S&P 500 and Nasdaq Snap Three-Day Losing Streak on Election Day as Chip Stocks Rebound

U.S. equity markets closed mixed on Election Day, November 3, 2026, with the S&P 500 and Nasdaq rebounding while the Dow Jones declined. The S&P 500 rose 0.38% to close at 7,570.04, gaining 28.64 points, while the Nasdaq Composite climbed 0.87% to 25,382.02, adding 217.65 points. The Dow Jones Industrial Average fell 0.42%, losing 217.15 points to close at 51,766.83.

The session's gains were driven by a rebound in semiconductor and chip stocks, though Apple slid ahead of midterm results, limiting broader gains. Despite the index-level recovery, market breadth remained deeply uneven: Goldman Sachs noted that the S&P 500 sat within roughly 3% of its record high near 7,680, yet approximately 60% of its individual components were in bear market territory, down 20% or more from their highs, with a narrow group of large-cap stocks propping up the index.

Bearish signals persisted beneath the surface. Market-on-close imbalances were heavily skewed to the sell side, with the S&P 500 showing a negative MOC imbalance of $880.2 million and the Nasdaq 100 posting a $1.4 billion sell imbalance. A single large options trade flagged notable caution on Oracle, with a buyer purchasing 5,000 put contracts at the $140 strike expiring December 18 for roughly $10 million, with the stock trading near $126 and a breakeven at $119.94. The one-day VIX was on track to print its highest reading since June 5, reflecting elevated uncertainty ahead of midterm election results. Evercore noted that the S&P 500's negative beta weight had surpassed levels seen during the dot-com bubble, adding to the cautious backdrop.