{"id":74035,"date":"2026-11-02T18:08:15","date_gmt":"2026-11-02T22:08:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/apple-beats-q4-estimates-amid-tech-selloff-oil-slumps-on-iran-diplomacy\/74035\/"},"modified":"2026-11-02T18:08:15","modified_gmt":"2026-11-02T22:08:15","slug":"apple-beats-q4-estimates-amid-tech-selloff-oil-slumps-on-iran-diplomacy","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/apple-beats-q4-estimates-amid-tech-selloff-oil-slumps-on-iran-diplomacy\/74035\/","title":{"rendered":"Apple Beats Q4 Estimates Amid Tech Selloff; Oil Slumps on Iran Diplomacy"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>) reported Q4 revenue of $114.48 billion<\/strong>, beating Wall Street estimates of $113.47 billion, driven by record iPhone sales and Services growth.<\/li>\n<li><strong>The Nasdaq 100 (<a href=\"\/stock\/NDX\">NDX<\/a>) entered correction territory<\/strong>, falling 10% from its October peak as a massive semiconductor selloff wiped out over $2 trillion in market value.<\/li>\n<li><strong>WTI Crude <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a> slumped over 4% to near $96.50<\/strong>, following signals of diplomatic progress between Washington and Tehran that eased fears of immediate military strikes.<\/li>\n<li><strong>Anthropic investors are reportedly pushing for a $1.5 trillion valuation<\/strong>, a &quot;cautious&quot; step down from the previously expected $2 trillion ahead of its anticipated November IPO.<\/li>\n<li><strong>Republican donors identified a &quot;red wall&quot; in the Senate<\/strong>, focusing resources on Alaska, Iowa, Maine, and Ohio as the party faces unexpected headwinds ahead of tomorrow&#39;s midterm elections.<\/li>\n<\/ul>\n<h2>Apple Delivers Record Q4 Results Under New Leadership<\/h2>\n<p>In the first earnings report under CEO <strong>John Ternus<\/strong>, Apple (<a href=\"\/stock\/AAPL\">AAPL<\/a>) posted quarterly revenue of <strong>$114.48 billion<\/strong>, a 12% increase year-over-year. The tech giant reported diluted earnings per share (EPS) of <strong>$2.10<\/strong>, surpassing the consensus estimate of $2.00. While <strong>iPhone revenue<\/strong> reached a September quarter record of <strong>$57.58 billion<\/strong>, the company saw softer-than-expected performance in <strong>Greater China<\/strong>, where revenue of <strong>$17.54 billion<\/strong> missed the $18.75 billion forecast.<\/p>\n<p>Despite the headline beat, Apple&#39;s hardware segments showed mixed results. <strong>Mac revenue<\/strong> of <strong>$10.79 billion<\/strong> came in well above estimates, but <strong>iPad<\/strong> and <strong>Wearables<\/strong> both fell short of Wall Street projections. The board declared a cash dividend of <strong>$0.27 per share<\/strong>, payable on November 16, as the company returned <strong>$28 billion<\/strong> to shareholders during the quarter.<\/p>\n<h2>Tech Stocks Face Correction as Chips Retreat<\/h2>\n<p>The broader market faced significant pressure as the <strong>Nasdaq 100 (<a href=\"\/stock\/NDX\">NDX<\/a>)<\/strong> officially entered a correction, dropping 10% from its recent October high. The decline was spearheaded by a <strong>12% three-day slide<\/strong> in the semiconductor index, as investors grew wary of massive AI infrastructure spending. Companies like <a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> (<a href=\"\/stock\/NVDA\">NVDA<\/a>) and Advanced Micro Devices (<a href=\"\/stock\/AMD\">AMD<\/a>) have seen valuations reset as markets question the immediate profitability of generative AI investments.<\/p>\n<p>While the tech-heavy indexes struggled, the <strong><a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> (<a href=\"\/stock\/SPX\">SPX<\/a>)<\/strong> saw more resilient breadth, with a majority of its components advancing. Longer-dated <strong>U.S. Treasuries<\/strong> outperformed as investors sought safety amid the volatility and ahead of the high-stakes U.S. midterm elections.<\/p>\n<h2>Oil Markets Ease on Diplomatic Overtures<\/h2>\n<p>Energy markets saw a sharp reversal as <strong>WTI Crude<\/strong> settled near <strong>$96.50 a barrel<\/strong>, down significantly on hopes of a diplomatic breakthrough in the Middle East. Iranian President <strong>Masoud Pezeshkian<\/strong> indicated his government has &quot;greater authority&quot; to pursue peace talks, while President <strong>Trump<\/strong> expressed optimism regarding a potential agreement. These developments have temporarily eroded the &quot;war premium&quot; that had kept prices elevated throughout October.<\/p>\n<p>However, tensions remain high following reports from the <strong>Fars<\/strong> news agency of blasts heard off the coast of <strong>Bandar Lengeh<\/strong> in southern Iran. While the cause of the explosions remains unconfirmed, the proximity to the <strong>Strait of Hormuz<\/strong> continues to keep traders on alert for potential supply disruptions.<\/p>\n<h2>Political and AI Landscape Shifts Before Midterms<\/h2>\n<p>In the private markets, <strong>Anthropic<\/strong> is facing valuation scrutiny. According to reports, investors are now targeting a valuation of <strong>$1.5 trillion<\/strong>, down from earlier $2 trillion hopes, following disclosures of an <strong>$80 billion net loss<\/strong> in the first half of 2026. Despite the paper loss, the company reported revenue of <strong>$16.3 billion<\/strong> for the same period, representing a 15-fold increase year-over-year.<\/p>\n<p>On the political front, a memo circulating among <strong>Republican donors<\/strong> has outlined a defensive &quot;red wall&quot; strategy for the Senate. The group is prioritizing funding for incumbents in <strong>Alaska, Iowa, Maine, and Ohio<\/strong> to protect the party&#39;s slim majority. President <strong>Trump<\/strong> is scheduled to appear on <strong>Fox News<\/strong> tonight at 9 p.m. ET for a final pitch to voters before polls open nationwide tomorrow.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Apple (AAPL) reported Q4 revenue of $114.48 billion, beating Wall Street estimates of $113.47 billion, driven by record 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