Nasdaq Jumps 0.8% as Chip Stocks Rebound While Dow Slips 197 Points on Apple Decline

Mumbai, 3 November 2026: US equities finished mixed on Tuesday as a rebound in semiconductor shares lifted the technology-heavy benchmarks while a decline in Apple weighed on the Dow Jones Industrial Average. The Nasdaq Composite rose 0.83%, the S&P 500 added 0.36%, and the Dow fell 0.38% as investors positioned ahead of midterm election results and digested a heavy slate of economic data and quarterly reports.

Dow Jones Falls 197 Points as Apple Slide Weighs on Blue-Chip Index

The Dow Jones Industrial Average opened at 51,932.63, reached an intraday high of 51,932.63, and touched a low of 51,593.16 before closing at 51,786.72, a loss of 197.26 points or 0.38%. The index’s high matched its opening level, indicating that selling pressure built through the session rather than reversing.

Apple was the heaviest drag, falling 1.90% after the company flagged that rising memory-chip costs would pressure its holiday-quarter gross margin. Sherwin-Williams declined 3.26%, Merck fell 2.47%, Home Depot lost 2.42%, and Salesforce slipped 2.48%, while McDonald’s, Coca-Cola and Procter & Gamble each recorded modest declines. On the upside, Microsoft gained 2.67%, Nvidia added 2.39%, Amazon rose 2.08%, Caterpillar advanced 1.69%, and Cisco gained 1.79%.

The split between falling consumer and healthcare names and rising technology and industrial constituents explains why the price-weighted Dow diverged from the capitalisation-weighted S&P 500 and Nasdaq on the day.

The session followed the release of September job-openings data and factory-orders figures, alongside the start of voting in the US midterm elections, both of which shaped trading across major US equities. The Dow’s decline came even as six of the 11 S&P 500 sectors advanced, a reflection of the index’s heavy exposure to Apple, healthcare and consumer staples.

S&P 500 Gains 28 Points as Technology Sector Leads Broad Rebound Today

The S&P 500 opened at 7,552.92, traded as high as 7,594.61, dipped to 7,545.39, and ended at 7,568.92, a gain of 27.52 points or 0.36% from the previous close of 7,541.40. The benchmark recovered from three consecutive sessions of losses, although participation beneath the surface remained narrow.

Information technology led the advance with a gain of 1.49%, followed by industrials at 1.24% and communication services at 0.90%. Health care added 0.40%. Materials fell 1.50% and consumer staples dropped 1.30%, while consumer discretionary lost 1.00%, financials slipped 0.60%, and energy, real estate and utilities recorded smaller declines or were roughly flat. Despite the index gain, 291 S&P 500 constituents closed lower against 211 in positive territory, and declining stocks outnumbered rising ones by a ratio of about 1.3 to one.

Among individual constituents, Arista Networks jumped 12.40%, Eaton advanced 7.03%, GE Vernova gained 6.93%, Oracle rose 5.73%, Amphenol added 5.31%, Dell Technologies and Sandisk each climbed 4.64%, and Advanced Micro Devices rose 3.78%.

On the losing side, T-Mobile US fell 3.58%, Sherwin-Williams dropped 3.26%, Accenture lost 2.58%, and Salesforce declined 2.48%. The index’s closing performance came as chipmakers recovered from recent losses while investors awaited quarterly results from Advanced Micro Devices after the bell.

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Nasdaq Composite Jumps 0.8% as Chipmakers Rebound Before Key US Midterms Tuesday

The Nasdaq Composite opened at 25,246.63, reached an intraday high of 25,474.46, and touched a low of 25,246.63 before closing at 25,372.01, a gain of 207.65 points or 0.83%. The Nasdaq-100 rose 0.69% to 28,183.68, although the large-cap technology gauge remained more than 10% below its 6 October record close, a level that confirms it entered a correction earlier in the week.

Technology and growth-oriented shares drove the advance. Nvidia gained 2.39%, Microsoft rose 2.67%, Broadcom added 3.06%, Micron Technology climbed 2.40%, Advanced Micro Devices rose 3.40%, Texas Instruments gained 3.30%, and Applied Materials added 1.99%.

AppLovin was among the strongest performers in the index, rising 7.17%, while Meta Platforms gained 2.37% and Netflix added 1.51%. The gains were partly offset by Shopify, which plunged 8.58% after quarterly revenue missed estimates, Thomson Reuters, which fell 9.82%, Adobe, which lost 2.45%, Intuit, which declined 2.10%, and Automatic Data Processing, which slipped 0.89%.

The technology-heavy benchmark responded to a rotation back into semiconductor and artificial-intelligence-linked shares after the Philadelphia Semiconductor Index closed in a bear market on Monday. The index also reflected the broader market’s focus on the midterm elections, with voters deciding control of the House and Senate starting in January.

Russell 2000 Gains 0.2% as Smaller Stocks Outperform Broader US Market Today

The Russell 2000 opened at 2,812.37, recorded an intraday high of 2,836.80, and touched a low of 2,811.92 before closing at 2,812.63, a gain of 6.75 points or 0.24% from the prior close of 2,805.88. The small-cap benchmark outperformed the Dow and the NYSE Composite but lagged the Nasdaq Composite.

Movements among smaller-cap companies were led by cryptocurrency-linked and technology names. Riot Platforms surged 18.41%, Hut 8 gained 15.72%, TeraWulf rose 14.81%, Core Scientific added 14.35%, Fabrinet climbed 16.23%, Xometry advanced 16.55%, and PTC Therapeutics gained 11.89%. On the downside, Madrigal Pharmaceuticals dropped 8.08%, Rhythm Pharmaceuticals fell 7.49%, and a number of regional banks recorded declines, including UMB Financial, which lost 1.00%, and Associated Banc-Corp, which fell 2.60%.

The benchmark’s modest advance came as smaller companies responded to the same combination of falling oil prices, firming Treasury yields and election uncertainty that shaped the broader market. The Russell 2000 remained well below its 52-week high of 3,069.71, reflecting the more cautious tone in small-cap trading through the session.

S&P 100 Gains 0.4% as Large-Cap Technology Shares Drive Index Higher Today

The S&P 100 opened at 3,714.48, traded between a low of 3,710.43 and a high of 3,738.77, and finished at 3,724.54, a gain of 16.15 points or 0.44% from the previous close of 3,708.39. The large-cap benchmark’s advance was slightly stronger than the S&P 500’s, reflecting the outperformance of mega-cap technology constituents.

Nvidia, Microsoft, Amazon and Broadcom contributed the bulk of the index’s gain, while Apple’s decline and weakness in Merck, Home Depot and Salesforce limited the upside.

The index closed below its intraday high, indicating that some of the morning’s strength faded into the afternoon. Trading in large-cap shares tracked the same driver as the broader market: a recovery in semiconductor stocks and a rotation away from defensive technology names ahead of the election results.

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Dow Composite Falls 0.35% as Utilities and Transports Weigh on Broader Index

The Dow Jones Composite Average opened at 16,456.95, reached a high of 16,475.22, and fell to a low of 16,349.12 before closing at 16,408.96, a loss of 58.26 points or 0.35% from the prior close of 16,467.22. The composite, which combines the industrial, transportation and utility averages, was pulled lower by weakness in two of its three components.

The Dow Jones Transportation Average opened at 20,666.00, traded between 20,489.45 and 20,773.06, and ended at 20,599.68, a decline of 43.24 points or 0.21% from 20,642.92. The Dow Jones Utility Average opened at 1,115.96, ranged between 1,107.33 and 1,120.50, and closed at 1,112.72, a loss of 5.80 points or 0.52% from 1,118.52. The utility average’s decline came as Treasury yields rose, while the transportation average reflected softer trading in logistics and airline constituents.

Philadelphia Semiconductor Index Surges 2.6% as Chip Stocks Rebound After Recent Losses

The Philadelphia Semiconductor Index opened at 10,574.10, reached an intraday high of 10,761.85, and touched a low of 10,530.68 before closing at 10,600.40, a gain of 272.07 points or 2.63% from the previous close of 10,328.33. The rebound followed Monday’s close, which left the index about 22% below its 6 October high and marked its second bear market since June.

Semiconductor constituents recorded broad gains. Advanced Micro Devices rose 3.78% ahead of its quarterly report, Broadcom added 3.03%, Micron Technology gained 2.50%, Nvidia advanced 2.48%, Texas Instruments climbed 3.27%, KLA added 2.02%, Applied Materials rose 1.74%, and Lam Research gained 1.07%.

Skyworks Solutions was a notable decliner, falling 12.22%. The sector benchmark’s advance came as memory and chip-equipment names led the recovery, with the index climbing back above its late-July low.

NYSE Composite Slips 0.34% as Decliners Outnumber Advancers Across Broader Trading Session

The NYSE Composite opened at 24,293.70, traded between a low of 24,273.82 and a high of 24,437.44, and closed at 24,289.22, a loss of 82.86 points or 0.34% from the previous close of 24,372.07. The broad benchmark’s decline contrasted with the gains in the S&P 500 and Nasdaq, reflecting the heavier weighting of financial, industrial and consumer names on the New York Stock Exchange.

Breadth within the composite was negative, with declining issues outnumbering advancers across the session. Financial stocks were mixed, with Bank of America up 0.22%, Morgan Stanley up 0.19%, JPMorgan Chase down 0.78%, Wells Fargo down 0.42%, and Citigroup down 0.32%. Industrial and consumer constituents also traded unevenly, leaving the composite slightly lower even as technology shares advanced.

S&P MidCap 400 Gains 0.2% While SmallCap 600 Slips 0.3% in Session

The S&P MidCap 400 opened at 3,692.98, recorded an intraday high of 3,742.71 and a low of 3,692.98, and closed at 3,700.25, a gain of 8.70 points or 0.24% from 3,691.55. The S&P SmallCap 600 opened at 1,720.42, traded between 1,713.56 and 1,732.87, and ended at 1,713.98, a loss of 5.58 points or 0.32% from 1,719.56.

The two benchmarks reflected divergent movements among mid- and small-cap shares. Mid-cap industrial and technology names benefited from the broader rotation into cyclical and semiconductor-linked stocks, while the small-cap gauge was weighed down by weakness in consumer and healthcare constituents.

The split illustrated the uneven nature of the session, in which the largest technology companies and chipmakers gained while a majority of individual stocks declined.

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US Midterm Elections and Chip Rebound Drive A Mixed Closing Session Today

The principal market catalyst was the rebound in semiconductor shares after the Philadelphia Semiconductor Index entered a bear market on Monday, combined with the start of voting in the US midterm elections. The chip recovery lifted the Nasdaq Composite and the S&P 500 information technology sector, while Apple’s margin warning and weakness in healthcare and consumer staples pulled the Dow lower.

Prediction markets assigned a nearly 75% likelihood of Democrats taking the Senate, according to the references, while control of the House was viewed as the more likely Democratic gain. Market participants assessed the potential implications for fiscal policy, regulation, taxation and government spending, with particular attention to industries including defence, artificial intelligence and healthcare.

The election was widely described as an anticipated volatility event, and the session’s mixed outcome reflected positioning ahead of the results rather than a single directional bet.

A second factor was the decline in oil prices, which fell for a second consecutive session on speculation that the United States and Iran were making progress toward a diplomatic settlement to their eight-month conflict. Lower crude prices weighed on energy shares and contributed to the weakness in the NYSE Composite, while supporting the outlook for consumer-facing sectors.

VIX Falls 1.9% to 20.74 as Volatility Eases During Closing Tuesday Session

The CBOE Volatility Index changed -1.94% to 20.74, compared with its previous close of 21.15. The index, which measures expected volatility in the S&P 500 over the coming 30 days, traded between 20.29 and 21.91 during the session. Its decline coincided with the rebound in the S&P 500 and Nasdaq and the recovery in semiconductor shares, which reduced demand for downside protection after three sessions of losses.

The VIX remained above its 52-week low of 13.38 and below its 52-week high of 35.30, indicating that volatility expectations stayed elevated relative to the calmest periods of the past year. The move lower was modest relative to the index’s recent range, consistent with the mixed performance across the major benchmarks.

Information Technology Leads S&P 500 Sectors With Strong 1.49% Gain Tuesday Session

Performance across the 11 S&P 500 sectors was mixed, with six groups advancing and five declining. Information technology recorded the strongest move at 1.49%, followed by industrials at 1.24%, communication services at 0.90%, and health care at 0.40%. Materials recorded the weakest performance at -1.50%, while consumer staples fell 1.30%, consumer discretionary lost 1.00%, and financials slipped 0.60%. Energy, real estate and utilities recorded smaller declines, with utilities roughly flat.

The sector movements followed the rotation into semiconductor and industrial shares and away from defensive consumer and materials names. The materials decline coincided with a 2.6% drop in copper futures to $6.40 a pound, while the consumer staples decline came after a weak sales outlook from a major food distributor. The technology sector’s gain was driven by chipmakers and software names, and the industrials advance reflected strength in electrical equipment and machinery constituents.

Magnificent Seven Mixed as Nvidia Gains 2.4% and Apple Falls Nearly 2%

Among the Magnificent Seven, Nvidia moved 2.39% higher, Microsoft gained 2.67%, Amazon rose 2.08%, Meta Platforms added 2.37%, and Alphabet advanced 0.38%. Apple fell 1.90% and Tesla declined 1.35%. The split reflected the session’s broader rotation from defensive technology into semiconductors and other higher-beta growth names.

Nvidia’s gain snapped a four-session losing streak and lifted its market capitalisation above Apple’s, while Apple’s decline followed its warning that memory-chip costs would continue to rise and pressure holiday-quarter gross margins. The five advancing megacaps contributed to the Nasdaq Composite’s 0.83% gain and the S&P 500’s 0.36% advance, while Apple’s decline was the single largest drag on the Dow.

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Chip Stocks Gain 2.6% While Financials and Energy Shares Trade Broadly Mixed

Semiconductor stocks were higher, with the Philadelphia Semiconductor Index moving 2.63% and the iShares Semiconductor exchange-traded fund gaining more than 3%. The recovery was led by memory, equipment and logic names, and it followed Monday’s close that left the sector benchmark in a bear market.

Financial stocks recorded a mixed trend, with banks and payments companies trading unevenly as Treasury yields rose. Energy stocks moved lower alongside crude oil, with Chevron down 0.79%, Exxon Mobil down 1.05%, and ConocoPhillips down 1.66%. AI and growth stocks were mixed, with Nvidia, Broadcom and Micron advancing while Palantir fell 1.96% and Shopify dropped 8.58%. The movements among these groups contributed to the technology-heavy indices’ outperformance and to the Dow’s decline.

JOLTS Job Openings Hit 7.52 Million as US Labour Market Stays Tight

The latest economic data showed US job openings at 7.523 million in September, compared with an upwardly revised 7.19 million in the prior month and expectations of about 7.16 million. The hiring rate improved to 3.4% from 3.3%, while the quits and layoffs levels changed little, continuing what the report described as a low-hire, low-fire labour market. Factory orders rose 1.8% in September, beating a forecast of 1.2% and following a 0.3% gain in August.

The releases provided the latest information on labour demand and manufacturing activity during the session. The stronger-than-expected openings and factory orders coincided with the rise in Treasury yields and supported the view that the labour market remained tight ahead of the October payrolls report due later in the week. The data also shaped trading in rate-sensitive sectors, including utilities and homebuilders.

10-Year Treasury Yield Rises to 4.95% as Rate Expectations Firm Slightly Today

The Federal Reserve was not scheduled to deliver a policy decision during the session, and market participants assessed the rate implications of the JOLTS report and the midterm elections. The 2-year US Treasury yield, the maturity most sensitive to Federal Reserve rate expectations, stood at 4.62%, up about 2 basis points. The 10-year Treasury yield rose about 5 basis points to 4.95%, and the 30-year yield climbed about 4 basis points to 5.32%.

The yield curve steepened modestly as longer-dated yields rose more than the 2-year yield. The move came as investors weighed stronger-than-expected job openings and factory orders against the political uncertainty of the election. Higher yields weighed on utilities and homebuilders, with the Dow Jones Utility Average falling 0.52% and an exchange-traded fund tracking homebuilders losing about 2%.

Brent Crude Falls 1.3% to $103 as Iran Talks Weigh on Oil

Brent crude traded at $103.44, down 1.3%, while West Texas Intermediate stood at $95.95, down 0.5%. Oil prices fell for a second consecutive session as the market weighed talks to end the conflicts in Ukraine and Iran against concerns about additional supply disruptions. A senior Iranian official said Tehran and Washington remained far from a deal, according to the references.

Gold traded at $3,942 an ounce, down 0.7%, while silver fell 2.2% to $49.77. Copper declined 2.6% to $6.40 a pound. The commodity moves followed the oil retreat and the rise in Treasury yields, which weighed on precious metals. In currency markets, the Swiss franc was 0.2% higher against the US dollar after Swiss annual inflation rose to 1.5% in October from 1.0% the previous month, above expectations of 1.3%.

The closing session was shaped by a semiconductor rebound and the start of US midterm election voting, alongside Apple’s margin warning and firmer Treasury yields. The Dow fell 0.38%, the S&P 500 rose 0.36%, the Nasdaq gained 0.83%, and the Russell 2000 added 0.24%, while sector, bond and commodity markets recorded the changes outlined above.