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U.S. stocks were mostly higher on Tuesday as investors rotated back into technology stocks and geared up for U.S. midterm election results.
The S&P 500 (SPX) was up 0.36%, while the Nasdaq-100 (NDX) rose 0.68%, and the small-cap Russell 2000 (RUT) rose 0.23%. The Dow Jones Industrial Average ($DJI) fell 0.38%.
The PHLX Semiconductor Index (SOX) rallied 2.6%. The U.S. oil price benchmark was rising in late afternoon trading, near $97 per barrel.
Four things to watch from Tuesday's market:
Advanced Micro Devices (AMD) shares were up nearly 7% post close after reporting earnings and revenue that beat expectations, with data center and gaming revenue also topping estimates. The company issued bullish fourth-quarter guidance, projecting revenue of roughly $17 billion. AMD stock along with Intel (INTC) and Marvell Technologies (MRVL) has slumped in recent sessions. See Options Corner: AMD Testing Support Before Earnings
Apple (AAPL) fell 1.9% in regular trading after the iPhone maker issued a disappointing margin forecast on earnings and iPad sales in the fiscal fourth quarter missed estimates. See AAPL’s China Edge & AMD’s Push Into Large-Scale AI Systems and AAPL Dips Despite Positive Earnings: Memory Costs Clash with AI Story
Palantir (PLTR) fell 1.8% despite earnings and revenue that were ahead of estimates; the rate of commercial revenue growth was a bright spot, at 148% year-on-year. Discussion Tuesday was on Palantir's business model reach and sustainability in AI. See How PLTR Earnings Show AI Sustainability Ramp, Adoption Rate Key Question
Shopify (SHOP) shares fell 8.7% after reporting mixed third-quarter results that marked its first revenue miss since 2022. See Ca$htag$: Will SHOP Earnings Cash In on Ecommerce, Consumer Trends?
