Apple Beats Earnings Estimates as Wall Street Stocks Close Mixed

Strong quarterly earnings from Apple and Palantir failed to lift broader market sentiment as US stocks ended Monday, November 2, 2026, with mixed results. Investors weighed corporate financial performances against continued weakness in technology shares and uncertainty surrounding the upcoming midterm elections.

According to Yahoo Finance, the Dow Jones Industrial Average gained 213 points, while the Nasdaq Composite dropped 272 points. The S&P 500 declined 38 points, and the Russell 2000 slipped 6 points after major indexes initially opened higher.

Apple reported fiscal fourth-quarter earnings of $2.10 per share, exceeding the analyst consensus of $1.98. Revenue reached $114.4 billion, surpassing expectations of $112.95 billion and representing 14% year-over-year earnings growth.

The company's financial performance received additional support from a one-time 5% tariff refund. iPhone revenue reached $57.58 billion, above the $56.54 billion forecast, while Services generated $31.57 billion, approximately in line with expectations.

Mac revenue established a new quarterly record of $10.79 billion, increasing 24% from the previous year. Apple's China business also exceeded expectations, recording 21% growth during the quarter.

Apple reported capital expenditures of $2.24 billion, below the projected $3.33 billion. The company also entered a leadership transition period, with John Ternus presenting his first quarterly earnings report after succeeding Tim Cook, who served as CEO for 15 years.

According to Yahoo Finance, Apple's shares remained relatively stable following the announcement, contrasting with several other major technology companies that experienced substantial declines after releasing quarterly results. The stock had gained 25% year to date before the report.

Palantir Technologies also exceeded quarterly financial expectations. The cybersecurity and data analytics company recorded earnings of $0.44 per share, beating estimates by $0.03 and delivering 109.5% year-over-year earnings growth.

Palantir generated $2.38 billion in revenue, up 96% from the previous year and above the $2.17 billion analyst forecast. Its commercial business also surpassed government revenue for the first time during the reported quarter.

Despite the strong results, Palantir shares declined approximately 3% ahead of the company's earnings conference call, reflecting the broader market's muted response to positive corporate announcements.

Other companies also reported quarterly results after Monday's closing bell. Roku delivered earnings of $1.20 per share, more than double the $0.55 expected by analysts, while revenue reached $1.50 billion against estimates of $1.41 billion, representing 24% annual growth.

Roku shares remained relatively unchanged following the announcement. The company was also awaiting a $22 billion acquisition by Fox Corp., according to Yahoo Finance.

Lattice Semiconductor recorded another significant earnings beat. Its third-quarter earnings reached $0.72 per share, compared with the $0.56 forecast, while revenue totaled $291 million, exceeding the $256.4 million estimate.

The semiconductor company also issued stronger-than-expected fourth-quarter guidance. Lattice projected earnings between $0.82 and $0.86 per share, above the $0.64 consensus, and revenue of $325 million to $345 million, compared with the $295.3 million analyst estimate.

Lattice shares gained 9% following the announcement, extending their year-to-date increase to 29.7%. Meanwhile, investors continued monitoring corporate earnings and the upcoming US midterm elections for potential direction in the financial markets.