S&P 500 and Nasdaq Rebound on November 3 as Semiconductor Stocks Lead Recovery While Apple Drags

A broad recovery in technology and semiconductor stocks lifted the S&P 500 and Nasdaq on Tuesday, November 3, as markets recovered from a recent AI-driven selloff on US midterm election day. The S&P 500 gained 0.36% to close at 7,569, the Nasdaq Composite rose 0.83% to 25,372, while the Dow Jones Industrial Average bucked the trend, slipping 0.38% to 51,787.

Nvidia surged 4.6% and chipmakers broadly advanced, driving the semiconductor rebound that underpinned the day's gains. Apple was the notable drag on the session, falling 5.1% after its revenue forecast missed expectations despite beating earnings estimates. AMD added to the positive after-hours momentum, jumping 8% following its own results, sending S&P 500 futures up 0.2% and Nasdaq futures up 0.4% in after-hours trade. Other notable movers included Autodesk, which fell 2.17% to $252.32, and PagSeguro Digital, which dropped 3.04% to $7.65. Stellantis also declined on reports of a chip shortage disrupting Fiat output.

Sentiment shifted late in the evening as early midterm election results showed Democrats leading. Futures, which had been higher, reversed course with S&P 500 E-minis turning down 0.05% and Nasdaq E-minis falling 0.13%, as markets began pricing in the possibility of a Democratic sweep. Jim Cramer flagged selling pressure in both Palantir and Apple despite their earnings beats, calling attention to broadening concerns about large-cap tech leadership heading into the next session.