00:07The Nasdaq ended higher on Tuesday, November 3, as AI heavyweights rebound ahead of U.S. midterm
00:13election results, while Apple fell after the iPhone maker joined the leads of big tech
00:19companies, whose quarterly results failed to impress investors.
00:25Apple dropped after it warned that the cost of memory chips would continue to rise,
00:30pressuring its holiday quarter gross margin. Memory chip maker Micron technology gained,
00:36while NVIDIA also rose after falling in the last four sessions. The broader Philadelphia
00:41chips index jumped, while AMD rose ahead of its quarterly report due after the bell.
00:47Microsoft and Amazon each moved higher.
00:49Yeah, I think the market continues to go through these very violent rotations between basically
00:55growth and value, really based on what is going on in the debt markets. We saw kind of a brutal
01:03October with the tech stocks. We're getting a nice bounce today. But I think really the market near
01:09term is being driven by the election, which is obviously occurring today. The market believes
01:13most likely the Democrats are going to take Congress. And just to kind of illustrate,
01:19you've seen a rally and consumer discretionary and consumer staple. Those sectors, those sectors are
01:27very sensitive to oil price declines. And that basically implies that the market believes
01:33most likely the war in the Middle East will be over sooner rather than later, which means the Democrats
01:40would be in and would be battling with Trump, with the Republican administration.
01:49The S&P 500 gained 27.52 points or 0.36 percent to end at 7,568.92 points, while
01:58the Nasdaq Composite
01:59gained 207.6 points or 0.83 percent to end at 25,372. The Dow Jones Industrial Average fell
02:08197.1 points or 197.26 points or 0.38 percent to 51,786.72.
02:15So, let's go.
