US Close 4 November 2026: S&P 500 +1.58%, Dow +3.03% After Democrats Win Congress as Oil Falls 8%; AppLovin Guides Above Estimates After the Bell

S&P 500 close: 7,688.62 (+1.58%) Breadth: 175 advancers / 75 decliners Sentiment: bullish

The S&P 500 closed at 7,688.62 on 4 November 2026, up 119.70 points or 1.58%, after Democrats won the House and Senate and Brent settled at $94.62, down almost 8.7%, per CNN. DOX.US fell 30.07% on a weaker fiscal 2027 outlook tied to a dispute with T-Mobile. NVDA.US lost 3.17% and SOXX.US 3.14% after Texas elected a governor who has pledged a data center moratorium.

What moved the index

The S&P 500 gained 158 bps on 4 November 2026, and financials, consumer discretionary, communication services and health care added about 139 bps.

• Financials: XLF.US +3.51% at about 11% of SPY.US, worth about +39 bps. JPM.US +4.18%, BAC.US +3.97% and GS.US +3.56%.
• Consumer discretionary: XLY.US +4.26% at about 9%, worth about +37 bps. AMZN.US +6.12%, HD.US +6.53% and BKNG.US +9.83%.
• Communication services: XLC.US +3.47% at about 10%, worth about +35 bps. GOOGL.US +3.18%, DIS.US +4.18% and META.US +1.44%.
• Health care: XLV.US +3.06% at about 9%, worth about +28 bps. Reuters tied insurer and hospital gains to hopes for sector-friendly policy under a Democratic Congress.
• Energy and industrials: XLE.US -4.74% and XLI.US -1.09%, together worth about -24 bps, as crude fell and data center contractors dropped.
• Technology: XLK.US -0.01%, worth about 0 bps, with AAPL.US and MSFT.US offset by chip makers.

Together, these drivers sum to about +115 bps. Staples, real estate, materials and utilities add about 26 bps, and the remaining gap of about 17 bps reflects SPY.US weights that use Morningstar sector classes, which do not map exactly to the SPDR sectors.

Three stocks added about 100 bps, or 63% of the index gain: AAPL.US +5.31% (about +39 bps), MSFT.US +6.68% (about +38 bps) and AMZN.US +6.12% (about +23 bps). NVDA.US subtracted about 26 bps and MU.US about 13 bps. RSP.US, the equal-weight S&P 500 fund, rose 1.86%, 28 bps ahead of the index. Bloomberg said investors bet that a Democratic Congress would force the AI spending cuts they have been calling for.

Session highlights

The S&P 500 traded between 7,635.81 and 7,715.57 on 4 November 2026 and stayed above Tuesday's 7,568.92 close throughout.

• 53,356.12 was the Dow close, up 1,569.40 points. CNBC called it the best day since 9 April 2025, and CFRA data via CNN showed the biggest post-midterm gain since 1982.
• VRT.US -12.89%, VST.US -13.83%, PWR.US -11.65%, ETN.US -9.86%, CRWV.US -9.90% and GEV.US -9.30%. AP called the Texas governor's race for Gina Hinojosa at 11:17pm ET, and Texas holds more than 25% of planned US data center capacity by 2030, per Yahoo Finance.
• SOXX.US -3.14%. MU.US -7.00%, SNDK.US -7.91%, INTC.US -3.77% and AVGO.US -2.00%.
• AAPL.US closed at $349.51 after a record intraday high of $354.47. Evercore ISI's Amit Daryanani said on 4 November that slower data center building could temper memory costs for Apple.
• WTI -7.96% to $88.44 at 4:23pm ET. Vice President Vance wrote on X, "The reason we lost is the war," and oil losses accelerated, per CNN. MPC.US -8.11%, VLO.US -5.76%, XOM.US -4.62% and CVX.US -3.69%.
• December gold +3.44% to $4,075.80 and silver +5.26% to $52.37. NEM.US +9.90% and AEM.US +9.67%.
• 4.894% was the 10-year Treasury yield, down 5.8 bps. DXY -0.36% to 101.50, and VIX 16.61, -20.30%.
• LMT.US -6.88%, NOC.US -4.53% and RTX.US -2.64%; TSLA.US -3.34%, SPCX.US -3.81% and DJT.US -24.54%. TAN.US gained 5.65% and FSLR.US 4.63%.
• 86,000 private jobs in October, per ADP, against 75,000 expected by Dow Jones via CNBC. ISM services slipped to 54.5 from 54.9, against 54.8 expected, and prices paid eased to 73.0 from 74.0, per Yahoo Finance.

Sector scorecard

XLY.US led the SPDR sector funds on 4 November 2026 at +4.26%, and XLE.US trailed at -4.74%.

• Best: Consumer discretionary, XLY.US (+4.26%)
• Worst: Energy, XLE.US (-4.74%)
• Dispersion (best minus worst): 9.00 pts
• Utilities: XLU.US +0.44%, with VST.US -13.83% and CEG.US -6.71% inside the fund
• Also higher: XLF.US +3.51%, XLC.US +3.47%, XLP.US +3.36%, XLRE.US +3.32%, XLV.US +3.06%, XLB.US +2.49%; also lower: XLI.US -1.09%, XLK.US -0.01%

Top movers

KD.US led the names above a $2 billion market value on 4 November 2026 at +30.14%, and DOX.US fell furthest at -30.07%.

MOD.US also fell 21.43% after adjusted EPS of $1.35 missed the $1.42 expected.

After-hours earnings

AppLovin guided fourth-quarter revenue to $2.365 billion to $2.395 billion on 4 November 2026, against $2.25 billion expected, per Benzinga. Post-market quotes are from 4:38pm ET, and the 5:00pm ET calls from Arm and Zillow start after this data cut.

• APP.US: Q3 revenue +55% and EPS $4.30. Post-market quote $333.58, +22.75%, after +10.69% in the regular session.
• QCOM.US: Adjusted EPS $2.17 against $2.16 and revenue $10.32 billion against $10.12 billion. Q1 EPS guide $2.15 to $2.35, with a $2.25 midpoint against $2.32 expected, per Yahoo Finance. Post-market quote $163.81, -5.42%.
• ARM.US: Adjusted EPS $0.52 against $0.47 and revenue $1.44 billion against $1.38 billion, per Seeking Alpha. Fiscal Q3 revenue guide $1.54 billion to $1.60 billion. Post-market quote $184.51, -3.80%.
• SNAP.US: Revenue +14% to $1.72 billion; ad revenue and user growth missed estimates, per Bloomberg. Post-market quote $5.39, -8.95%.
• Z.US: Revenue +7% to $724 million in what Zillow called a weaker-than-anticipated housing environment. Post-market quote $28.31, -16.49%.
• EXPE.US: Adjusted EPS $9.39; Q4 revenue guide midpoint $3.72 billion against $3.74 billion, per Reuters. Post-market quote $294.00, -6.93%, after +10.54% in the regular session.
• COHR.US: Fiscal Q1 revenue $2.37 billion. Post-market quote $209.50, +7.39%, after -5.98% in the regular session.

Notable announcements

CVS Health said on 4 November 2026 that it plans to split into two public companies by the first half of 2028, separating CVS Pharmacy from Aetna and Caremark, per CNBC and Yahoo Finance.

• CVS.US -12.53% on the split plan.
• XYZ.US +15.30% on adjusted EPS of $1.13, revenue of $6.72 billion and raised guidance, per CNBC.
• MDLN.US +18.36% on Q3 net sales of $7.9 billion, raised guidance and a $1 billion buyback.
• UNM.US -17.84% on revenue of $2.55 billion against $2.91 billion expected.
• TRMB.US -17.31% after cutting its 2026 organic recurring revenue growth forecast to about 10% from 12% to 14%, per CNBC.
• $125 billion of Treasury notes and bonds at next week's refunding, with auction sizes unchanged. Treasury expects to maintain coupon sizes "for the next several quarters."

Next session catalysts (ET)

Initial jobless claims lead the data on Thursday 5 November 2026, with 197,000 expected against 194,000 last week, per Investing.com.

• Thu 5 Nov, 8:30am: Jobless claims, productivity (2.8% expected) and unit labor costs (0.3% expected).
• Thu 5 Nov, 9:10am and 7:00pm: Fed speakers Barkin and Logan.
• Fri 6 Nov, 8:30am: October employment report.
• Mon 9 Nov, 1:00pm: $58 billion 3-year note auction.
• Tue 10 Nov, 1:00pm: $42 billion 10-year note auction.

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