US tech stocks rebound as AI spending concerns ease

US tech stocks recovered Tuesday afternoon after a selloff over AI spending spooked investors, with the S&P 500 up 0.37% and the Nasdaq rising 0.83%, while the Dow fell 0.38% on Apple's weak margin forecast. Tuesday's midterm elections had little impact on Wall Street, though predicted Democratic gains could lead to more AI regulation. Nvidia gained 2.3% after four losing sessions, and chipmakers AMD, Broadcom, and Micron also jumped, ending a brief selloff that had put the Nasdaq in correction territory. Oil prices eased to $103 a barrel from $117 in late October amid potential Iran and Russia negotiations. Despite cost-of-living frustrations among voters, AI investment has driven year-to-date gains of 10% for the S&P 500, 9% for the Nasdaq, and 7% for the Dow.