Nasdaq, S&P Tick Higher as Chip Stocks Bounce, Oil Turns Lower on Election Day

Tiger Newspress11-03 22:31

The Nasdaq Composite rose on Tuesday as investors moved back into key technology stocks after recent pressure and geared up for the U.S. midterm elections.

The tech-heavy index jumped 0.4%. The Nasdaq-100 traded in correction territory, down more than 16% from its recent high. The S&P 500 climbed 0.1%, while the Dow Jones Industrial Average traded down 188 points, or 0.4%, weighed down by Apple shares.

Apple fell 3% after the consumer tech giant rolled out a disappointing margin forecast and iPad sales in the fiscal fourth quarter missed the Street’s estimates.

Conversely, shares of chipmakers bolstered S&P 500 and Nasdaq-100 futures. Micron Technology jumped almost 4%, while Advanced Micro Devices and Intel each rose more than 3%. Additionally, Broadcom and Nvidia gained around 2%.

Oil prices, meanwhile, turned lower on speculation that there was progress in U.S.-Iran negotiations. Brent crude was down almost 3% at around $101 per barrel. West Texas Intermediate futures dropped nearly 2% to around $94 per barrel.

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