New York stock market mixed on midterm elections... NASDAQ rises 0.8% due to rebound in semiconductor stocks (comprehensive)

On the 3rd (local time), the major U.S. New York stock index closed at a mixed price, with major technology stocks rebounding amid caution over the results of the midterm elections.

On the New York Stock Exchange (NYSE), the Dow Jones Industrial Average closed at 51,786.72, down 197.26 points (0.38%) from the previous day.

The Standard & Poor's (S&P) 500 Index closed at 7,568.92, up 27.52 points (0.36%) from the previous day, and the Nasdaq Composite Index closed at 25,372.01, up 207.65 points (0.83%).

AI and semiconductor stocks, which had recently fallen due to concerns about investment in artificial intelligence (AI) infrastructure, rose due to an influx of low-priced buying.

Micron Technology and Nvidia rose 2.58% and 2.29%, respectively, AMD rose 3.65%, and Broadcom rose 3.07%.

SK Hynix's American Depository Receipt (ADR) also rose 2.09%.

On the other hand, Apple, which announced its earnings the previous day, fell 1.90%. The instability of supply and demand for the iPhone Duo, the first foldable smartphone, and the fact that the gross profit margin forecast for the fourth quarter did not meet market expectations had an impact.

Skepticism about recent large-scale infrastructure investments by AI companies still remains in the market.

The previous day, the Nasdaq 100 index fell more than 10% from the high point recorded on October 6 and entered a correction phase.

Investors are watching whether massive AI investment costs can lead to actual profits.

The results of the midterm elections held on this day are also a major variable in the market.

Depending on the election results, the majority party in the Senate and House of Representatives will be determined next year, and changes in the congressional power structure may affect fiscal policy, regulations, and government spending.

In particular, there are observations that if the Democratic Party wins a majority in the Senate and House of Representatives, congressional oversight and investigative powers over companies will be strengthened, and the regulatory burden on the construction of AI data centers may increase.

Some also expect that once the election results are confirmed, some of the political uncertainty that has weighed on investment sentiment may be resolved.

Sean Snyder of the Port Mac Fund said, “AI-related investments have already taken a hit,” and predicted that there will be a relief rally as uncertainty is resolved regardless of the outcome of the midterm elections.