Oil prices swing and Tech stocks rebound ahead of midterm elections

U.S. Stock markets traded mixed on Tuesday as investors weighed midterm election outcomes against ongoing volatility in the artificial intelligence sector. The S&P 500 rose 0.3% while the Dow Jones Industrial Average fell 0.6%, with Nvidia and Broadcom leading gains among major technology firms after recent swings in AI-related stocks.

Apple shares declined 1.8% despite beating quarterly profit and revenue estimates, as the company warned that rising Memory chip costs driven by AI data center demand would squeeze margins in the final quarter of the year. Palantir Technologies also fell 4.6% after reporting that commercial revenue from U.S. Companies surpassed government contracts for the first time.

Oil prices remained volatile amid continued uncertainty regarding the conflict with Iran, with Brent crude briefly dropping below $101 per barrel before settling at $103.37. The yield on the 10-year Treasury rose to 4.96% following a job market report indicating more job openings than economists had expected at the end of September.

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