Global Stock Markets Brace for Volatility Ahead of U.S. Midterm Elections and Jobs Data

Global markets are bracing for a turbulent week as investors weigh the U.S. midterm elections, a heavy slate of economic data, central bank decisions and earnings from major technology companies.

The events arrive at a delicate moment. A tech-led sell-off has erased roughly $5 trillion in market value from major technology and semiconductor stocks since early October, raising the stakes for every release on this week's calendar.

November 2: Manufacturing Data, Apple and Palantir Earnings

The week opens with the U.S. ISM Manufacturing PMI for October, which is forecast to rise to 54.8 from 54.5 in September. A reading above 50 indicates growth in the manufacturing sector, while a weaker result could weigh on the U.S. dollar.

Earnings also kick off after the U.S. market close. Apple is expected to post roughly $113.4 billion in fiscal fourth-quarter 2026 revenue, up from $109.42 billion in the prior quarter. Apple's fiscal year ends in late September, so its fiscal fourth quarter covers the July-to-September period. Palantir Technologies is projected to report about $2.18 billion in third-quarter 2026 revenue, compared with $1.94 billion previously.

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

Tuesday brings the week's biggest political event: the U.S. midterm elections, in which all 435 seats in the House of Representatives and 35 Senate seats are on the ballot. The outcome could shape President Donald Trump's economic agenda, government spending and future financial regulation. Results in closely contested races can take days to finalize, meaning the balance of power in Congress may not be known on election night.

The result carries particular weight for the crypto industry, because Congress will set the direction of future digital asset legislation and oversee regulators including the SEC and the CFTC.

The September JOLTS report lands the same day, with job openings forecast at around 7.11 million, up from 7.079 million in the previous reading. A higher figure would point to strong labor demand and could amplify concerns over wage growth and inflation.

On the earnings front, AMD, Arista Networks, Astera Labs, Shopify and Eaton are scheduled to report.

November 4: ADP Employment Data and Eurozone Inflation

Wednesday features two major economic reports. The ADP National Employment Report is expected to show 65,000 new private-sector jobs; a lower figure would suggest hiring is slowing.

Eurozone inflation is forecast to climb to 3.9% in October from 3.8% in September, extending a sharp rise from 3.2% in August. Another uptick would increase pressure on the European Central Bank to keep interest rates elevated.

Qualcomm, Arm, AppLovin, Coherent, Uber and Datadog are also due to report earnings. With technology names dominating the week's calendar, outlooks from chip, networking and software companies will be read against the valuation and artificial intelligence spending concerns that have driven the recent sell-off.

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

The Bank of England's interest-rate decision headlines Thursday. In September, the central bank held its Bank Rate at 3.75%, though three of its nine policymakers voted for a 0.25-percentage-point increase to 4%. Markets now see a possible hike to 4%, which would signal continued concern about inflation despite pressure on economic growth.

The U.S. will also release weekly jobless claims, with initial applications expected to stay near multi-decade lows after falling to 194,000 the previous week.

Microchip Technology, Lumentum, Cloudflare and Airbnb round out the day's earnings calendar.

November 6: U.S. Jobs Report

Friday's October employment report could prove the week's most consequential release. U.S. employers are expected to have added about 60,000 jobs in October, up from 29,000 in September, while the unemployment rate is forecast to hold unchanged at 4.2%. The data will show whether the U.S. labor market is stabilizing or continuing to weaken. Together with the week's JOLTS, ADP and jobless claims readings, it forms the labor-market picture that the Federal Reserve weighs in setting U.S. interest rates.

Why Global Markets Are Already Under Pressure

Markets entered November on the back foot, weighed down by concerns over tech-stock valuations, artificial intelligence spending and interest rates. Hedge fund selling added to the pressure, keeping this week's earnings in sharp focus.

Last week, the S&P 500 fell 0.6% to 7,580.07 and the Nasdaq dropped 2% to 25,437. China's Shanghai Composite slid 1.61% to 3,599, while the CSI 300 recorded an 8.5% loss over October. Japan's Nikkei 225 bucked the trend, gaining roughly 0.95% for the week to trade near 63,081.

Crypto markets have come under strain as well. Bitcoin has fallen from around $85,000 at the start of October to $78,299.35, although it was slightly higher on the day.