[U.S. Stocks] Midterm Elections Begin, Stocks Mixed... Dow Falls as Apple Drops

Oil prices edge lower
Semiconductor stocks rise, led by Nvidia

U.S. stocks were mixed on Nov. 3, the day of the U.S. midterm elections. The Nasdaq rose as bargain hunters moved into recently declining technology stocks, while the Dow fell amid disappointment over Apple’s earnings outlook.

As of 9:40 a.m. in New York, the Dow was trading at 51,715.34, down 268.64 points, or 0.52%, from the previous trading session. The large-cap S&P 500 was up 19.24 points, or 0.26%, at 7,560.64, while the tech-heavy Nasdaq was up 150.89 points, or 0.60%, at 25,315.26.

Inside the New York Stock Exchange. New York, U.S. = Correspondent Hwang Yunju.

Apple’s earnings outlook was setting the tone in early trading. Apple fell 2.56% after iPad revenue in the fourth quarter of fiscal 2026 came in below market expectations and its outlook for future profitability also fell short of investors’ expectations.

Semiconductor stocks, by contrast, all gained. Micron Technology rose 4.36%, Nvidia gained 3.23%, AMD climbed 6.12%, Broadcom advanced 3.91%, and Intel was up 3.77%. The gains were seen as reflecting bargain hunting in semiconductor stocks, following a recent selloff in technology shares.

Oil prices reversed course and fell amid talk of possible progress in negotiations between the United States and Iran. Brent crude for January delivery fell 0.95% from the previous session to $103.70 per barrel on the ICE Futures Exchange. U.S. West Texas Intermediate (WTI) crude for December delivery also fell 0.23% from the previous session to $96.21 per barrel on the New York Mercantile Exchange.

Investors’ attention was focused on the U.S. midterm elections taking place that day. Prediction markets put the odds of the Democratic Party regaining a majority in the Senate at about 75%.

Some analysts say that if Democrats take control of both the House and the Senate, the move could increase downward pressure on the broader stock market. They also warn that selling could intensify in artificial intelligence (AI) stocks, whose valuations reflect expectations of policy support and deregulation under the Trump Administration.

By contrast, some expect that if Republicans retain their Senate majority or hold on to majorities in both chambers, the outcome could have a positive short-term impact on stocks.

Markets are also watching the possibility that a Democratic majority in Congress could bring increased congressional investigations and oversight of key industries, including defense, AI, and health care.

However, some analysts say stocks could regain stability once election uncertainty is resolved. Ryan Detrick, chief market strategist at Carson Group, told CNBC, "There is anxiety in the market ahead of the election, but once it is over, there is a great sense of relief, and stocks generally perform well."

This content was produced with the assistance of AI translation services.