US Stock Market Trends (November 4): AMD Guidance Beats Expectations, Shares Surge After Hours; Futures Turn Lower as

AMD reported third-quarter revenue of $13.38 billion, up 45% year over year and above the $13.09 billion LSEG consensus, with adjusted EPS of $2.09 versus $1.95 expected, and guided fourth-quarter revenue to about $17 billion—above the $16.23 billion consensus—sending shares up as much as 9% after hours before gains narrowed to roughly 4%. Record data-center revenue of $8.5 billion, up 97%, was driven by EPYC server processors and MI450 GPUs, while client and gaming revenue fell 8% to $3.7 billion. The beat lifted chip stocks in the regular session, with the SMH semiconductor ETF up 2.01% and the Nasdaq up 0.83% to 25,372.01, while the S&P 500 rose 0.36% to 7,568.92 and the Dow fell 0.38% to 51,786.72 on a 1.9% drop in Apple, which guided December-quarter gross margin to 45%–46% versus 46.7%–47.5% expected. Super Micro and Arista Networks also rose after hours on stronger guidance, up more than 9% and about 12% respectively. Equity futures turned lower as midterm vote counting began, with S&P 500 futures down 0.6% and Nasdaq 100 futures down 0.5% as Kalshi priced Democratic Senate control at about 90% and House control at 97%; investors will watch remaining seat counts, Wednesday's ADP and ISM services data, and Friday's nonfarm payrolls report.