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US stocks today: Nasdaq rebounds as chipmakers rally, Apple slides ahead of US midterm results
- On Tuesday, the Nasdaq Composite rose 0.83% as chipmakers rebounded ahead of US midterm election results, while Apple shares fell after the company's quarterly results failed to impress investors.
- The Nasdaq entered a correction Monday, closing more than 10% below its Oct 6 record, as investors worried that massive investments in AI infrastructure were outpacing near-term cash generation.
- Memory-Chip maker Micron Technology gained 2.6% and Nvidia rose 2.3% while AMD advanced, whereas Apple dropped 1.9% after warning that rising memory chip costs would pressure holiday-quarter gross margins.
- Jay Hatfield, CEO at Infrastructure Capital Management, said, "This is a rotation from safe tech, like Apple, into riskier tech, like chipmakers." He called it "clear dip buying" in a Nasdaq-driven market.
- Morgan Stanley analysts noted earlier this week that the midterm elections could remove a major market overhang, adding that the correction in US equities that began in June was in its "final innings.
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Times of India
Times of IndiaUS stocks today: Nasdaq rebounds as chipmakers rally, Apple slides ahead of US midterm results
US stocks ended mixed as the Nasdaq rebounded on gains in chipmakers and AI linked heavyweights ahead of the midterm election results. Nvidia and Micron advanced, while Apple slipped over concerns about rising memory chip costs and holiday quarter margins. Investors also assessed AI spending concerns and the outlook for technology stocks.
·Mumbai, India
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Total News Sources16
Leaning Left1Leaning Right4Center4Last UpdatedBias Distribution45% Center, 44% Right
Bias Distribution
- 45% of the sources are Center, 44% of the sources lean Right
45% Center
11%
C 45%
R 44%
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