Tuesday, November 3, 2026 · Issue No. 11 · 1 min readDownload PDF
Bank supervision and fintech earnings on Election Day
Bank supervision and fintech earnings lead the day, with midterm voting under way.
Top 3 if you read nothing else
- The FDIC upgraded Oklahoma-based Old Glory Bank to "adequately capitalized" from "significantly undercapitalized" and amended its directive, though limits on brokered deposits and capital distributions stay in place.[1]
- Bilt agreed to buy sports technology firm Lava for $300 million, Bloomberg reported Monday.[2]
- Block, Upstart, Oportun and Toast all report after the close today, with Sezzle and Affirm later this week.[3]
Market open In the first minutes of trading, chips lead: QQQ is up 0.7% and semis (SOXX) 3.3%, while SPY is up 0.2% and the Dow (DIA) is down 0.7%, with the VIX near 21. Financials are softer, with XLF down 1.0%, regional banks (KRE) 0.9%, Synchrony 1.3%, Capital One 1.0% and Block 1.1%, while Sezzle is off 3.4%. The 10-yr yield is up about 2 bp to 4.92%, and voters head to the polls in today's midterm elections.
Markets · 7:42 a.m. MT, Nov 3
- SPY+0.19%
- QQQ+0.69%
- VIX-0.19%
- 10-yr+2.3 bp
- Capital One-0.96%
- Synchrony-1.29%
- Affirm-0.90%
- Block-1.08%
+0.7%
QQQ
first minutes of trading
$300M
Bilt buys Lava
announced Monday
$5.4M
DIF loss
Tioga-Franklin failure
4
fintechs report today
Block, Upstart, Oportun, Toast
Banking
Old Glory
The FDIC amended its directive against Elmore City, Okla.-based Old Glory Bank after deeming it "adequately capitalized" in late October, up from "significantly undercapitalized" in August. A planned merger with a SPAC, meant to help it meet a 14% Tier 1 leverage ratio, fell apart this summer; limits on brokered deposits, capital distributions and material transactions remain until it stays adequately capitalized for four straight quarters.[1]
Bank failure
The FDIC inspector general found that costly growth in its home-lending unit sank Tioga-Franklin Savings Bank, a single-branch Philadelphia bank with $66.8M in assets that failed in August. The failure cost the Deposit Insurance Fund an estimated $5.4M.[4]
AI controls
Goldman Sachs restricted traders and bankers from using some AI tools, Bloomberg reported Monday.[5]
Co-brand / private label
Bilt
Bilt, the rent-rewards card startup, agreed to acquire sports technology firm Lava for $300 million, Bloomberg reported Monday.[2]
Company watch
Today
Block, Upstart, Oportun and Toast report after the close: reads on Cash App lending and Afterpay, AI underwriting, near-prime installment credit and merchant fees.[3]
Market recap as of 7:42 a.m. MT, Nov 3
| Rates & alternatives | Last | Day | 30d | 1y |
|---|---|---|---|---|
| 2-yr Treasury | 4.56% | -5 bp | -25 bp | +108 bp |
| 10-yr Treasury | 4.92% | +2.3 bp | -30 bp | +93 bp |
| 2s/10s curve | +36 bp | +2 bp | -4 bp | -14 bp |
| TLT (20+ yr) | $81.36 | -0.45% | +3.3% | -11.5% |
| SGOV (T-bills) | $100.44 | +0.01% | -0.3% | -0.3% |
| Inv. grade (LQD) | $103.65 | -0.06% | +1.1% | -8.2% |
| High yield (HYG) | $76.94 | +0.07% | -0.9% | -5.2% |
| Dollar (UUP) | $29.00 | +0.14% | +1.0% | +4.0% |
| Gold (GLD) | $361.64 | +0.00% | -4.8% | -0.1% |
| WTI oil (USO) | $157.30 | +0.27% | +3.6% | +119.1% |
| Bitcoin | $77,230 | +0.75% | -8.1% | -32.9% |
| Banks & card | Last | Day | 30d | 1y |
|---|---|---|---|---|
| Financials (XLF) | $56.99 | -0.99% | +4.2% | +8.7% |
| Banks (KBE) | $66.72 | -0.76% | +2.4% | +16.9% |
| Regional (KRE) | $73.05 | -0.92% | +2.3% | +19.5% |
| JPMorgan (JPM) | $338.98 | -0.47% | -0.9% | +11.1% |
| Citi (C) | $122.37 | -0.59% | -8.5% | +21.1% |
| Capital One | $208.74 | -0.96% | +4.6% | -6.5% |
| Amex (AXP) | $325.09 | -0.88% | +5.6% | -10.0% |
| Synchrony (SYF) | $75.83 | -1.29% | +4.8% | +1.1% |
| BFH | $106.84 | -0.30% | +4.5% | +60.5% |
| Atlanticus (ATLC) | $95.27 | +2.30% | +3.5% | +63.0% |
| OneMain (OMF) | $57.03 | -0.52% | +0.3% | -0.4% |
| Fintech & BNPL | Last | Day | 30d | 1y |
|---|---|---|---|---|
| Fintech (FINX) | $24.18 | +0.46% | -3.8% | -29.8% |
| Fintech (ARKF) | $42.04 | -0.21% | -9.1% | -27.5% |
| Payments (IPAY) | $50.30 | +0.30% | +5.8% | -10.5% |
| Affirm (AFRM) | $72.92 | -0.90% | +4.0% | -5.4% |
| Block (XYZ) | $76.25 | -1.08% | +1.3% | -4.8% |
| PayPal (PYPL) | $58.26 | -0.88% | +7.2% | -23.5% |
| Klarna (KLAR) | $13.43 | +0.37% | +6.5% | -66.1% |
| SoFi (SOFI) | $16.61 | +0.06% | +1.8% | -47.3% |
| Upstart (UPST) | $20.98 | -1.55% | -10.4% | -58.4% |
| Sezzle (SEZL) | $123.91 | -3.44% | +12.2% | +72.1% |
| Equities | Last | Day | 30d | 1y |
|---|---|---|---|---|
| SPY | $753.51 | +0.19% | -2.0% | +9.6% |
| QQQ | $685.78 | +0.69% | -7.4% | +8.8% |
| Dow (DIA) | $515.86 | -0.67% | +0.3% | +7.7% |
| Russell 2000 (IWM) | $279.90 | +0.27% | -0.2% | +12.3% |
| Semis (SOXX) | $468.43 | +3.26% | -17.7% | +54.4% |
| Cons. disc. (XLY) | $117.10 | -0.90% | +6.9% | -2.7% |
| Retail (XRT) | $89.56 | -1.08% | +9.2% | +5.6% |
| VIX | 21.11 | -0.19% | +30.7% | +32.4% |
Interactive Brokers quotes at 7:42 a.m. MT for ETFs, stocks and Bitcoin; VIX is delayed about 15 minutes. S&P 500 and Nasdaq index quotes were stale at run time, so SPY and QQQ stand in. Day change is vs Monday's close (Bitcoin vs 24h). 30D/1Y compare with the weekly open nearest Sep 28, 2026 and late Oct 2025, price only, excluding dividends. 2-yr is the Treasury close of Oct 30, and the 2s/10s curve uses it with the live 10-yr. Dollar via UUP (Invesco DB US Dollar Index ETF), WTI oil via USO (United States Oil Fund).
Sources
- Banking Dive: FDIC amends directive against Old Glory Bank (Nov 2)
- Bloomberg: Bilt to acquire sports technology firm Lava in $300 million deal (Nov 2)
- Tickzen: November 2026 earnings calendar
- Banking Dive: Mortgage expansion killed Tioga-Franklin, FDIC OIG says (Nov 2)
- Bloomberg: Goldman restricts traders and bankers from using some AI tools (Nov 2)
- FXEmpire: The week ahead (Nov 1)
- Interactive Brokers market data, quotes at 7:42 a.m. MT (Nov 3)
- U.S. Treasury: daily par yields
Previous issueMon, Nov 2 · Bank conduct and payment fees lead a busy weekNext issueWed, Nov 4 · What a Democratic Congress means for card issuers
Sources are linked in every issue. Confirm figures against the original filings before relying on them.