Chip stocks bounced back hard while Apple's own earnings beat couldn't stop its shares from sliding.
US stocks today November 3 2026 closed mixed as the Nasdaq Composite jumped 0.83% to 25,372.01 on a semiconductor rebound, while Apple fell 1.9% after warning that rising memory-chip costs would hurt its holiday quarter profits, just as Americans cast votes in the midterm elections.
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Nasdaq Rebound Lifts Tech While Dow Slips
The tech-heavy Nasdaq gained 207.65 points on Tuesday, closing at 25,372.01, according to Reuters. The S&P 500 added 27.52 points, or 0.36%, ending at 7,568.92. The Dow Jones Industrial Average told a different story, dropping about 197 points, or 0.4%, dragged down largely by Apple's slide.
This split outcome happened because the Nasdaq and S&P 500 carry heavy weight from a handful of giant tech names. When Nvidia, Micron, AMD and Broadcom all rallied, those gains pulled the indexes higher even though plenty of other stocks in the S&P 500 actually fell that day. The Dow, which leans less on high-growth tech, didn't get that same cushion and ended up in the red.
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Chipmakers Bounce Back After Rough Stretch
Nvidia climbed 2.29% on November 3, snapping four straight days of losses. Micron Technology rose 2.58%, AMD gained 3.65% ahead of its own earnings report, and Broadcom advanced 3.07%. Some reports, including CNBC data cited by StockTitan, put Micron's gain closer to 4%, with Nvidia, AMD, Broadcom and Intel each rising around 3%.
These gains came after a brutal few sessions for the sector. AMD had lost nearly 20% over the three prior trading days, while Intel had dropped around 37% in a similar stretch, according to market coverage. Investors had grown nervous that the huge spending on AI data centers might not pay off fast enough. On November 3, many of those same investors decided the sell-off had gone too far and jumped back in, treating the dip as a buying opportunity before AMD reported earnings after the closing bell.
Apple's Earnings Beat Expectations But Margins Raise Alarms
Apple actually posted stronger revenue and profit than Wall Street expected for its fiscal fourth quarter. But none of that mattered much once the company revealed its outlook for the crucial holiday quarter. Apple said it expects gross margin of just 45% to 46%, a notable drop from the 47.9% margin it posted the previous quarter.
Apple Chief Financial Officer Kevan Parekh explained that memory chip costs were expected to keep climbing into the following year. The company said it had taken steps to lock in supply deals to protect itself, but that wasn't enough to calm investors. Apple shares fell 1.9% to 2% during the session, according to multiple reports, making it one of the clearest laggards among Big Tech names that day.
The irony wasn't lost on traders. The same AI boom that's lifting chipmakers like Nvidia and Micron is also the reason Apple is paying more for the memory chips that go into iPhones and Macs. Data centers building out AI infrastructure are soaking up so much memory supply that prices have shot up, and that squeeze is now hitting consumer electronics makers right as they head into their biggest sales season of the year.
Midterm Elections Added a Layer of Uncertainty
Tuesday's trading also happened against the backdrop of US midterm elections, with investors watching for results that could shape policy direction in the months ahead. While the election wasn't the direct cause of the moves in Apple or the chip stocks, it added a layer of caution to the broader market mood. Some coverage also pointed to falling crude oil prices as a separate factor supporting stock gains that day, with hopes for diplomacy around tensions involving Iran helping push oil lower.
Market watchers noted this pattern has repeated across Big Tech earnings season. Companies are reporting solid numbers, but investor expectations have climbed so high that even a beat isn't enough if forward guidance shows any cracks. Apple joined a growing list of major tech companies whose results impressed on paper but still led to falling share prices once margin or spending concerns came into focus.
What Comes Next for Chips and Apple
All eyes turned to AMD's earnings report, released after the November 3 closing bell. Its guidance on AI chip demand, data center orders and supply constraints was seen as a key signal for whether the semiconductor rebound could hold or whether it was just a one-day bounce.
For Apple, the real test arrives over the coming months as the holiday shopping season plays out. Investors will be watching whether strong iPhone demand and premium product sales can offset the higher memory costs the company has already flagged. With Parekh warning that memory prices could keep rising into next year, the margin pressure Apple reported this week may not be a one-quarter problem. How that tension between AI-driven chip demand and consumer electronics profitability plays out could shape tech stock movements well into 2027.
