Wall Street Ends Mixed on Election Day as Chips Rebound and the Dow Slips

US stocks ended a mixed session on 3 November, the day of the midterm elections. The tech-heavy Nasdaq Composite rose about 0.8% as chip stocks rebounded, while the Dow Jones Industrial Average slipped about 0.4%. The Nasdaq's recovery came after a sharp selloff in technology stocks earlier in the week. Sources differ slightly on the closing figures, so treat the percentages as approximate and check a final closing report for exact levels.

What happened

Stocks opened higher, with tech bouncing back from heavy losses. Apple's margin guidance disappointed investors after its earnings report, which weighed on the megacap and held back the index-level gains. AMD rose sharply after hours after beating third-quarter estimates. Palantir, which had beaten both earnings and revenue expectations, fell sharply in early trade as investors focused on valuation. The election added a layer of uncertainty. CNBC reported that prediction markets were pointing to a Democratic sweep of Congress, and it noted that the stock market had not priced in that outcome heading into the vote.

Why it matters for traders

• The split between the Nasdaq and the Dow shows investors are rotating between high-valuation tech and more defensive or value-oriented sectors.
• Strong earnings do not guarantee a rise. Palantir's early drop after beating estimates shows that expectations matter as much as the numbers.
• Apple's guidance is a reminder that margin commentary can move megacaps more than headline results.
• Election outcomes can shift policy expectations for taxes, regulation and spending, so sector bets may change once results settle.
• Results can take days to fully settle, so an overnight move on the vote can reverse.

What to watch

Watch how the chip rebound holds up in the next sessions, since the tech sector has driven most of the recent volatility. Track the final midterm results and how they change expectations for Congress. Earnings reactions from other large technology names will show whether the market keeps rewarding strong results or punishes valuations.

Educational content, not investment advice. Practise trading around earnings and event risk risk-free in the Trading Titans paper trading app.