Q3 Earnings & JOLTS Report on Midterm Voting Day

Tuesday, November 3rd, 2026

Pre-market futures are mixed ahead of the bell, with the Nasdaq building back some of its recent losses on AI-buildout concerns, and a “wait and see” mentality regarding the U.S. midterm elections takes hold. Early voting has seen some 60+ million Americans take to the ballot this year — far ahead of normal levels of midterm voting.

The Dow is selling off a bit this morning, -371 points, while the Nasdaq is +89 at this hour. The S&P 500, as per normal, is splitting the difference, -12 points presently. Crude oil prices are down on two noteworthy events in the Middle East: the U.S. has attacked Iran’s Qeshm Island overnight, which is the largest island in the Persian Gulf, and President Trump has announced he will be pulling back $4 billion in payments to Israel by the end of the year.
 

Q3 Earnings This Morning: PFE, SHOP

Big Pharma staple Pfizer PFE released Q3 results ahead of today’s open, posting earnings of $0.87 per share versus expectations of $0.72, for a +20.8% positive earnings surprise. Revenues of $16.58 billion in the quarter outpaced the Zacks consensus by +2.8%. The drugmaker upped guidance on stronger Eliquis sales, but shares are flat pre-market after gaining +23% year to date. For more on PFE’s earnings, click here.

E-commerce mainstay Shopify SHOP shares are tumbling -15% in today’s early trading, despite modest beats on both top and bottom lines in its Q3 this morning. Earnings of $0.49 per share amounted to a 4-cent outperformance, with revenues of $3.74 billion +0.15% ahead of estimates. The company missed on Gross Merchandise Volume (GMV) and subscription metrics, however. For more on SHOP’s earnings, click here.

After today’s close, we’ll hear from AI chipmaking company Advanced Micro Devices AMD, which is up in today’s pre-market and +118% year to date. Analysts are expecting +61.7% earnings growth and +41.89% on revenues. The Lisa Su-run company has not missed on earnings expectations since Q4 2018.

Not to be confused based on similar ticker symbol, agriculture giant Archer Daniels-Midland ADM also reports after today’s close. Earnings growth is expected to come in at an excellent +77.2% year over year, with revenues projected up +11.3%. The Zacks Rank #2 (Buy)-rated company is aiming for its eight-straight quarterly earnings beat.

Meanwhile, software firm Skyworks Solutions SWKS reports its fiscal Q4 report after today’s close. Following the company’s $10 billion Qorvo acquisition, Skyworks looks to report earning down -27.84% year over year, -6.35% on revenues. The company has not missed on bottom-line estimates since Q1 2019. 
 

What to Expect from the Stock Market Today

We won’t get any midterm returns until well after today’s trading session is over, but we’ll make sure to keep abreast of developments throughout the country today. Otherwise, the September print on Job Openings and Labor Turnover Survey (JOLTS) is expected to remain in-line with the prior month, at +7.1 million job openings.

JOLTS numbers are back to pre-Covid levels, and have been here pretty steadily over the past nearly two years. This is consistent with the “low hire/low fire” employment numbers we’ve seen elsewhere. Job Quits in August dropped to 3.07 million, at an historically low +1.9% rate. Basically, lots of people remain employed, but fewer are finding opportunities elsewhere. Today’s JOLTS figures kicks off the latest “Jobs Week.”

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This article originally published on Zacks Investment Research (zacks.com).

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