Markets
Chips Lift Nasdaq as Dow Slips on Election Day, With AMD Earnings and Midterm Results Still to Come
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The S&P 500 and Nasdaq closed higher on a semiconductor rebound while Apple weighed on the Dow, and investors now wait on AMD and the vote count.
By Emma Cruz ·
Wall Street ended a mixed Election Day session with technology shares leading, as a rebound in semiconductor stocks lifted the Nasdaq Composite and the S&P 500 while the Dow Jones Industrial Average fell. According to Yahoo Finance's market data, the S&P 500 closed at 7,568.92, up 0.36%, and the Nasdaq rose 0.83% to 25,372.01. The Dow slipped 0.38% to 51,786.72, and the small-cap Russell 2000 gained 0.27% to 2,813.48 [1].
The chip rebound followed a punishing stretch. Yahoo Finance noted that the PHLX Semiconductor Index ended Monday about 22% below its October 6 high, its second bear market since June, and that nearly every chip and storage stock in the S&P 500 rose early on Tuesday, led by memory and chip-equipment names [1]. Reuters reported that the Nasdaq-100 had closed Monday more than 10% below its record high, a correction driven by worries that heavy artificial-intelligence spending is not yet earning adequate returns, and that debt-funded AI investment is drawing more scrutiny as borrowing costs rise [2]. Advanced Micro Devices closed up 3.65% at $483.90 ahead of its quarterly report after the bell [1].
Among individual S&P 500 stocks, MT Newswires data showed Fiserv up 12.46%, Ciena up 5.54%, Arista Networks up 3.52% and Super Micro Computer up 3.12%. On the downside, Gartner fell 13.19%, Sysco 9.33% and Zebra Technologies 8.76% [3].
Apple was the main weight on the Dow. Reuters said the company warned that memory-chip costs will keep rising and pressure its gross margin in the holiday quarter, and that shares were down roughly 4.5% in premarket trading [2]. Palantir also traded lower in premarket trading, down about 6.3% despite forecasting revenue above estimates for the coming quarter [2].
Energy and rates were part of the backdrop. MT Newswires reported that oil prices fell and stocks erased earlier losses after President Donald Trump said the United States would end $4 billion in funding to Israel [3]. Yahoo Finance's wrap put Brent crude near $103 to $104 a barrel, with the 10-year Treasury yield near 4.95% [1]. Earlier in the day, Reuters had noted December crude futures rising to about $98 a barrel after a reported U.S. strike on Iran's Qeshm Island, before the move faded [2].
The vote itself was the dominant uncertainty. Yahoo Finance said prediction markets gave Democrats a 76% chance of winning both chambers of Congress as of Tuesday morning [1]. Reuters reported that polls favor Democrats to take the House while control of the Senate is less certain, and that Societe Generale analysts flagged gridlock and deficit concerns as risks for markets [2]. A divided Congress would matter for spending, borrowing and the path of fiscal policy, though the results were not known at the close.
Looking ahead, traders will focus first on AMD's results, which arrived after the closing bell, and then on early election returns overnight. Reuters listed other items to watch: whether U.S. strikes on Iran resume after the midterms, which Trump has hinted at but said he was not considering when asked, and whether AI-related borrowing and spending worries keep pressuring technology shares [2]. Morgan Stanley has argued that the correction that began in June is in its "final innings," according to Reuters [2]. That view will be tested by how technology stocks respond to AMD's report and to any shift in Washington's balance of power.
Sources:
[1] Yahoo Finance, "Stock market today: Dow slips, S&P and Nasdaq gain as chip stocks rally, focus shifts to midterm elections", November 3, 2026. https://finance.yahoo.com/markets/live/stock-market-today-tuesday-november-3-dow-sp-500-nasdaq-midterms-amd-earnings-141143244.html
[2] Reuters (via Yahoo Finance), "US stock futures mixed as Apple slides, midterms loom", November 3, 2026. https://finance.yahoo.com/markets/stocks/articles/us-stock-futures-mixed-apple-104958801.html
[3] MT Newswires (via MarketScreener), "Wall Street Closes Mixed Ahead of Midterm Election Results", November 3, 2026. https://www.marketscreener.com/news/wall-street-closes-mixed-ahead-of-midterm-election-results-ce785fdedc8bf021
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.