3rd November 2026 – (New York) The Nasdaq Composite clawed back ground on Tuesday as investors rotated into major technology names ahead of the U.S. midterm elections. The tech‑heavy Nasdaq rose about 0.4 per cent, with the Nasdaq‑100 up roughly 0.5 per cent, while the S&P 500 added 0.1 per cent. The Dow Jones Industrial Average, however, fell about 0.4 per cent, pulled lower by Apple after a softer‑than‑hoped margin outlook and an iPad shortfall versus Wall Street expectations.
Chipmakers led the early rebound. Micron advanced, while Nvidia, Advanced Micro Devices, Broadcom and Intel each posted gains of around three per cent as dip‑buyers re‑entered the sector following recent volatility. Sentiment was more cautious in megacaps after Apple dropped roughly three per cent, with traders weighing the company’s guidance commentary against broader election‑day cross‑currents.
Oil prices swung as traders tried to gauge the trajectory of U.S.–Iran talks and the potential for further tensions in the Strait of Hormuz. Brent hovered near $103 a barrel and West Texas Intermediate around $96 in early New York dealings before U.S. crude slipped below $95, reflecting shifting expectations over a diplomatic settlement and the pace of any de‑escalation.
With polls open across much of the country, markets were primed for policy‑sensitive moves once results begin to crystallise. Some investors warned that an outcome misaligned with positioning could spark sharp rotations — particularly in artificial intelligence‑exposed names — while others argued that clearing the political event risk could restore a measure of calm. “There’s some anxiousness before these elections. Once you are through it, it’s a big relief and markets tend to do pretty well,” said Ryan Detrick, chief market strategist at Carson Group.
In company‑specific action, Lumentum steadied after a steep sell‑off tied to Marvell Technology’s agreed all‑stock acquisition. Raymond James upgraded Lumentum to strong buy, with analyst Simon Leopold arguing that the combined company’s addressable market and co‑engineering benefits could support faster product cycles and higher margins over time.
Sources used to verify names and key details include Carson Group’s profile for Ryan Detrick, Raymond James and third‑party coverage of analyst Simon Leopold, and recent reporting and filings on the Marvell–Lumentum deal, alongside major outlets’ updates on U.S.–Iran developments.
