US stocks end mostly up as markets wait on midterms

On Tuesday, the US stock market saw mostly positive results as investors awaited the outcome of the US midterm elections. Oil prices, which had plummeted on Monday due to speculation of improved relations between the US and Iran, showed a slight recovery after Donald Trump expressed optimism over a potential deal with Tehran. The market's reaction to potential easing of energy costs helped Wall Street stocks stabilize after a series of losses, particularly in the tech-heavy Nasdaq, which had been declining for three consecutive days.

Analyst Jose Torres from Interactive Brokers noted that despite Democrats' likely victory in both chambers of Congress, the positive movement in stocks indicates a potential near-term bottom, as a complete shift in control was the most feared outcome. With the recent US election, Americans expressed their discontent over rising living costs and the ongoing conflict in Iran, hoping that Democrats would impose some form of checks on President Trump's administration.

While major tech companies like Amazon, Alphabet, Meta, and Microsoft announced plans to continue investing billions in data centers and chips, investors grew impatient for significant returns. Apple, for instance, reported strong earnings but warned that higher memory chip costs would negatively impact its profit margins in the upcoming months, resulting in a 1.9% decline in its shares.

In contrast, AI chipmakers Nvidia and AMD, as well as AI data center operator CoreWeave, experienced gains. On the European market, most indices remained relatively unchanged, with London's FTSE experiencing a decline due to the negative impact of reduced crude oil prices on energy-intensive firms such as BP and Shell.