Wall Street Closes Higher as AI Stocks Recover
The S&P 500 edged up 0.4% and the Nasdaq gained 0.7% on Tuesday, while the Dow fell 197 points, as a revival of the AI trade powered gains on Wall Street. Chipmakers rallied after a recent selloff fueled by concerns over the massive capital spending on AI. Nvidia rose 2.3% after four consecutive sessions of losses, while AMD gained 3.6% ahead of its quarterly earnings release after the closing bell. Broadcom added 3.1% and Micron advanced 2.6% as well. Hyperscalers also gained, with Microsoft up 2.7%, Meta adding 2.4% and Oracle jumping 6%. Meanwhile, Apple shares fell 1.9% after warning that rising memory chip costs could pressure holiday-quarter margins. Palantir shed 1.6% amid slowing growth in US commercial total contract value. Investors also awaited the US midterm election results, with Democrats favored to regain control of the House, while the Senate outcome remained uncertain.
The S&P 500 edged up 0.4% and the Nasdaq gained 0.7% on Tuesday, while the Dow fell 197 points, as a revival of the AI trade powered gains on Wall Street. Chipmakers rallied after a recent selloff fueled by concerns over the massive capital spending on AI. Nvidia rose 2.3% after four consecutive sessions of losses, while AMD gained 3.6% ahead of its quarterly earnings release after the closing bell. Broadcom added 3.1% and Micron advanced 2.6% as well.
Hyperscalers also gained, with Microsoft up 2.7%, Meta adding 2.4% and Oracle jumping 6%. Meanwhile, Apple shares fell 1.9% after warning that rising memory chip costs could pressure holiday-quarter margins. Palantir shed 1.6% amid slowing growth in US commercial total contract value. Investors also awaited the US midterm election results, with Democrats favored to regain control of the House, while the Senate outcome remained uncertain.