Why is the US stock market split as Americans vote in the 2026 midterm elections today? Dow falls as S&P 500 and Nasdaq rise; Apple, Nvidia, and AMD in focus - gold and silver dip

US stock market today: US stocks moved in different directions on Tuesday, November 3, as investors watched the US midterm elections and prepared for another major round of technology earnings. The Dow Jones Industrial Average fell, while the S&P 500 and Nasdaq Composite moved higher.

The Dow was down 338.36 points, or 0.65%, at 51,645.62 as of 9:43 a.m. ET. The S&P 500 gained 20.31 points, or 0.27%, to 7,561.71. The Nasdaq Composite added 189.93 points, or 0.75%, reaching 25,354.30.

US stock market today: Why are Dow, S&P 500 and Nasdaq moving differently as midterm results loom?

The US midterm elections are one of the main events investors are watching this week. The results could influence the balance of power in Congress and shape the direction of economic policies during the remaining years of President Donald Trump's term.

Investors want to understand what the outcome could mean for businesses, government spending and regulation.

Several sectors could face changes depending on the election results and the policies that follow. Pharmaceuticals, housing and AI data centres are among the areas attracting attention.

Changes in congressional control could affect how these industries deal with Washington. However, investors will need to wait for the results and subsequent policy decisions before assessing their full impact.

Dow Jones falls 338 points as S&P 500 and Nasdaq move higher

The Dow Jones was the weakest of the three major indexes in early trading. It declined 338.36 points, while the S&P 500 and Nasdaq remained in positive territory.

The Nasdaq's gains suggest that technology shares were providing some support to the broader market. However, individual stock movements showed that investors were still selective.

Apple shares were under pressure, falling 2.49% to $329.91 in the early trading data. NVIDIA moved in the opposite direction, gaining 3.38% to $208.89. Tesla shares slipped 0.60% to $401.41.

These movements came as investors assessed recent company results and looked ahead to more earnings announcements.

Why AMD earnings could become another major test for AI stocks

Advanced Micro Devices (AMD) is scheduled to report its quarterly results after the closing bell on Tuesday. Its earnings will give investors another indication of how much demand companies are seeing for AI-related chips and computing infrastructure.

Intel's recent results offered an example. Although the company reported quarterly earnings above expectations, its weaker outlook for the fourth quarter disappointed investors. Its shares subsequently came under heavy selling pressure.

This has made forward guidance an important part of the current earnings season.

Investors will therefore examine more than AMD's revenue and profit figures. They will also look for information about future demand, sales expectations and the company's ability to benefit from growing AI investment.

Apple and Palantir shares face pressure after earnings

Apple shares declined in early trading even after the company reported quarterly results that included strong iPhone sales.

The main concern was its Greater China business, where revenue missed expectations. This mattered because investors are closely watching Apple's performance in one of its important international markets.

Palantir also experienced a negative market reaction despite reporting better-than-expected quarterly results and raising its full-year revenue outlook. The company's US commercial sales also exceeded its US government revenue for the first time.

Oil and gold prices fall

WTI crude oil was trading at $96.15 per barrel, down $0.31, or 0.32%. Brent crude fell $1.05, or 1%, to $103.72 per barrel.

Gold declined $14.50, or 0.37%, to $3,955.10. Silver also lost ground, falling 1.72% to $50.02.

Natural gas was an exception, rising 1.23% to $2.89.

Apart from the midterm election results and AMD earnings, investors will also follow the US Labor Department's Job Openings and Labor Turnover Survey (JOLTS).

The report will provide information about job openings, hiring activity and the number of workers leaving their jobs. These figures can help investors understand the condition of the US labour market.