US Stock Market Trends (November 2): Intel Suffers Worst Drop in 50 Years; This Week’s Focus on Midterm Elections and Apple’s

Intel plunged 29%, its worst single-day drop since 1974, after guiding Q4 revenue to $15-16 billion versus consensus near $17 billion, dragging the Philadelphia Semiconductor Index down over 7.2% and contributing to the Nasdaq's largest daily decline since June (down 2.86% to 25,437.00). Amazon reported 39.3% AWS revenue growth to $46 billion with a $578 billion contract backlog, but $77.3 billion in quarterly capex exceeded $42.4 billion operating cash flow, leaving trailing free cash flow at negative $42.4 billion. Binance suffered the largest hack in crypto history at roughly $6.3 billion, surpassing Bybit's $1.5 billion record, with Bitcoin briefly falling below $76,000 and over $1.6 billion in liquidations within 24 hours; Binance froze about $3 billion with help from Ripple and Circle and pledged to cover user losses in full. The S&P 500 fell 1.82% to 7,580.07 and the Dow 1.09% to 51,770.31, with all three indexes down a third straight week. Attention now turns to Apple's earnings after the bell Monday (EPS expected near $2.02), Tuesday's US midterm elections, and AMD's results Tuesday after the close (revenue seen at $13.1 billion, up 42%), which will test confidence in the AI spending theme.