Nasdaq rebounds on chip rally as Apple slips on memory costs

US stocks ended mixed Tuesday as the Nasdaq rebounded on chipmaker gains ahead of US midterm election results, while Apple slid on rising memory chip cost concerns. The S&P 500 rose 0.35%, the Nasdaq gained 0.83%, and the Dow fell 0.40%. Chip stocks led the recovery, with Micron and Nvidia advancing, while Apple warned rising memory chip costs would pressure holiday quarter margins. The rebound followed the Nasdaq 100 confirming a correction Monday, closing over 10% below its October 6 record amid AI spending concerns. Investors also monitored midterm elections, which could affect fiscal policy and regulation. Morgan Stanley analysts said the vote could remove a market overhang, with the equity correction seen in its final stages. Palantir shares dipped despite forecasting fourth-quarter revenue above estimates.