Stock Market Today, Nov. 3: Markets Edge Higher as Semiconductor Stocks Rebound
The Nasdaq Composite (NASDAQINDEX:^IXIC) rose 0.83% to 25,372, and the S&P 500 (SNPINDEX:^GSPC) gained 0.36% to 7,569 as semiconductor stocks rebounded, while the Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.38% to 51,787.
Gold prices fell 0.48% to $3,928.06 as of U.S. market close, and the 10-Year Treasury yield gained basis points to 4.97%. Consumer defensive stocks saw the biggest declines, while industrials and energy stocks led the sector gainers.
Today's biggest moves
Fiserv jumped 12.46% after beating analyst expectations and raising its annual cost-savings targets. Advanced Micro Devices soared over 9% in after-hours trading as its Q3 results showed strong data center demand. Super Micro Computer also surged after the bell on an earnings beat.
Conversely, Shopify fell sharply following its first revenue miss in four years. Gartner dropped 13.19% on slower subscription growth. Apple slipped on less-than-perfect earnings yesterday.
What this means for investors
As investors navigate the U.S. midterm elections, tech stocks broke their recent losing streak, and oil prices fell slightly. While the results will likely impact stock market performance, particularly as data centers have been a key campaign theme, that's for tomorrow: Today, earnings were the main market driver.
Strong results from Advanced Micro Devices and Super Micro Computer will help to ease concerns about demand for artificial intelligence (AI). However, further volatility is likely, as investors remain cautious about AI valuations and revenue generation -- as evidenced by Apple's stock price drop today.
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Emma Newbery has positions in Apple. The Motley Fool has positions in and recommends Advanced Micro Devices, Apple, and Shopify. The Motley Fool recommends Gartner. The Motley Fool has a disclosure policy.
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