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U.S. stocks closed mixed on the first Tuesday of November, with the Nasdaq Composite up 0.8% and the S&P 500 up 0.4% as chipmakers and other AI-linked shares advanced. The Dow fell 0.4%, Treasury yields rose, and investors were watching earnings from AMD and Super Micro Computer due after the close.
Chipmakers and other AI-linked stocks helped lift the Nasdaq Composite and S&P 500 on the first Tuesday of November, even as the Dow Jones Industrial Average fell and Treasury yields moved higher. At the close, the Nasdaq was up 0.8% at 25,372, the S&P 500 gained 0.4% to 7,568, and the Dow slipped 0.4% to 51,786, according to Kiplinger’s market report.
Nvidia gained 2.3%, while Microsoft rose 2.7%, helping support the technology-heavy indexes. The VanEck Semiconductor ETF advanced 2.0%, ending a three-session losing streak. Advanced Micro Devices rose 3.7% and Super Micro Computer gained 3.1% ahead of their earnings reports, which were scheduled for after the closing bell.
The session was not a broad advance across major indexes. Apple fell 1.9% amid concerns cited in the report about slowing growth and shrinking margins in its services business. Palantir Technologies declined 1.7% after its third-quarter results, as analysts focused on a slowdown in growth of total commercial contract value. The report attributed those concerns to analyst attention; it did not establish that the companies’ longer-term outlooks had changed.
Eaton rose 7.0% after reporting quarterly earnings and revenue above Wall Street estimates and forecasting further growth. The company reported earnings of $3.68 per share, up 20%, on revenue of $8.9 billion, up 28%. Analysts had expected earnings of $3.54 per share and revenue of $8.5 billion. Eaton forecast fourth-quarter earnings of $4.10 per share and organic revenue growth of 13% to 15%.
Chip Gains Lifted Only Some Indexes
The split between the indexes shows that the day’s gains were concentrated in technology and chip-related shares, rather than reflecting a rise in every major segment of the market. The Nasdaq and S&P 500 advanced, but the Dow declined, while individual stocks including Apple and Palantir remained lower. That distinction matters to investors using an index’s daily move as a shorthand for the broader market: the headline gains did not describe every stock or sector.
Higher Treasury yields also formed part of the market picture. The 10-year yield rose 6.4 basis points to 4.958%, and the 30-year yield gained 6.2 basis points to 5.331%, according to the report. The session’s results do not establish why yields rose or how they will affect future prices, but the increase is relevant alongside the rally in growth-oriented technology shares.
The earnings calendar was another near-term focus. Investors were awaiting reports from AMD and Super Micro Computer after the close, while Eaton’s results offered a separate measure of demand for equipment used in data centers and power infrastructure. Those company-specific reports can add information about demand, but one trading session cannot establish whether the AI-related rally will persist.
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Election Day and Earnings in Focus
The market session took place as voters across the United States went to polling stations for midterm elections. Kiplinger’s report also said crude oil was nearly flat as diplomatic efforts to end the war in the Middle East continued. The front-month West Texas Intermediate futures contract rose 0.1% to $96.56 a barrel.
The report framed the chip gains as a renewed appetite for AI-linked shares following recent pressure on semiconductor stocks. Nvidia’s rise placed it ahead of Apple in global market-cap rankings, according to the report, as Apple shares fell. The day’s moves reflect market prices at that close; they do not establish a lasting change in the companies’ relative value or prospects.
For Eaton, the report pointed to demand for components used in data centers, utilities and power systems. Chief Executive Pablo Ruiz said orders and backlog continued to expand. Kiplinger also cited investor Louis Navellier, who characterized Apple and Palantir as near-term buying opportunities. That is an attributed investment opinion, not a confirmed outcome or a guarantee of future performance.
“Record orders grew sequentially, backlog continued to expand, and we remain well-positioned to help customers deliver on their critical power infrastructure investments.”
— Pablo Ruiz, Eaton chief executive
Earnings and Yields Remain Moving Parts
The session’s price moves do not show whether investor interest in AI-linked companies will continue or whether the chip rally marks a lasting recovery. AMD and Super Micro Computer’s results were still pending at the close, so their reported performance and guidance were not yet available in the source material. It is also unclear from the report what specifically drove the rise in Treasury yields or how election results might affect later trading.
Several company and market assessments in the report are opinions or concerns attributed to analysts and commentators. The cited worries about Apple’s services growth and margins, and Palantir’s commercial contract-value growth, should not be treated as proof of future performance. No subsequent market reaction or later results are included here.
After-Close Reports Set the Next Test
Investors were set to assess AMD and Super Micro Computer’s after-hours earnings and any guidance for coming quarters. Their disclosures could influence trading in the companies and related semiconductor shares, although the direction and scale of any response were not established at the close.
Markets will also continue to digest election results, Treasury yields and corporate updates. Kiplinger’s report cautioned readers against changing long-term portfolios based solely on election forecasts, noting that such predictions can be wrong. The immediate confirmed next development was the scheduled earnings releases; the source material did not provide their results or a later market outlook.
Key Questions
How did the major U.S. indexes close?
The Nasdaq Composite rose 0.8% to 25,372, the S&P 500 gained 0.4% to 7,568, and the Dow Jones Industrial Average fell 0.4% to 51,786.
Which shares helped lift the Nasdaq?
Nvidia rose 2.3%, Microsoft gained 2.7%, and the VanEck Semiconductor ETF advanced 2.0%. AMD and Super Micro Computer also rose ahead of scheduled after-hours reports.
Why did Eaton shares rise?
Eaton climbed 7.0% after reporting quarterly earnings and revenue above analyst estimates and forecasting fourth-quarter earnings and organic revenue growth. The company cited demand across its electrical businesses, including infrastructure-related activity.
What market data moved against the stock gains?
Treasury yields rose across the maturities cited in the report. The 10-year yield increased 6.4 basis points to 4.958%, while WTI crude futures were up 0.1% at $96.56 a barrel.
Were AMD and Super Micro Computer’s results available at the close?
No. Their earnings reports were scheduled for after the closing bell, and the source material does not include those results or the market’s subsequent response.
Source: kiplinger.com
