The U.S. stock market showed mixed results on Tuesday, with Apple leading declines among Big Tech stocks, while gains from other tech giants helped balance the losses. The S&P 500 rose 0.3%, despite more stocks falling than rising within the index. The Dow Jones Industrial Average dropped 286 points, or 0.6%, while the Nasdaq composite climbed 0.7%.
Technology and artificial-intelligence stocks have been volatile recently due to concerns about overvaluation. However, several key AI-related stocks held steady on Tuesday, providing some market support after sharp swings the previous day. Nvidia led the gains with a 2.9% rise, followed by Broadcom at 3.1% and Advanced Micro Devices at 4.6%.
Apple, typically seen as less dependent on AI, still felt the impact of rising memory chip costs due to AI data center demand. The company expects lower profit margins for the final quarter of the year, sending its stock down 1.8% despite better-than-expected quarterly earnings. Palantir Technologies also fell 4.6%, even though it reported stronger profits than anticipated, with commercial revenue surging 148% from a year earlier.
Midterm elections may be contributing to market uncertainty, but historical data suggests they have little long-term impact on the broader market. Some investors worry about potential AI regulations if Democrats sweep Congress, though President Donald Trump’s veto power could limit such changes. Meanwhile, stocks like Celanese, DuPont, and Revvity saw gains after reporting stronger-than-expected profits.