The S&P 500 and Nasdaq Composite rose on Nov. 3 as semiconductor stocks rebounded, while the Dow Jones Industrial Average slipped. Earnings drove the session, with Fiserv and Gartner among the stocks making the biggest moves.
The S&P 500 gained 0.36% to 7,569 as semiconductor stocks rebounded. The Nasdaq Composite rose 0.83% to 25,372, while the Dow Jones Industrial Average slipped 0.38% to 51,787.
Earnings drive the biggest moves
Fiserv jumped 12.46% after beating analyst expectations and raising its annual cost-savings targets. Advanced Micro Devices soared over 9% in after-hours trading as its Q3 results showed strong data center demand, and Super Micro Computer also surged after the bell on an earnings beat.
On the other side, Shopify fell sharply following its first revenue miss in four years. Gartner dropped 13.19% on slower subscription growth, and Apple slipped after earnings that were less than perfect.
Sector and commodity moves
Industrials and energy stocks led the sector gainers, while consumer defensive stocks saw the biggest declines. Gold prices fell 0.48% to $3,928.06 at the U.S. market close, and the 10-Year Treasury yield rose to 4.97%.
Midterm elections loom over AI concerns
Investors are navigating the U.S. midterm elections, and tech stocks broke their recent losing streak. The results will likely affect stock market performance, particularly because data centers have been a key campaign theme, but earnings were the main market driver on Nov. 3.
Strong results from AMD and Super Micro Computer will help ease concerns about demand for artificial intelligence. However, further volatility is likely, as investors remain cautious about AI valuations and revenue generation, as Apple's stock price drop showed.
Source: The Motley Fool
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