US stocks showed mixed performance during Monday's midday trading session on November 4, as investors turned their attention to the ongoing earnings season with over 100 S&P 500 companies set to report this week. The absence of official economic data due to the ongoing US government shutdown added to market uncertainty.
The Dow Jones Industrial Average fell 186.86 points (0.39%) to 47,376.01, while the Nasdaq Composite gained 124.68 points (0.53%) to 23,849.63. The S&P 500 rose 10.50 points (0.15%) to 6,850.70. Technology stocks including Micron, Nvidia,
October saw strong performance across major indices, with the S&P 500 and Dow gaining 2.3% and 2.5% respectively, while the Nasdaq jumped 4.7%. This rally was partly fueled by continued momentum in AI-related trades and signs of easing US-China trade tensions.
With over 300 S&P 500 companies having reported Q3 earnings, FactSet data shows more than 80% beat expectations. This week's earnings calendar features over 100 companies, including AI players Palantir and
Fundstrat's Tom Lee noted: "Corporate earnings remain robust, supported by three key factors: sustained visibility in AI spending (as evidenced by Amazon's strong Q3 2025 results), financial innovation through blockchain, and the Fed's dovish pivot with rate cuts expected. Quantitative tightening will conclude December 1."
Historical data suggests potential seasonal tailwinds, with the S&P 500 averaging 1.8% November gains historically - its strongest month according to the Stock Trader's Almanac.
Investors are closely monitoring Washington developments as the government shutdown continues, delaying key economic reports including monthly nonfarm payrolls data. Private sector reports this week will take on heightened importance for Fed policy clues.
Fed Chair Powell recently cautioned markets against premature expectations of December rate cuts. MPPM's Guillermo Hernandez Sampere observed: "While Powell's remarks caused mild disappointment, markets are adjusting positions. Labor market developments will now take center stage."
Deutsche Bank's Jim Reid noted: "Without the shutdown, we'd be anticipating October NFP data this Friday. With government data unavailable, Wednesday's ADP employment report gains significance, especially after Powell's hawkish comments last week."
The US Supreme Court is expected to hear oral arguments regarding the legality of Trump-era tariffs this week.
Economic data showed US manufacturing activity contracting for an eighth consecutive month in October, with the ISM Manufacturing PMI dropping 0.4 points to 48.7. Sub-50 readings indicate contraction, with output and employment indicators remaining in negative territory. However, inflationary pressures continued easing, with input prices hitting their lowest level since early 2023.
With official data unavailable due to the shutdown, policymakers increasingly rely on private surveys like ISM for economic insights. The report revealed persistent weakness in manufacturing sentiment amid trade policy uncertainty, though supply chain adjustments showed some stabilization.