Key facts
- The S&P 500 ended Tuesday's session 0.37% higher and the Nasdaq rose 0.83%, while the Dow fell 0.38%.
- Apple fell 5.1% after its margin forecast missed expectations, which the report attributed to higher memory chip costs.
- Nvidia rose 4.6% after falling over four sessions, and AMD, Broadcom and Micron also gained.
- The Nasdaq ended Monday 10% below its October 6 record close, in correction territory.
- Brent crude fell to $103 a barrel on Tuesday from $117 at the end of October.
- The S&P 500 was up 10% for the year so far, with the Nasdaq up 9% and the Dow up 7%.
US tech stocks recovered on Tuesday, November 3, ending a brief selloff of AI and tech stocks that began the previous week. The S&P 500 ended the session 0.37% higher and the Nasdaq rose 0.83%, while the Dow fell 0.38%.
Apple fell 5.1% after the company released a margin forecast that was worse than expected, which the report attributed to the higher cost of memory chips. Nvidia rose 4.6% after dropping over four sessions, and fellow chipmakers Advanced Micro Devices, Broadcom and Micron Technology also gained.
The Nasdaq had ended Monday in correction territory, 10% below its October 6 record close, and recorded its largest monthly decline since March 2025 in October. The report said the impact of Tuesday's midterm elections did not appear to have a large effect on Wall Street, though investors predicted Democrats would win at least a House majority and potentially Senate seats, which the report said could lead to more AI regulation.
Brent crude fell to $103 a barrel on Tuesday from $117 at the end of October, which the report linked to potential new negotiations with Iran and Russia. The S&P 500 was up 10% for the year so far, with the Nasdaq up 9% and the Dow up 7%. The report cited CNBC analysis of post-midterm market performance from 1980 to 2024 showing the market tends to pick up after an election.