Nasdaq Bounces Back as Chip Stocks Climb While Apple Dips

US stock markets closed mixed as the Nasdaq index bounced back, driven by gains among chipmakers and artificial intelligence heavyweights just before the US midterm election results. Companies like Nvidia and Micron saw their shares advance during the trading session. At the same time, Apple stock slipped lower due to worries about rising costs for memory chips and profit margins for the upcoming holiday quarter. Market investors also spent the day looking closely at AI spending concerns and the overall outlook for technology stocks.

Context

US stock markets often react quickly to major political events like midterm elections as investors try to guess what future government policies might mean for business. Technology stocks, especially those linked to artificial intelligence and chipmaking, have become a major driver of overall market movements in recent years. Share prices frequently shift based on worries over supply costs and expected sales during peak shopping periods like the holiday quarter.