Closing Bell: Stocks Rise as Tech and AMD Rally, Election Results Unfold

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? 

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