The S&P 500 inched up 0.1% and the Nasdaq added about 0.5% on Tuesday, while the Dow Jones Industrial Average slipped 190 points. The moves came as oil prices extended their decline ahead of the US midterm elections and a batch of mixed corporate updates weighed on major technology names.
Chipmakers were among the session’s standout performers. Nvidia climbed 3%, snapping a four-session losing streak, and AMD advanced 5% ahead of its quarterly earnings report due after the closing bell.
In contrast, Apple shares fell 3% after the company warned that rising memory chip costs could squeeze margins in the holiday quarter. Palantir Technologies dropped 3.5% as investors focused on a slowdown in growth in US commercial total contract value.
Tech stocks more broadly have come under increasing pressure amid concerns about surging AI-related investment and limited evidence so far that those outlays are generating sufficient returns.
Markets were also bracing for the outcome of the US midterm elections. Polls suggested Democrats were favored to retake control of the House of Representatives, while the balance of power in the Senate remained too close to call.
