Before the bell: Oil jumps 2.7% and Dow futures drop 0.7% as Apple slides and America votes

Election day opens with oil rebounding, gold sliding and Dow futures lagging, while Nasdaq futures are slightly higher even as Apple and Palantir fall. Monday's tech rout left the Nasdaq 100 10.4% below its Oct. 6 high by our chart data, and the question this morning is whether the weak premarket reports from two of its biggest names restart it.

Futures around 6:20 AM ET

Quotes from Yahoo Finance, read about 6:20 AM ET Tuesday. Changes are our arithmetic against each contract's price in the 5-minute bar ending about 4:00 PM ET Monday, so they can differ from other feeds that measure against a settlement price. Oil is the active December WTI contract.

Apple and Palantir lead the premarket losers

CNBC reported Apple down about 3.8% and Palantir down about 7.8% in premarket trading after Monday evening's reports. Apple beat on revenue but gave a margin forecast that disappointed, with a memory-cost squeeze that the company said pushed memory costs above the June quarter. Palantir's revenue nearly doubled to more than $2 billion, but William Blair flagged slower growth in U.S. commercial contract bookings. We covered the numbers in our Apple story and our Palantir story.

An Investing.com headline says European shares slid as the Apple margin warning set off a global tech rout. MarketWatch and the Wall Street Journal both ran "lower open" premarket reports, though the WSJ's earlier headline called futures mixed, which matches the split above: Nasdaq futures up slightly, Dow futures down.

Oil rebounds, gold slides, and the yield stays near 4.9%

CNBC says crude rose after U.S. officials told the Wall Street Journal that Washington struck Iran's Qeshm Island on Monday, part of what they described as "limited strikes" in recent weeks. The rebound follows a drop of more than 7% on Monday when both countries' presidents signalled openness to a deal. Reuters headlined that a deal remains out of reach despite the diplomacy. We have not independently confirmed the strike; see our earlier report.

The Wall Street Journal's headline ties gold's slide to higher oil and rate-hike worries. The 10-year Treasury yield closed Monday at 4.91%, down from 4.94% on Friday, according to Treasury data. Gold futures at $3,915 sit just above the $3,899 one-year closing low we covered in our Oct. 30 story.

Other company news

• Saudi Aramco: OilPrice.com reports adjusted third-quarter net income of $31.2 billion versus a $28.7 billion consensus, with downstream adjusted EBIT up 234% to $10.3 billion despite attacks on its infrastructure.
• Schaeffler: the German supplier will cut a further 3,460 jobs in Europe, the Wall Street Journal and Reuters report.
• Disney: MarketWatch says thousands of job cuts may be coming; the company has not confirmed a figure in the reports we read.

What is on the calendar

Per the Nasdaq earnings calendar, Pfizer, Shopify, Eaton, Marathon Petroleum, Ferrari and Apollo report before the open. AMD, Amgen, Arista Networks and Booking Holdings report after the close. Our Monday-night brief, citing CNBC, listed the JOLTS job openings survey and factory orders for the morning; we could not confirm the release times from a primary source, so check the BLS schedule. The October jobs report is due Friday. Polls are open for the midterms; CNBC's Monday coverage cited JPMorgan's view that a full Democratic sweep could pressure AI stocks, which is one bank's scenario, not a forecast.

Sources: Yahoo Finance; U.S. Treasury; CNBC; OilPrice.com; Nasdaq; Reuters; Wall Street Journal; MarketWatch; Investing.com; Chronicle reports. Futures are not cash-market closes and can move sharply before the open. This is market information, not investment advice.