North American markets mixed as Apple drops on AI chip costs

North American stock markets traded mixed Tuesday ahead of the U.S. midterm elections, with Apple dropping sharply in early trading. Apple fell 3.4 per cent after warning that rising memory chip costs, driven by AI data center demand, would reduce its profit margins. The S&P 500 added 0.2 per cent, the Dow fell 0.4 per cent, and the Nasdaq rose 0.5 per cent, while the TSX declined 0.75 per cent. Wall Street fears a Democratic sweep could bring stricter AI regulations, though President Trump retains veto power. Historically, the S&P 500 has posted positive returns six months after every midterm election since 1970. Oil prices swung on Iran war uncertainty, and South Korea’s Kospi dropped 3.6 per cent.