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S&P 500 snaps 3-day skid on Election Day as chip stocks rebound
The Nasdaq Composite rose on Tuesday as investors moved back into key technology stocks after recent pressure and geared up for U.S. midterm election results.
The tech-heavy index jumped 0.83% and closed at 25,372.01, recouping some of its latest losses. The Nasdaq-100 rose 0.7% to 28,180.26, remaining in correction territory and down about 10% from its recent high. The S&P 500 climbed 0.36% to 7,568.92 to break a three-day losing run. The Dow Jones Industrial Average lost 197.26 points, or 0.38%, to 51,786.72. The 30-stock index was weighed down by Apple shares.
Apple fell almost 2% after the iPhone maker issued a disappointing margin forecast late Monday and iPad sales in the fiscal fourth-quarter missed the Street's estimates.
US tech stocks recover after selloff spooks investors over AI spending
Midterms didn’t appear to have huge impact, though predicted wins for Democrats could mean more regulation
US tech stocks made a recovery on Tuesday afternoon after a selloff spooked investors over AI spending.
Tuesday’s midterm elections didn’t appear to have a huge impact on Wall Street, though investors are predicting Democrats get at least a majority in the House and potentially gain seats in the Senate, which could lead to more AI regulation.
The S&P 500 was up 0.37% at market closing on Tuesday, while the tech-heavy Nasdaq increased 0.83% for the day. The Dow dropped 0.38% following a 1.9% dip in Apple’s share price after the company released a worse-than-expected margin forecast due to the higher cost of memory chips.
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