US Markets Mixed as AI Stocks Rally, Apple Slips on Cost Warning

Wall Street saw mixed trading on Tuesday as investors remained cautious ahead of the US midterm elections, with AI and chip stocks like Nvidia, Microsoft, and Amazon rallying while Apple fell 1.9 percent on warnings about rising memory chip costs impacting holiday-quarter margins. The Dow Jones lost 0.4 percent to 51,787 points, while the S&P 500 gained 0.4 percent and the Nasdaq rose 0.8 percent. Investors shifted from safe tech plays like Apple to riskier chipmakers, according to Infrastructure Capital Management's Jay Hatfield, as the Nasdaq 100 had entered a technical correction on Monday. The midterm elections will determine congressional control for the final two years of President Donald Trump's term, with markets assessing impacts on fiscal policy and regulation. Oil futures fell to $96.09 per barrel, while gold dropped to $3,927.90, and analysts remained divided on whether the AI boom signals a bubble or temporary pullback.