Stock market today: Dow, S&P 500, Nasdaq waver ahead of midterm election results, AMD earnings
Will the AI-fueled tech sell-off continue?
US stocks were mixed as Americans went to the polls for the midterm elections and braced for more AI industry earnings from Advanced Micro Devices (AMD).The Dow Jones Industrial Average (^DJI) fell 0.3%, while those on the S&P 500 (^GSPC) rose 0.5%. The tech-heavy Nasdaq Composite (^IXIC) advanced by 0.8% following a turbulent day for chip stocks.This evening, investors will watch the election results and ballot initiatives for insights into potential policy changes on key issues affecting markets, including pharmaceuticals, the housing market, and AI data centers. But before then, AMD will report earnings after the closing bell, giving investors another glimpse of AI demand at a precarious time for the artificial intelligence trade. As Intel's (INTC) stock demonstrated last week, the market's reaction is likely to depend as much on Q4 guidance as on the company's top- and bottom-line results in the most recent quarter. Apple (AAPL) stock fell in early trading following its own earnings report, which showed several bright spots (iPhone sales) but also some misses (Greater China revenue). Palantir (PLTR) stock also fell post-earnings despite results that beat expectations.While earnings season continues apace, the Labor Department release its monthly Job Openings and Labor Turnover Survey (JOLTS) report, showing openings and hiring changed little in September continuing the labor market’s "low hire, low fire" trend.
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