Dow Jones opens lower as Apple drops ahead of US midterm election results

The Dow Jones Industrial Average fell at the opening of U.S. stock trading on November 3, dropping 273.53 points to 51,710.45 by 9:35 a.m., as investors sold shares ahead of the U.S. midterm election results. Apple shares declined following its earnings report. Selling pressure hit cyclical and defensive stocks as the market awaited election outcomes, with the opposition Democratic Party expected to win a House majority. Apple fell despite beating revenue estimates for July-September, as its October-December gross margin forecast missed expectations due to rising memory prices. Semiconductor and AI infrastructure stocks rose, supporting the market after the Philadelphia Semiconductor Index fell 11% over three sessions. Oil prices declined on hopes for U.S.-Iran negotiations, while Palantir Technologies dropped despite beating earnings estimates.