Oil Slipped Under $100 Overnight. Apple Reports Tonight

Brad Roth
November 02, 2026

TL;DR

• West Texas crude is $99.90, down 4.05%, on reports of U.S.-Iran contacts over the Strait of Hormuz. Futures are up across the board after Friday's 3.47% drop in the Nasdaq 100.

• Six of eleven sectors rose Friday while technology fell 4.89%. Healthcare, the even-weight strategy's largest sector at 21.7%, closed 1.7% under its 52-week high.

• Apple reports after the close, the midterms are Tuesday and October jobs land Friday. The ISM manufacturing survey comes first, at 10:00.

Market Pulse

Futures as of 7:13 AM ET, commodities as of 7:16 AM ET, yields as of 7:20 AM ET, currencies as of 7:12 AM ET

• S&P 500 futures are up 0.44% at 7,647.75.

• Nasdaq 100 futures are up 0.83% at 28,770.75.

• Dow futures are up 0.42% at 52,135.00.

• Russell 2000 futures are up 0.65% at 2,839.70.

Friday was the third straight day of AI-spending worry. The S&P 500 fell 1.77%, the Nasdaq 100 3.47% and the Dow 1.07%. Technology lost 4.89%. Energy led at 1.91%, then consumer staples at 1.41%. Six sectors finished green.

• West Texas is $99.90, down 4.05%. Brent is $108.98, down 3.92%.

• Gold is $3,913.17, up 0.37%. Silver is up 1.96% at $50.24.

• The three-month bill yields 4.102%. The two-year is 4.600%, up 1.9 basis points, and the ten-year 4.914%, down 0.7.

• Euro/dollar is 1.1210. The dollar buys 157.92 yen. VIX futures are 19.87, down 2.41%. Bitcoin closed Friday at $78,045.

• S&P Global manufacturing PMI hits at 9:45 and ISM manufacturing at 10:00, with 54.5 expected. The Treasury auctions three- and six-month bills at 10:30. Apple reports after the bell.

THOR Risk Gauge

Slightly Bullish, one notch up from last week. Crude back under $100 takes pressure off inflation, and futures are bouncing on all four indexes. Apple tonight, the midterms tomorrow and Friday's jobs report keep it from going further. The index strategy is fully invested, and the even-weight strategy runs 60.6% in stocks with 40.0% in Treasury bills.

The THOR View

West Texas fell $4.22 to $99.90 on reports of U.S.-Iran contacts and talks on reopening Hormuz. OPEC+ left its December targets alone Sunday. Cheaper crude eases the inflation fear that had two Fed voters asking for a hike. The ten-year slipped to 4.914%, though the two-year still ticked up.

Apple is the week's single biggest report for the index strategy. It's in the Dow, the S&P 500 and the Nasdaq 100... one of a handful of companies that move all three pieces at once. The strategy runs 34.3% Dow, 33.6% S&P 500 and 32.4% Nasdaq 100. Friday's 3.47% Nasdaq 100 drop against the Dow's 1.07% pushed the Dow to the largest piece. Apple closed Friday at $344.63, 2% under its high, after the AI-spending selloff took 1.23% off it.

The even-weight strategy owns technology at 18.4%, close to a fifth. Friday's 4.89% sector drop is why that cap matters. In the S&P 500, technology runs roughly a third of the index. Here it gets the same vote as healthcare at 21.7% and financials at 20.6%. Healthcare rose 0.45% Friday and sits 1.7% under its 52-week high.

Bills are the other 40.0%, and the Treasury sells new ones at 10:30. Last week's three-month auction cleared at 4.050%. The secondary market already pays 4.102%. Every new bill rolls into whatever rate the front end sets, and the front end is leaning higher.

Signal Watch

THOR Index Rotation — As of 10/30/26

Fully invested in all three indexes. The Dow now leads the Nasdaq 100 by 1.9 points, up from 1.1 a day earlier, because Friday's selling hit the growth names hardest.

THOR Low Volatility — As of 10/30/26

Three sectors near a fifth each, with 40% in bills. Healthcare widened its lead over technology to 3.3 points on Friday. The system owns trends that have confirmed, and the rest stays out.

THOR AdaptiveRisk Dynamic — As of 10/30/26

The mix runs 44.8% equity, 18.2% alternatives, 15.7% commodity, 15.1% specialty currency and 6.2% fixed income. The energy fund rose to 7.7% after the sector's Friday high, and the dollar fund climbed to 15.1%. The leveraged Nasdaq 100 fund slipped to 7.1% from 7.7%.

One Thing to Watch

Apple after the close. It touches every piece of the index strategy, and the Nasdaq 100 fell 3.47% Friday. A clean quarter puts a floor under the growth side going into the midterms.

Brad Roth / CIO, THOR Financial Technologies

This content reflects the opinions, analyses, and research of THOR Financial Technologies as of the date published. It is provided for informational and educational purposes only and does not constitute investment advice and should not be relied upon as the basis for any investment decision. Past performance doesn't guarantee future results, and all investments involve risk. For more information, please go to: thorft.com