U.S. Stock Market Mixed: Dow Falls on Apple Earnings, AI Chips Boost Nasdaq

Key summary

The New York stock market closed on Tuesday (November 3rd), with the Dow Jones Industrial Average falling by 197.26 points, or -0.38%, to close at 51,786.72 points. This decline was attributed to investor disappointment with Apple's earnings, which reported a lower-than-expected gross profit margin and a decrease in iPad sales. The S&P 500 index rose by 27.52 points, or +0.36%, to close at 7,568.92 points, while the Nasdaq increased by 207.65 points, or +0.83%, to close at 25,372.01 points, driven by buying pressure in the artificial intelligence (AI) technology sector. Micron Technology shares surged by 2.6%, and Nvidia shares rose by 2.3%. Investors are closely watching the U.S. midterm elections and the U.S. non-farm payroll data this week. Analysts predict that the number of jobs added will increase by 63,000 in October.