US stocks end mostly up as markets await election results

U.S. stocks concluded predominantly higher on Tuesday as markets anticipated the outcome of the midterm elections, which could alter President Donald Trump's final two years in office. Energy costs appeared to ease, providing a stabilizing effect after a series of losses experienced by Wall Street, particularly on the tech-focused Nasdaq which had been sliding for three consecutive days.

The positive movement on the Nasdaq was attributed to traders highlighting speculative reports of potential progress on Iran's nuclear program and the freezing of its funds. This optimism aligns with the expectation that Democrats may secure control of both chambers of Congress, potentially ushering in a near-term bottom for equities, contrary to fears of a significant shift in control.

Voters cast their ballots on Tuesday, with Democrats aiming to secure a major victory and impose constraints on President Trump's second term. The election served as a barometer of public sentiment towards Trump's policies, reflecting widespread discontent over rising living expenses and tensions surrounding the ongoing conflict with Iran.

Despite Apple's earnings report highlighting strong sales and profits, it cautioned that rising memory chip costs would impact its profit margins, leading to a 1.9% decline in its stock. Conversely, AI-focused tech companies such as Nvidia and AMD witnessed gains, alongside CoreWeave, an AI data center operator. However, Asian tech leaders, including SK Hynix and Samsung, experienced a decline, contributing to a more than 3% drop in South Korea's Kospi index.

Shanghai also saw declines, while Hong Kong edged upward. Tokyo remained closed for a holiday. European stock indices remained relatively stable, with the FTSE 100 falling due to the negative impact on oil and gas firms like BP and Shell, following a significant drop in crude oil prices driven by President Trump's statements regarding potential changes in financial aid to the Middle East.