- US markets opened mixed ahead of the November 3 Midterms polls
- Nasdaq rose 0.4% while Dow Jones fell 0.4% at market open
- Apple shares dropped 3% due to weak margin forecast and iPad sales
US market opened mixed on Tuesday, ahead of the US Midterms polls today on November 3. The Nasdaq rose as investors tuned back into tech stocks after the recent sell-off. It opened in the green, 0.4% higher.
The S&P 500 climbed 0.1% higher at open, while Dow Jones opened lower by 0.4%, or nearly 200 points down.
Apple fell 3% after the consumer tech giant rolled out a disappointing margin forecast and iPad sales in the fiscal fourth quarter missed the Street's estimates.
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According to JP Morgan, a victory of the House and Senate by Democrats could result in sell-off for artificial intelligence stocks. In its analysis of possible election outcomes, JPMorgan mapped four scenarios and their potential implications for Wall Street, with a Democratic sweep of the House of Representatives and the Senate being viewed as the most uncertain outcome for stocks, with S&P 500 expected to move in a narrow range - from a 0.25% decline to a 0.5% gain.
However, a split Congress, with Democrats controlling the House and Republicans retaining the Senate, can be more favourable for equities. In this scenario, JPMorgan estimates that the S&P 500 could rise 0.5% to 1%, as legislative gridlock limits the scope for major policy changes.
In addition to elections, investors will also focus on a day packed with corporate earnings. Pfizer, Shopify, Eaton and Marathon Petroleum, Advanced Micro Devices and Super Micro Computer are among the companies in focus today, In terms of eceonomy, traders are looking forward for the declaration of the Job Openings and Labor Turnover Survey for September, as well as factory orders data.
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