S&P 500, Nasdaq open higher as oil prices extend declines, midterms on tap
Crude prices fall further heading into the US elections; Apple results fail to impress
Published Tue, Nov 3, 2026 · 10:27 PM
[BENGALURU] The S&P 500 and the Nasdaq opened higher on Tuesday (Nov 3) as crude oil prices fell further heading into the US midterm elections, while Apple joined the list of Big Tech companies whose results failed to impress investors.
The Dow Jones Industrial Average fell 206.75 points or 0.4 per cent at the open to 51,777.23. The S&P 500 rose 7.77 points or 0.1 per cent to 7,549.17. The Nasdaq Composite rose 98.65 points or 0.39 per cent to 25,263.01.
Apple shares tumbled about 4 per cent as its first results under new CEO John Ternus showed that rising memory chip costs were denting the iPhone maker’s envied margins, the latest sign of the artificial intelligence boom’s toll on the technology industry.
The Nasdaq 100 closed more than 10 per cent below its all-time closing high on Monday, confirming that the tech-heavy index has entered a correction as investors grow wary of Big Tech’s soaring AI spending and little evidence of adequate returns.
Several tech companies have also tapped the bond market to finance big AI investments recently, amplifying concerns that debt-funded spending will become harder to justify as borrowing costs rise.
Helping lift risk appetite on Tuesday was a drop in oil prices, as Brent crude fell 2.4 per cent, extending declines after a sharp drop in the last session as investors monitored developments on a peace deal between the US and Iran.
US President Donald Trump said he made a deal with Israeli Prime Minister Benjamin Netanyahu and that Washington would no longer be providing military aid to Israel after the end of 2026.
Midterm results awaited
American voters will deliver a verdict on the first two years of Trump’s second term in Tuesday’s midterm elections, with polls and non-partisan analysts favouring Democrats to wrest the House from Republicans, while control of the Senate remains uncertain.
“A divided government seems to be very good for markets because no new legislation can get put through,” said Kim Forrest, chief investment officer at Bokeh Capital Partners.
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Morgan Stanley analysts said in a note earlier this week that the elections should help remove a major market overhang. They believe the US market correction that began in June is in its “final innings”.
Another risk factor could be the US renewing attacks on Iran after the midterms, something that Trump has hinted at in recent weeks.
JPMorgan Chase analysts said in a note earlier this week that they view any dip in the markets due to geopolitical tensions as a buying opportunity.
However, when asked by reporters on Monday if he was considering striking Iran after the midterms, Trump said: “No”. REUTERS
