US MARKET CLOSE | Nasdaq Rises as Chip Stocks Rebound, Dow Falls 200 Points on Election Day

The Nasdaq Composite rose 0.8% on Tuesday as investors bought beaten-down tech stocks ahead of the U.S. midterm elections, ending a three-day losing streak, according to Sina Finance. The Nasdaq 100 gained 0.7% but remained in correction territory, roughly 10% below its recent highs. The S&P 500 advanced 0.4%, while the Dow Jones Industrial Average fell nearly 200 points, or 0.4%, dragged down by Apple shares. Apple dropped nearly 2% after the iPhone maker issued a disappointing gross margin forecast late Monday and reported fourth-quarter iPad sales below Wall Street expectations. Chip stocks led the rebound: AMD surged 4% ahead of its third-quarter earnings release after the close; Broadcom rose more than 3%; Micron Technology and NVIDIA each gained more than 2%. Oil prices declined on speculation that U.S.-Iran negotiations could make progress. Brent crude settled down 1.12% at $103.60 per barrel, while West Texas Intermediate futures fell 0.38% to $96.09 per barrel. Prediction market traders put the probability of Democrats winning the Senate at approximately 75%. Even with President Trump in the White House, Democrats winning either chamber could impact Washington's investigations and oversight, relevant to defense, AI, and healthcare sectors. JPMorgan said this week that if Republicans retain control of the Senate or both chambers, the market could see a short-term rally. Potomac's Snyder said markets could rise regardless of the election outcome, citing the already-hit AI trade and the potential for a relief rally once midterm uncertainty clears. Separately, Goldman Sachs raised its global data center capacity forecast to 273GW by 2030, up from its previous estimate of 217GW, implying 170GW of new capacity. At an estimated $50 billion per GW, this translates to $8.5 trillion in capital expenditure over five years. Goldman also noted that IT infrastructure costs continue to face upward pressure.