moving the rest
Yum Brands rose 1% before the bell after third-quarter earnings topped analyst forecasts. Adjusted earnings of $1.56 topped the $1.49 LSEG forecast, and revenue of $2.05B landed in line with the consensus, while management noted that Taco Bell has bounced back from the cyclospora outbreak tied to iceberg lettuce.
Pfizer traded flat in premarket trading after a third-quarter beat. Revenue of $16.58B came in above the $15.87B consensus, and adjusted earnings of 87 cents cleared the 73-cent estimate.
Advanced Micro Devices gained more than 2% ahead of third-quarter results due after the closing bell. The report follows a week in which Intel's stock showed the market's reaction depends as much on fourth-quarter guidance as on the quarter's results. The chipmaker's results land at a fragile moment for the AI trade, with investors wary of heavy AI spending and thin returns. Several tech companies have tapped the debt market to fund AI buildouts, adding to concerns that debt-funded spending gets harder to justify once borrowing costs climb. Block and Super Micro Computer also report after the close.
