US Stock Market Live Updates: S&P 500, Nasdaq rise ahead of midterm results; Apple falls
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Dow Jones | Nasdaq | Stock Market Live: US stocks open mixed on Tuesday as crude oil prices extend their decline ahead of the US midterm elections. The S&P 500 and Nasdaq edge higher, while the Dow Jones falls as investors assess Apple's disappointing results and broader concerns over Big Tech earnings.
US stocks open mixed on Tuesday as falling crude oil prices support sentiment ahead of the US midterm elections. The S&P 500 and Nasdaq move higher at the opening bell, while the Dow Jones slips. Investors also assess Apple's latest results, adding to concerns over whether Big Tech earnings can meet market expectations.
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The S&P 500 and the Nasdaq opened higher on Tuesday as crude oil prices fell further heading into the US midterm elections, while Apple joined the list of Big Tech companies whose results failed to impress investors.
Read more: US stocks trade higher
Argentine energy producers Genneia and YPF Luz have paused their plans for New York stock debuts as a steep selloff in domestic assets and global market volatility depress company valuations. Driven by rising investor anxiety ahead of next year's presidential election, the Merval index has dropped nearly 30% in dollar terms since June, leaving prospective issuers unwilling to sell equity at steep discounts.
While energy firms continue to raise billions through international bond sales to fund expansion, equity markets remain closed to new Argentine debuts. Analysts note that with foreign investors steering clear of local shares, companies prefer to wait until stock prices recover or political clarity improves before pursuing public listings.
Nigeria's state oil company NNPC expects to list a 5% to 10% stake in an initial public offering focused mainly on the domestic market, CEO Bashir Bayo Ojulari told Reuters. The company is also evaluating a potential secondary listing in London or New York.
The transaction could be followed by listings of NNPC subsidiaries, mirroring the strategy used by UAE state oil producer ADNOC.
President Donald Trump announced that the U.S. will stop providing its annual $4 billion in military aid to Israel after 2026. Speaking on Fox News, Trump stated that he and Israeli Prime Minister Benjamin Netanyahu reached this agreement months ago, adding that Israel no longer requires the funding.
Trump noted that the U.S. will still step in to assist Israel if necessary. He also mentioned that the decision comes partly because left-wing politicians and Democrats have been using the financial aid as a point to criticize Republicans.
Brent, U.S. WTI crude futures turn negative fall nearly 3% after US President Trump says US will stop paying Israel after year-end.
A recovery in semiconductor stocks helped limit losses in technology futures. Nvidia rose 1.4% after four consecutive sessions of declines, while AMD gained 1.8% ahead of its quarterly earnings report. Marvell Technology and Intel also advanced. Crude oil prices rose after falling in the previous session, as an Iranian official said a deal to end the war remained distant. Pfizer gained after raising its annual outlook, while Aehr Test Systems and Harmonic rallied following improved revenue forecasts.
Investors awaited US midterm election results, with control of the House and Senate among the key political developments being monitored. Societe Generale analysts flagged concerns over government spending and fiscal deficits, while Morgan Stanley said the elections could remove a major market overhang. Geopolitical risks also remained in focus amid the US-Iran conflict, although President Donald Trump said he was not considering striking Iran after the midterms.
The Nasdaq-100 entered correction territory after closing more than 10% below its record closing high on Monday. Investors grew increasingly concerned about Big Tech's rising artificial intelligence expenditure and the lack of clear evidence of adequate returns. Several technology companies had also tapped bond markets to finance AI investments, raising concerns about debt-funded spending as borrowing costs increased.
Apple fell 3.9% in premarket trading after warning that memory chip costs would continue to rise, potentially pressuring margins during the holiday quarter. Palantir Technologies dropped 7.7% despite reporting better-than-expected third-quarter results and forecasting fourth-quarter revenue above estimates. The market reaction highlighted investor scrutiny of earnings and forward guidance, particularly among technology companies.
US stock index futures were mixed on Tuesday as investors assessed rising crude oil prices and awaited the US midterm election results. Apple shares fell after the company warned that higher memory chip costs would pressure its holiday-quarter gross margin. The weakness added to concerns over Big Tech earnings, while Dow and S&P 500 futures traded lower and Nasdaq 100 futures edged higher.