Stock Market Live November 5: S&P 500 (VOO) Still Falling on AI Worries as More AI Companies Report
Quick Read
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AI stock AMD beat on earnings and AI stock Super Micro missed — but both stocks are down premarket.
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An ADP jobs report shows 42,000 payroll gains in October, reversing September’s decline.
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Starbucks Workers May Strike
Starbucks (Nasdaq: SBUX) says that the Workers United labor union has voted to authorize a strike by baristas. Starbucks Chief Partner Officer Sara Kelly comments that she hopes the workers to not not actually decide to “move forward with strike action.”
In the event workers do strike, she notes that “fewer than 4% of our green apron partners work in coffeehouses represented by Workers United and that over 10,000 company operated coffeehouses and nearly 7,000 licensed locations will remain open and serving customers” regardless of a strike.
Starbucks stock is up more than 2% despite the strike news. The Voo is now up 0.7%.
Humana Looks Healthy
Health insurer Humana (NYSE: HUM) beat earnings by 41 cents this morning, reporting Q3 earnings of $3.24 per share. Revenue of $32.65 billion likewise exceeded expectations, by about $650 million.
For the full year, however, Human is now guiding for $17 per share in profit, slightly below analyst forecasts for $17.04. Humana stock is down more than 7% in late morning trading, presumably on fear of the upcoming earnings miss.
The Voo, however, continues to climb higher, now up 0.4%.
Golden Arches Less Shiny in Q3
McDonald’s (NYSE: MCD) missed earnings by 13 cents this morning, reporting Q3 profit of $3.22 per share. Revenue of $7.08 billion missed the consensus estimate of $7.1 billion by just $20 million, but same store sales grew a respectable 3.6% and total systemwide sales were up 6%.
McDonald’s stock is up more than 3% despite the miss, and the Voo has turned positive, too, up 0.2%.
This article will be updated throughout the day, so check back often for more daily updates.
The Vanguard S&P 500 ETF (NYSEMKT: VOO) suffered its steepest selloff in months yesterday, down 1.2%, as investor worries over the rich valuations of AI stocks came to the fore. Selling seems set to moderate as Wednesday dawns, but the selling’s still there; premarket, the ETF looks set to open down 0.1%.
Two AI stocks reporting after Tuesday’s close may be adding to the pressure.
The first is Advanced Micro Devices (Nasdaq: AMD). The semiconductor giant beat earnings by three cents last night, reporting $1.20 per share on sales of $9.25 billion. CEO Dr. Lisa Su said AMD had “an outstanding quarter, with record revenue and profitability reflecting broad based demand for our high-performance EPYC and Ryzen processors and Instinct AI accelerators.” She also guided investors to expect $9.6 billion in Q4 revenue, $400 million ahead of analyst estimates.
Curiously, however, investors seem unimpressed, and AMD stock is trading down nearly 3% premarket.
The news is even worse for investors in AI server-maker Super Micro Computer (Nasdaq: SMCI), which missed on its earnings by four cents last night. Profit for the fiscal first quarter 2026 came in light at $0.35 per share, and revenue was nearly $800 million short of forecasts at $5 billion.
Management insists Super Micro is still growing, however, citing a “rapidly expanding order book” with “more than $13B in Blackwell Ultra orders,” and predicting “at least” $36 billion in revenue for fiscal 2026.
Despite the optimistic promises, Super Micro stock is down nearly 8% premarket.
Employment report
In happier news, HR company Automatic Data Processing (Nasdaq: ADP) — practically our only source for jobs data these days with the government shut down — reported private payrolls grew by 42,000 in October. This reverse September’s job losses and, while still not a strong growth number, was better than most economists predicted for October.
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