Wall Street closed mostly higher on Tuesday as investors returned to major technology shares after recent pressure. The Nasdaq rose 0.83% to 25,372.01, while the S&P 500 added 0.36% to end at 7,568.92. The Dow Jones Industrial Average slipped 197.26 points, or 0.38%, to 51,786.72.
Apple shares fell nearly 2% after the company gave weak profit margin guidance and reported iPad sales below expectations for its fiscal fourth quarter. Advanced Micro Devices was due to report fiscal third-quarter results after the close. Broadcom, Micron Technology and Nvidia were also named among the technology shares drawing investor attention.
Oil slips on Iran talk
Brent crude fell 1.12% to $103.60 a barrel, while West Texas Intermediate futures dropped 0.38% to $96.09. The declines came amid speculation about progress in negotiations between the United States and Iran.
Elections held Tuesday will determine control of the House and Senate from January. Prediction-market participants put the odds of the Democratic Party winning control of the Senate at nearly 75%. JPMorgan analysis said Republican Party control of the Senate or Congress could support short-term stock gains.
Caution on valuations persists
An economist identified as Snyder, cited by CNBC in a report dated Wednesday, said concerns about the cost of capital and the large amount of debt financing needed would persist for a long time. Snyder added that there may still be a small decline of around 4% or 5%, but that if weakness is not accompanied by a recession, declines usually stop around that level.
By MacroHerald’s own measurement at 23:10 GMT on 3 November, the S&P 500 stood near its 31-day low even after the day’s gain. The Nasdaq, too, was close to its 31-day low despite Tuesday’s advance.
Related: US stocks slip as tech shares sell off on AI spending worries
Data: S&P Dow Jones Indices · Nasdaq
