The U.S. stock market saw a mixed performance on Tuesday, with gains in influential Big Tech stocks offsetting declines elsewhere. The Standard & Poor’s 500 rose 0.4%, while the Dow Jones industrial average dropped 0.4% and the Nasdaq composite climbed 0.8%. The market has been volatile recently as technology and AI-related stocks fluctuate amid concerns about overvaluation.
Nvidia led the gains, rising 2.3%, followed by Broadcom at 3.1%. Other AI-focused companies like Microsoft, Amazon, and Meta Platforms also saw increases of more than 2%. However, Apple fell 1.9% despite reporting stronger-than-expected profits, as rising memory chip costs due to AI data center demand impacted its margins.
Other notable movers included Palantir Technologies, which dropped 1.6% despite better-than-expected profits, and DuPont, which surged 8.6%. The market’s movements coincided with midterm elections, where AI and the cost of living were key issues. Historically, the S&P 500 has performed well in the six months following midterm elections.
In other markets, the 10-year Treasury yield rose to 4.96%, and Brent crude settled at $103.60 per barrel after fluctuating due to uncertainty over the war with Iran. Overseas, stock indexes fell in Europe, while South Korea’s Kospi dropped 3.6% due to losses in Samsung Electronics and SK Hynix.