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Midterms Loom: Stocks Mixed Ahead of Crucial US Election
3 Nov
Summary
- US stocks showed mixed performance on Monday before the midterm elections.
- Oil prices declined amid optimism for a potential US-Iran peace agreement.
- Apple's shares dipped before its quarterly report, later beating expectations.
US stock markets exhibited a mixed trading day on Monday, with major indexes showing divergent movements just ahead of Tuesday's critical midterm elections. The Dow Jones Industrial Average gained 0.4 percent, while the S&P 500 and Nasdaq Composite saw declines of 0.5 percent and 1.1 percent, respectively. Investors navigated a landscape influenced by the impending elections and fluctuating oil prices.
Oil prices experienced a significant drop as optimism grew around a potential peace agreement between the US and Iran. This development contributed to lower longer-dated US Treasury yields. In the corporate sector, Apple's stock closed down 1.5 percent before its quarterly earnings announcement. Despite the initial dip, Apple later reported results that surpassed analyst expectations, driven by strong demand for its new iPhone models and price adjustments.
Several technology stocks saw notable fluctuations. Alphabet showed an initial rally but pared gains, while Nvidia experienced a drop after recent slides. Other companies like United Airlines, Southwest Airlines, and Carnival reported stock price increases. Conversely, Oracle, Marvell Technology, and Intel faced significant declines following their earnings reports or forecasts. Chipmaker AMD also fell ahead of its upcoming quarterly report.
