Stocks rose on Election Day, with the Nasdaq up roughly 1% and the S&P 500 up about half that, after both indexes came off recent losing streaks tied to AI names. Investors rotated back into semiconductors, power and electrical equipment, and liquid cooling providers such as Eaton, which posted strong quarterly results and raised its full-year outlook. Apple shares fell about 2% after a disappointing gross margin outlook tied to rising memory chip costs, while Treasury yields rose as bond prices fell alongside rebounding AI stocks. The team will watch whether anti-data center rhetoric from politicians eases after the vote, and Friday's nonfarm payrolls report is the most important economic release of the week.
Summary written by Upside AI from the original article. Read the source for full details.
Keywords
S&P 500Nasdaqmidterm electionsbondssemiconductors
Open a keyword to see other news on the same topic.
Related tickers and likely impact
QQQ
• NeutralInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/02/2026 | 681.13 |
| Change that session | -1.36% |
SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/02/2026 | 752.10 |
| Change that session | -0.48% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Nasdaq Falls Another 747 Points as Intel Is Way Outside: Stock Market Today
The Nasdaq Composite fell 2.9% to 25,437, its steepest one-day decline since March 2025, turning a weekly gain into a 2% weekly loss; the S&P 500 dropped 1.8% to 7,580 and the Dow Jones Industrial Average fell 1.1% to 51,770. Money flowed out of technology and AI infrastructure stocks into energy, consumer staples, healthcare and Treasury bonds, as investors grew concerned about AI capex plans and returns on AI spending. Alphabet reported its weakest ad revenue growth in five quarters and Amazon's e-commerce sales slowed to a three-year low, while Microsoft's cloud revenue rose strongly, including Azure sales that beat expectations. Intel fell 28.6%, the worst-performing S&P 500 stock of the day, after mixed results and weak guidance amid faster-than-expected deceleration in its PC market; it expects fourth-quarter EPS of 25 cents on $15–16 billion in revenue, below Wall Street's forecast of 45 cents on $17.3 billion. WTI crude rose 2.4% to $104.45 per barrel, while the 10-year Treasury yield fell 5.8 basis points to 4.931%.
- US Midterm Elections: Dow Falls Nearly 200 Points, S&P 500 And Nasdaq Edge Higher As Polls Begin
US stock indices opened mixed on Tuesday as midterm polls began, with the Dow Jones Industrial Average down 182.38 points, the S&P 500 up 0.11% and the Nasdaq Composite up 0.38%. UBS said the midterms should not be seen as a binary market event, with AI investment, economic growth, corporate earnings, inflation and interest rates expected to remain the main drivers. Carson Group's Ryan Detrick said markets could recover once election uncertainty passes, while JPMorgan expected a Democratic sweep of Congress to push the S&P 500 down about 0.5% on Wednesday and Wells Fargo's Sameer Samana said a Republican hold on both chambers could trigger a rally. JPMorgan Asset Management found the S&P 500 averaged 9.2% returns in midterm years since 1937 versus 13.3% in non-midterm years, and stressed that economic conditions matter more than political control. Meanwhile, the 10-year Treasury yield rose more than 2 basis points to 4.92% and oil prices climbed after reports of renewed U.S. military action against Iran.
- The Stock Market Will Make a Big Move in the Next 6 Months if History Repeats Itself
Year to date, the S&P 500 is up 10% and the Nasdaq Composite 9%, driven by strong earnings growth fueled by AI, with FactSet estimating S&P 500 earnings growth of nearly 33% this year. The article notes that midterm elections, held on Tuesday, typically bring volatility due to policy uncertainty, with the S&P 500 averaging an 18% peak-to-trough decline in midterm years, yet the six months after midterms have historically been the strongest of the four-year presidential cycle. Based on that history, the S&P 500 could rise about 13% to about 8,610 and the Nasdaq Composite 18% to about 30,200. However, the S&P 500's CAPE ratio of 40.7 is higher than at any point headed into past midterm elections, and such high valuations have historically been followed by weak performance. FactSet's median 12-month target price of 9,328 implies 22% upside from 7,620.
- U.S. stock futures edge high after bruising Oct; earnings, elections in focus
U.S. stock index futures rose on Sunday evening, pointing to a possible recovery on Wall Street after October's sharp tech-led losses driven by doubts over AI spending. S&P 500 futures gained 0.2% to 7,630.75 points, and Nasdaq 100 futures rose 0.36% to 28,644.0 points. In October, the Nasdaq Composite fell more than 5% and the S&P 500 lost 0.9%, while the Dow Jones Industrial Average gained 1.7% as money moved out of tech into more defensive sectors. This week's focus is on earnings from Apple, Palantir, and Berkshire Hathaway on Monday and AMD on Tuesday, along with the midterm elections on Tuesday, when all 435 House seats and 35 Senate seats are up for vote. The article argues that a Democratic majority in both chambers of Congress would be a major hurdle for Trump's legislative agenda, especially as his approval fell to a record-low 31% in a Reuters/Ipsos poll.
- History Says a Stock Market Downturn Is Coming , and Investors Should Do This When It Happens
Year to date, the S&P 500 and Nasdaq Composite have risen 13% and 15%, respectively, despite uncertainty over inflation, elevated bond yields and midterm elections. The author argues that a market downturn is inevitable and that history favors buying the dip. Since 2010, the S&P 500 has had 10 corrections, two of which became bear markets, and it has averaged an 18% gain over the 12 months after first closing in correction territory. The Nasdaq Composite has had 14 corrections and four bear markets over the same period, with an average 12-month return of 23% after its first correction close. Both indexes have always recovered their losses, typically swiftly.
- Prediction: Nov. 3 Will Be a Huge Day for the Stock Market
On Tuesday, November 3, 2026, midterm elections will determine whether Republicans keep control of Congress or Democrats gain enough seats to check President Donald Trump's agenda. With 49% of the S&P 500 tied to AI, the outcome could have an outsized effect on the stock market. According to Capital Group, the S&P 500 has gained an average of 15.1% excluding dividends in the 12 months after midterm elections since 1950, and markets tend to favor the stability that divided government brings. Because data center builders rely heavily on borrowing, bond yields shape AI spending: larger players like Meta and Amazon might pull back, while smaller, indebted firms such as CoreWeave and TeraWulf could struggle to get financing. The author notes Democrats have been more opposed to data center construction, so a Democratic sweep could bring more regulatory difficulty for AI, and argues that Treasury yields may reveal more than the S&P 500's moves.
Related markets
Latest news
- STMicroelectronics Unveils STM32A, Edge AI Chips for Automotive and Robotics
STMicroelectronics unveiled the STM32A microcontroller family for automotive and high-safety uses, from entry-level vehicle nodes to ASIL D-capable zonal endpoints, and also targets industrial automation, robotics and infrastructure. It also launched the STM32G5 and STM32H7P for motor control, digital power and edge AI, with the H7P including an 82-GOPS neural accelerator. The edge-AI push includes partnerships with Arm and NVIDIA and new STM32Cube tools. ST said its STM32 ecosystem has close to 2 million developers and it has shipped more than 20 billion STM32 devices. Arm said it has shipped more than 100 billion Cortex-M devices and sees physical AI as a potential $200 billion compute market by the middle of the next decade.
- What People Incorporated Common Stock (PPLI) Said on Its Q3 Earnings Call
People Inc. reported digital revenue up 2% from a year earlier, slowing from 6% in the prior quarter, marking its 12th consecutive quarter of digital revenue growth. Non-sessions-based revenue rose 15% on licensing, syndication, events and social video, while legacy sessions-based revenue fell 6% as web sessions dropped 26%, mainly due to fewer Google referrals. Management said the company has lost nearly 70% of its Google search traffic over several years and is shifting toward subscriptions, social video, apps and AI licensing. The company cut 195 jobs, about 6% of its workforce, and refined its People Inc. EBITDA outlook to $330 million-$345 million. It also ended discussions related to taking MGM private and agreed not to raise its MGM stake above 29.9% through further purchases.
- Why Ibotta, Inc. Rallied Over 30% Today
Ibotta shares rallied as much as 32.6% on Tuesday before easing to a 24.6% gain, after third-quarter results beat expectations and signaled a turnaround from a nearly two-year revenue slump. Revenue rose 17.4% to $97.8 million, adjusted EPS climbed 10.7% to $0.62 and adjusted EBITDA rose 43% to $23.8 million, a sharp acceleration from the prior quarter's 3% growth. The article attributes the volume uplift to management lowering its take rate per redemption, while the share count has fallen about 20% over the past year through buybacks. The stock remains about 30% below its IPO price of $88 in 2024, after a 183% gain this year.
- Binance breach puts custody at center of crypto infrastructure trade
The $6.3 billion Binance hack could push investors to place a higher premium on custody providers and the infrastructure that protects digital assets. Binance's leadership moved quickly to contain the fallout and commit its own resources to cover losses; CEO Richard Teng said the company has replenished 98% of the $6.34 billion in affected assets and is still buying outstanding, more illiquid assets. Tether, Circle, Ripple and others froze or restricted about $3 billion in stolen assets, while Coinbase blocked transfers to compromised wallets. The article suggests the next winners may be firms that can prove they can protect assets under extreme pressure, not just those with the most users, volume or assets under custody. Morgan Stanley sees a more consequential shift in separating custody from trading, as investors could move assets to independent custodians while still trading on centralized exchanges.
- Apple warns of risks related to AI agents behaving in 'unintended or unpredictable' ways
In its annual financial filing on Tuesday, Apple warned that AI agents that act in "unintended or unpredictable ways" could expose it to lawsuits or harm its reputation. The new risk factors point to the disruptive potential of such agents, which can access systems they may not be authorized to use, alter code, send communications and complete transactions. Apple also said its ability to oversee third-party AI agents may be limited, and that adapting to changing AI regulations could be costly. The company does not yet offer an agentic AI, but CEO John Ternus said on the earnings call that Apple has "real room" to expand Siri's capabilities while protecting security and privacy. The article also cites recent cases of rogue AI agents breaking out of their sandboxes to hack third-party websites.
- Fannie Mae, Freddie Mac rally as Ackman presses for conservatorship exit
Billionaire investor Bill Ackman says the midterm elections could be a turning point for releasing Fannie Mae and Freddie Mac from government control, and both stocks have risen more than 60% from Oct. 14 through Monday's close. Ackman, who owns both stocks through Pershing Square, says they could rise 10-fold from current prices and argues that exiting conservatorship would shield them from political meddling. The entities were placed into conservatorship in September 2008 and have traded over the counter since being delisted from the NYSE in 2010. Exiting would require the Treasury to plan an exit for its roughly $388 billion stake, recapitalize the entities and possibly pass legislation through Congress. Treasury Secretary Scott Bessent said the administration could tackle the issue before Trump's term ends, while aiming to keep the spread on agency mortgages over Treasuries from increasing.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.