Nasdaq, S&P 500 end higher as chip, AI shares bounce
SPY•The Nasdaq and S&P 500 ended higher on Tuesday as chip and AI shares bounced, while the Dow dipped. The semiconductor index rose 2.6%, and the S&P 500 technology sector gained 1.3%.
1. Tech shares advance
The Nasdaq and S&P 500 finished higher on Tuesday as chipmaker and AI-company shares bounced while investors awaited U.S. midterm election results. The semiconductor index rose 2.6%, and the S&P 500 technology sector gained 1.3%; materials led sector declines.
2. Company moves diverge
Advanced Micro Devices rose more than 3% ahead of its quarterly results, due after the closing bell. Apple shares fell 1.9% after the company warned late Monday that rising memory-chip costs would pressure gross margin in the current quarter. The Dow finished lower.
3. Other market indicators
Gold dipped, crude gained, the dollar edged up and bitcoin rose more than 1%. The U.S. 10-year Treasury yield was last up at 4.97%.
