Big Tech lifts the Nasdaq while much of Wall Street slips
Tuesday's close: chips rebound, Apple falls, oil eases again and AMD delivers its earnings report.
A rebound in big technology stocks lifted the S&P 500 and Nasdaq on Tuesday, but it was not a broad rally. More S&P stocks fell than rose, while the Dow ended lower as investors waited for U.S. midterm election results.
The close
| Index | Close | Change |
|---|---|---|
| S&P 500 | 7,568.92 | +0.36% |
| Dow Jones | 51,786.72 | -0.38% |
| Nasdaq Composite | 25,372.01 | +0.83% |
What moved
Technology recovered, but unevenly. Nvidia and Micron advanced, helping chip stocks rebound after recent selling. Apple fell after warning that rising memory costs would pressure its holiday-quarter margin. That extends the issue in our Apple results coverage. The index gains should not be mistaken for a rise in most stocks: six of the S&P 500's 11 sectors finished lower.
AMD supplied the next earnings test. After the cash close, AMD reported revenue of $13.38 billion, up 45%, with data-center sales up 97%. Its fourth-quarter sales outlook is about $17 billion, plus or minus 3%. The full results article separates reported earnings from adjusted figures and the company's forecast. Those results arrived after the regular session and should not be used to explain the earlier closing index levels.
Oil eased for a second session. WTI settled at $96.09 a barrel and Brent at $103.60 as traders weighed hopes for diplomacy against continuing supply risks. The decline was much smaller than Monday's plunge. A possible negotiation is not a completed settlement or a guarantee of normal shipping.
New economic data added detail. Factory orders rose 1.8% in September, while job openings were about 7.5 million. Neither release alone settles the direction of the economy.
What to watch next
Election results are the immediate overnight event. The market will also weigh AMD's management discussion against its new outlook. These are separate tests: an earnings report describes a business, while the election may change expectations for policy. This edition's table records the regular-session close, not after-hours trading.
