US stocks end mostly up as markets await election results

U.S. stocks concluded mostly upwards as markets awaited the outcomes of the U.S. midterm elections, which could alter President Donald Trump's final two years in office. Oil prices, which took a significant dive on Monday due to renewed discussions about the potential for U.S.-Iran reconciliation, slightly decreased later in the day. This was partly due to traders discussing unverified reports from Middle East media suggesting advancements in Iran's nuclear program and the freezing of funds.

The expectation of reduced energy costs aided Wall Street in stabilizing after a series of losses on several days, particularly in the tech-focused Nasdaq, which had a positive day after three back-to-back declines. A report from Jose Torres of Interactive Brokers mentioned that the fact that equities are rising as Democrats are likely to gain control over both chambers of Congress suggests that a near-term bottom might already be in place, as an overall reversal was the most feared outcome.

The U.S. electorate went to the polls on Tuesday, with Democrats hoping to secure control over Congress and impose the first substantial checks on Trump's second term in the White House. The election essentially served as a nationwide assessment of his policies, with the mood turning significantly against Republicans due to rising living costs and the ongoing conflict in Iran.

Earnings reports from prominent companies like Amazon, Alphabet, Meta, and Microsoft revealed their intent to continue investing billions of dollars into data centers and chips despite investors growing impatient for returns. Apple released a forecast-beating sales and profit report earlier in the week, but warned that higher memory chip costs would negatively impact its profit margins in the months to come, leading to a 1.9% drop in its stock price.

However, shares in AI chipmakers Nvidia and AMD, along with AI data center operator CoreWeave, surged. Meanwhile, Asian technology giants faced renewed pressure, with shares in South Korean firms SK Hynix and Samsung plummeting, pushing Seoul's Kospi index down by more than 3%. Both South Korean and Shanghai stock exchanges also experienced losses.

Tokyo remained closed for a public holiday. In Europe, most stock indices barely changed, with London's FTSE under pressure from its oil and gas firms, including BP and Shell.

Sharp declines in crude oil prices, sparked by remarks from U.S. President Donald Trump regarding possible adjustments to overseas financial support, put substantial pressure on energy-heavy indices. Patrick Munnelly from Tickmill explained this situation.