Stocks mixed as chips bounce, eyes on midterms
SPY•Wall Street was mixed on election day, with the Nasdaq leading as chip stocks rebounded; the Philadelphia SE Semiconductor Index had fallen 11.6% over the previous three sessions. The S&P 500 rose while the Dow dipped, and investors watched for midterm election results.
1. Chip stocks rebound
Wall Street was mixed Tuesday after the opening bell on election day. The Nasdaq led, the S&P 500 gained and the Dow dipped as the Philadelphia SE Semiconductor Index rebounded, after losing 11.6% over the previous three sessions.
2. Sector moves and focus
Technology and industrials led the S&P 500 sectors, while consumer staples, materials and homebuilders were among the early weak spots. Nvidia rose the most among the Magnificent Seven group, while Apple had the steepest percentage loss. Market participants were watching for midterm results they hoped would provide clues about the path of regulatory policy from Capitol Hill over the next two years.
