Oil prices slipped to multi-week lows as investors weighed peace efforts in Ukraine and Iran against the risk of further supply disruptions.
Gold also edged lower as a stronger dollar and rising Treasury yields offset support from easing oil prices.
Apple shares remained under pressure after its latest earnings report highlighted rising memory costs and potential margin challenges.
Palantir stock declined despite a strong quarterly earnings beat, as investors focused on slowing growth in new contract commitments.
Oil prices: Brent and WTI fall to multi-week lows
Oil prices fell around 1% on Tuesday, with Brent crude declining 1.15% to $103.56 a barrel and US West Texas Intermediate (WTI) losing 0.50% to $95.99.
Brent was heading towards its lowest close since October 7, while WTI was on track for its lowest close since October 14.
Both benchmarks extended losses as markets assessed diplomatic efforts to end the conflicts in Ukraine and Iran.
Qatar has stepped up mediation efforts between the US and Iran, with its foreign ministry saying both sides remain committed to negotiations and are reviewing proposals.
However, a senior Iranian official told Reuters that the two countries remained far from reaching an agreement.
The US also carried out strikes on Iran’s Qeshm Island, although officials described the operation as limited and not a sign of a return to major combat operations.
Meanwhile, Saudi Aramco is working to expand a crude pipeline that bypasses the Strait of Hormuz, according to its chief executive.
In the Ukraine conflict, Russia confirmed plans for three-way peace talks with Ukraine and the US in Abu Dhabi on November 10 and 11.
However, attacks on energy infrastructure and an overnight Ukrainian drone strike on a Russian oil refinery highlighted continuing risks to supply.
Markets are also awaiting US inventory reports.
Analysts expect crude stocks to have increased by 900,000 barrels in the week ended October 30, which would mark the first rise in five weeks.
Gold price: Dollar and Treasury yields weigh on bullion
Gold prices slipped as a stronger US dollar and higher Treasury yields pressured the precious metal ahead of the US midterm elections.
Spot gold fell 0.58% to $3,924.69 an ounce, after touching an intraday low of $3,893.31.
US gold futures for December delivery declined 0.89% to $3,934.20.
The decline in oil prices initially eased inflation concerns and supported bullion.
However, the dollar’s modest advance and rising Treasury yields limited the recovery.
Investors are also assessing the potential implications of the midterm election outcome for US fiscal policy and the dollar.
Meanwhile, traders put the probability of a Federal Reserve rate hike in December at 73%, down from 76% earlier in the day.
The World Gold Council lowered its forecast for growth in gold investment demand this year to 200 metric tons from 400 tons previously, while raising its estimate for central bank purchases.
Silver fell 1.8% to $49.74 an ounce, platinum declined 1.5% to $1,426.91, and palladium dropped 3.4% to $936.50.
Apple stock: Memory costs create margin pressure
Apple shares came under pressure after the company reported better-than-expected quarterly earnings and revenue but issued a weaker gross margin outlook.
Bank of America analyst Wamsi Mohan said rising memory costs presented a near-term challenge for the company.
He noted that higher component expenses could weigh on margins, although Apple had anticipated some of the pressure.
The analyst also highlighted potential offsets, including tariff-related benefits, inventory advantages and efforts to reduce costs elsewhere in the supply chain.
Looking further ahead, Mohan pointed to Apple’s pricing power and large installed base as potential sources of earnings growth.
He argued that higher device prices could support profitability over future upgrade cycles, particularly if memory costs eventually normalise.
He also said Apple was entering longer-term agreements with memory suppliers as competition for capacity increases.
The company’s inventory build, in his view, could help reduce the risk of supply shortages and disruptions to product launches.
Palantir stock: Strong earnings overshadowed by slower bookings
Palantir shares fell in trading on Tuesday despite reporting its first quarterly revenue above $2 billion and raising its full-year outlook.
Third-quarter revenue reached $2.313 billion, up 96% year over year and above expectations of approximately $2.18 billion.
Adjusted earnings were 44 cents per share, compared with analysts’ estimates of 41 cents.
US commercial revenue surged 148% to $984 million, exceeding US government revenue of $953 million for the first time.
However, investors focused on total contract value, which rose just 6% year over year to $2.918 billion, slowing sharply from 49% growth in the second quarter.
US commercial contract value increased 11%, compared with 153% growth in the previous quarter.
Palantir raised its 2026 revenue guidance to approximately $8.53 billion and forecast fourth-quarter revenue of $2.649 billion to $2.653 billion.
The company also reported $1.22 billion in adjusted free cash flow, representing a 53% margin.
Despite the strong financial results, the slowdown in contract growth raised questions about the pace of future expansion.
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