Midterm Election Week Kicks Off with Apple Earnings, Cautious Sentiment and Key Signals from Bond Markets
The week of the US midterm elections opens with financial markets rattled by a challenging Friday for the technology sector (with Apple’s earnings results due today) and global bonds testing a major resistance level represented by the long-term moving average. Sentiment remains between neutral and moderately negative, with gold still under significant pressure and the dollar-oil combination hovering just below a score of 60. Futures point to a negative opening for European markets and a slightly positive start for US markets.
Market Weather Map
November 2, 2026
US Equities
Eu Equities
Asia Equities
Commodities
Bonds
Dollar Index
Technology
Gold
Oil
Crypto
Market Summary
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Financial markets are currently showing neutral sentiment. Intermarket analysis indicates a Market Health Score of 58/100. Markets are starting the week with risk appetite still subdued. The S&P 500/VIX ratio remains below its long-term moving average threshold and close to last summer’s lows. The S&P 500/Nasdaq ratio has surged to its highest level since July, with the medium-term moving average approaching a bullish crossover above the long-term moving average.
As for the individual asset classes, the week begins with bonds trading at their long-term moving average, a particularly interesting area that represents a key resistance level. Global equities remain below their medium-term moving average, in a rather delicate position and not too far from the support provided by the long-term moving average. Commodities remain in an uptrend. It is also worth noting that the correlation between global equities and bonds is very close to zero.
Turning to our market weather map, there are few significant developments to report. The US dollar remains strong, although it has lost some momentum, while equities continue to trade in neutral territory. Gold remains in a period of weakness, whereas bonds are consolidating above the 50-point score threshold. Looking at weekly changes, and focusing on the momentum component, global bonds stand out with a score above 70, while precious metals show the opposite picture, with a momentum score of just 27.
Global Futures – Pre-Market Sentiment
Pre-Market Futures: Global futures point to a moderately risk-on sentiment (+0.20% on average), with US markets in positive territory (+0.68%), Europe slightly lower (-0.39%) and Asia modestly higher (+0.31%).
📊 Global Futures – Pre-Market Sentiment
- Nikkei 225: +1.48%
- Nifty 50: +1.28%
- US Tech 100: +1.04%
- IBEX 35: -1.71%
- FTSE MIB: -1.16%
- CSI 300: -1.10%
Macroeconomic calendar
On the macroeconomic front, today’s agenda includes the final October PMI survey readings, including data on China’s private sector and the October 2026 US ISM Manufacturing Index.
As for corporate earnings, today is a key day, with results due from Apple, Palantir and Berkshire Hathaway.
Assets to watch
Data as of Oct 30, 2026We have split the KBMeter scores into three bands, depending on their value: Weak, Intermediate or Strong. Here you can see which bands are most at risk of changing over the next 5 days and which ones hold.
The number on the right is the share of similar past cases in which the band had changed after 5 days. The higher it is, the more likely it is to change. The arrow in the current band appears when the asset is close to the border with the neighbouring band.
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NOTES AND WARNINGS
Data compiled by kbmeter.com. Analysis date: 2 November 2026 - 7:50 AM GMT+1
This content is provided for informational purposes only and should not be considered financial advice. All scores and assessments are based on the previous trading day’s closing prices. Futures indications refer to the date and time of the analysis.