3 Assets to Watch (Nov 2-6): Apple, GBPUSD+, and SP500



• Key Events: Apple earnings (Mon, Nov 2); US Midterm Elections (Tue, Nov 3); BoE rate decision (Thur, Nov 5); US jobs report (Fri, Nov 6)

• Apple may hit new record high if iPhone's holiday season sales seen as robust

• GBPUSD+ forecasted (77% chance) to trade between 1.328 - 1.354; watch BoE rate decision, US midterms, and NFP

• SP500 to edge back towards all-time high if Apple earnings, US midterms, and NFP restore risk appetite



Markets are on edge heading into this first trading week of Nov 2026.



Not least because markets are coming off a bruising week for risk assets:

• Bitcoin fell 3.3% to post its biggest weekly drop in 4 months (since end-June 2026), also its first monthly loss (7.4%) since June 2026.

• S&P 500 has now posted 3 straight weeks of declines - its longest such losing streak since March 2026 (the first month following the Middle East conflict)

• Nasdaq 100 index fell 3.5% on Friday, Oct 30th - its biggest one-day drop since early June.

Also, this tech-heavy index posted a 6.65% monthly decline for October, pipping July's 6.61% drop to register its biggest monthly losses since March 2025!

Yet, steep declines in the week prior (Oct 26-30) still produced major trading opportunities ...

… with the likes of Gold, EURUSD+, NAS100, Microsoft, Amazon, and even Sandisk fulfilling our forecasted trade scenarios respectively.



Key Events This Week (Nov 2-6, 2026)



Here are some scheduled events that traders and investors can ill-afford to miss:

• Monday, Nov 2nd: Apple to report quarterly earnings (after US markets close*) - its first earnings report under new CEO John Ternus.

• Tuesday, Nov 3rd: US midterm elections - markets expect Democrats to wrest away at least the House away from Trump's Republicans.

• Thursday, Nov 5th: Bank of England (BoE) widely expected to hike rates again - by a further 25-basis points to 4%.

• Friday, Nov 6th: US October nonfarm payrolls (NFP) a.k.a. jobs report @ 1:30PM UTC* is expected to show a resilient 65,000 new jobs added last month.

^{*NOTE: The US market close and the US jobs report are now pushed back 1 hour later as US daylight savings time ended on Sunday, Nov 1st.}



As we do every Monday, we distill the week's major events into 3 assets to watch that could present your next trading opportunity for this eventful week:



Apple to hit new record high?



Apple is now the world's most valuable company!

The iPhone maker's market cap now exceeds US$ 5 trillion (before US markets open on Mon, Nov 2nd), while Nvidia's recent declines have dragged the latter's market cap to US$ 4.932 trillion.

On Friday, AAPL fell 1.23% below its highest-ever closing price posted just the day prior - Thur, Oct 29th.

READ MORE (published July 17th, 2026): Apple vs. Nvidia - Which will end 2026 as "world's most valuable company"?

Apple reports its Q3 FY2027 results after the US market closes on Monday, November 2,

This is CEO John Ternus's first earnings report since taking over from Tim Cook on September 1st.

Key Themes to Watch



• iPhone 18 Pro demand: The iPhone 18 Pro and Pro Max debuted in mid-September.

Those 2 weeks of sales data could inform investors about the supply-demand equation ahead of the holiday quarter, following reports of 15% cuts to component orders for the iPhone 18 Pro models due to weaker demand.



• Holiday sales outlook: The final 3 months of every calendar year is Apple's biggest sales period.

Investors want to know whether global customers are expected to keep up with their seasonal purchases, despite concerns about rising living costs, via early order trends especially for the iPhone duo - despite early complaits about cracked screens.

NOTE: The iPhone duo only debuted on October 23rd - its sales data will be missing from this earnings report (for the 3 months ending Sept 30th).



• AI monetisation - show me the money: Despite Apple launching its "HomeView" only in mid-October, Apple Intelligence features are now already live across iPhone, iPad, and Mac.

Analysts want to see whether AI is actually driving upgrades and services revenue - or just generating headlines.

Trade Apple perps now

Markets predict Apple stock could move up/down 4% after its earnings release.

Potential Scenarios



• UPSIDE: AAPL could hit a new record high if iPhone demand holds, signalling a robust holiday sales period ahead, and Ternus provides a compelling AI monetisation roadmap

• DOWNSIDE: AAPLUSDT may test support around its 50-day simple moving average (SMA) / the $340 psychological level if Apple reveals softening iPhone demand, thinning margins from rising memory chip costs, or other macro headwinds - from trade tariffs, to another spike in oil prices that pave the way for faster inflation and higher interest rates.

ICYMI: Last week (Oct 26-30), Microsoft perps also hit a new record high, before testing support at its 50-day SMA. Will Apple shares this week replicate Microsoft's performance from last week?

Over the next 12 months, analysts surveyed by Bloomberg predict that Apple shares could rise 28%.

Invest in Apple stocks





GBPUSD+ to hit 7-week high?



This major G10 FX pair will have to contend with major events on either side of the Atlantic:

• Tue, Nov 3rd: US midterm elections

Markets currently believe that the midterm elections are unlikely to deter USD's main drivers, including expectations for more Fed rate hikes.

However, Citigroup analysis shows that the US dollar tends to weaken after previous midterm results.

• Thur, Nov 5th: Bank of England (BoE) rate decision

The BoE is fully expected to hike rates by 25-basis points; anything else would be a shocker.

Markets currently also fully expect another 3 more rate hikes (4 hikes including this week's) over the next 12 months.

If the BoE signals a slower pace of rate hikes, that could weaken the British Pound and drag down GBPUSD.

^{NOTE: A currency tends to weaken at the thought of its country's interest rates rising slower than its peers.}

• Fri, Nov 6th: US jobs report

Economists predict 65,000 new jobs added to the world's largest economy in October, while the unemployment rate remained at 4.2%.

A resilient US jobs report may pave the way for more Fed rate hikes, with such expectations bolstering the US dollar while weighing down GBPUSD.

GBPUSD has been adhering to a sideways range, mostly between 1.3200 - 1.3700 since mid-2025.

For this week, the Bloomberg FX model predicts a 77% chance that GBPUSD trades between 1.328 - 1.354.

Trade GBPUSD+ now

Potential Scenarios



• UPSIDE: GBPUSD may breach 1.35 if the BoE signals faster rate hikes over the months ahead, while the US jobs market shows a notable weakening that may delay more Fed rate hikes. The seasonal USD weakness post-midterms may aid further GBPUSD gains.

• DOWNSIDE: GBPUSD may tumble to 1.3270 if the BoE shocks markets with another rate pause this week, or at least signals slower rate hikes over the coming months. A stronger-than-expected US jobs report, and/or safe haven bids following US political turmoil, may bolster the US dollar while dragging down GBPUSD.





SP500 to creep back towards record high?



The S&P 500 arrives at this pivotal week already bruised.

Though losing just 0.9% for the month of October, it was also its biggest monthly drop since June.

Also, last Friday (Oct 30th), the VIX index a.k.a. the US stock market's fear index, soared to its highest levels since April - back when markets were digesting oil prices above $100/bbl.

And there could be more volatility ahead.

Key Themes to Watch



Having already covered Apple's earnings and the US jobs report earlier in this report, we now shed some light on the:

• US Midterm Elections

Markets expect at least a split Congress - where the Democrats wrest the House away from Republicans.

Even if Democrats were to sweep both chambers, their attempts to roll out new legislation/roll back existing ones are set to face President Trump's veto powers.

Hence, a split Congress that ensures policy continuity should work in the favour of risk assets, such as cryptos and US stocks.

Hence, based on current assumptions of Democrats retaking ground within Congress, no surprise that markets predict just a 0.9% move for the S&P 500 the day after the Nov 3rd polls.

Trade SP500 index now

Potential Scenarios



• UPSIDE: The SP500 may claw its way back to 7770 if Apple earnings deliver a positive surprise, the US midterm elections' outcome do not roil markets, while the US NFP figures point to steady hiring, but not an overheating US jobs market.

• DOWNSIDE: The SP500 may climb another leg lower to test support around the 7450 level if Apple's earnings outlook disappoints, US political risks rise and trigger risk-off sentiment, while the US jobs report hastens more Fed rate hikes.

Beyond just this week, using a 6- to 12-month timeframe, Morgan Stanley highlighted that the S&P 500 has a 100% track record of climbing 6-12 months after every US midterm election since 1950!

Over the next 12 months, analysts surveyed by Bloomberg predict that the S&P 500 may rise another 22.7%.



WATCH LIVESTREAM (Nov 2, 2026)







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