Tech Stocks Rise Despite Apple Slump -- WSJ

By Vicky Ge Huang

Tech stocks are looking to break a three-session losing streak as investors turn their attention from earnings to the U.S. midterm elections.

The Nasdaq composite is up more than 1% in afternoon trading, a gain that would be its first since last Wednesday if it holds up. The rally is consistent with recent performance on midterm Election Days. The S&P 500, which is also up today, has averaged a gain of 0.44% on midterm days going back to 1970.

The positive vibes for stocks were driven in part by gains in chip shares. Nvidia and Broadcom are both up about 3%, taking some of the sting out of a decline in Apple shares, which is weighing on the Dow industrials. The iPhone maker's stock is off about 2% after its quarterly results last night showed growth might be slowed by a global memory-chip crunch.

Palantir shares are also down, following its earnings report late Monday. Results from AMD this afternoon will give investors another read on how demand for AI chips is evolving.

As for the elections, Americans' decisions at the polls today will determine who controls Congress for the remainder of President Trump's term (prediction markets see high odds of a divided government). Oil prices are falling, reversing course to extend yesterday's losses after President Trump said the U.S. would stop paying military aid to Israel by year-end, and amid hopes of progress in Mideast negotiations.

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(END) Dow Jones Newswires

November 03, 2026 14:28 ET (19:28 GMT)