S&P 500 ends down; Apple dips ahead of quarterly report
The Nasdaq dropped 1.07% to 25,164.32 points, while the Dow Jones Industrial Average rose 0.41% to 51,983.98 points.
On November 2, the S&P 500 closed lower as oil prices plummeted due to hopes of a US-Iran peace deal, while Apple shares fell ahead of the tech giant's quarterly report. Longer-term US Treasury yields declined and Brent crude prices dropped as Iran signaled willingness to engage in peace talks following eight months of conflict in the Middle East.
Apple's stock closed down by 1.5% ahead of the report, but later results exceeded expectations thanks to strong iPhone 18 Pro demand and price hikes to offset increased memory-chip costs. The Dow Jones Industrial Average finished higher on the day. Despite the market's recent decline, the S&P 500 is valued at roughly 19 times expected earnings, its lowest valuation since 2023.
Investors are closely watching the US midterm elections on November 3, which are expected to give Democrats control of the House of Representatives.
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