Global Stock Markets Brace For Volatility Ahead Of U.S. Elections, Jobs Data

Global markets are heading into a volatile week as investors prepare for the U.S. midterm elections, key economic data, central bank decisions, and earnings from major technology companies. 

The events come as a tech-led sell-off has wiped out roughly $5 trillion in market value across major technology and semiconductor stocks since early October, making this week’s events crucial to watch.

Key Event To Watch This Week

November 2: Manufacturing Data and Apple, Palantir Earnings

The week begins with the U.S. ISM Manufacturing PMI for October, expected to rise to 54.8 from 54.5 in September. A reading above 50 signals growth in the manufacturing sector, while a weaker result could put pressure on the U.S. dollar.

Apple and Palantir Technologies will also report earnings after the U.S. market closes. Apple is expected to post around $113.4 billion in fiscal Q4 2026 revenue, compared with $109.42 billion in the previous quarter.

Palantir is expected to report about $2.18 billion in Q3 2026 revenue, up from $1.94 billion in the previous quarter.

November 3: U.S. Midterm Elections, JOLTS Report 

Tuesday brings one of the week’s biggest political events as the U.S. midterm elections are scheduled to be held. All 435 House seats and 35 Senate seats are up for election.

The result could influence President Donald Trump’s economic agenda, government spending, and future financial regulation. 

For the crypto industry, the result matters because Congress will decide the direction of future digital asset laws and oversee regulators such as the SEC and CFTC.

On the same day, the September JOLTS report is expected to be released, which is expected to show around 7.11 million job openings, compared with 7.079 million in the previous report. A higher figure could point to strong labor demand and add to concerns about wage growth and inflation.

Meanwhile, AMD, Arista Networks, Astera Labs, Shopify and Eaton are scheduled to report earnings.

November 4: ADP Employment Data and European Inflation

Wednesday brings two major economic reports. The ADP National Employment Report is expected to show 65,000 new private-sector jobs. A lower figure could point to slower hiring.

Alongside this job data, eurozone inflation is expected to increase to 3.9% in October from 3.8% in September. The previous increase was already significant, with inflation rising from 3.2% in August. Another increase could add pressure on the European Central Bank to keep interest rates high.

Earnings reports from Qualcomm, Arm, AppLovin, Coherent, Uber and Datadog are also scheduled for the days. 

November 5: Bank of England Decision, U.S. Jobless Claims

The Bank of England’s interest-rate decision will be Thursday’s main event. In September, the central bank held its Bank Rate at 3.75%, although three of its nine policymakers voted for a 0.25-percentage-point increase to 4%.

Markets are now expecting a possible rate hike to 4%, which would signal continued concern about inflation despite pressure on economic growth.

On the same day, the U.S. will also release its weekly jobless claims data. Initial claims are expected to remain near multi-decade lows, following a drop to 194,000 in the previous week.

Microchip Technology, Lumentum, Cloudflare and Airbnb are also scheduled to report earnings. 

November 6: U.S. Jobs Report 

Friday’s October employment report could be the week’s most important economic release.

U.S. employers are expected to have added around 60,000 jobs in October, up from 29,000 in September. The unemployment rate is forecast to remain unchanged at 4.2%.

The report will show whether the U.S. labour market is stabilising or continuing to weaken.

Why Global Markets Are Already Under Pressure

Global markets entered November under pressure from concerns over tech-stock valuations, AI spending and interest rates. Hedge fund selling added to the pressure, putting this week’s earnings in focus.

Last week, the S&P 500 fell 0.6% to 7,580.07, while the Nasdaq dropped 2% to 25,437. China’s Shanghai Composite fell 1.61% to 3,599, while the CSI 300 recorded an 8.5% loss in October.

Meanwhile, Japan’s Nikkei 225 gained around 0.95% for the week to trade near 63,081.

Crypto markets have also come under pressure. Bitcoin has fallen from around $85,000 at the start of October to $78,299.35, although it is slightly higher today.