Chip stocks lift Nasdaq as Apple drags Dow lower

US stocks ended Election Day mixed on November 3, 2026, with semiconductor gains supporting technology shares while Apple weighed on the Dow. The Nasdaq Composite rose 0.83%, and the S&P 500 gained 0.36%, ending a three-day losing streak. The Dow fell 197 points. Apple declined 1.90% after its holiday-quarter profit margin forecast disappointed investors, despite record September-quarter revenue. The company warned that rising memory chip costs would pressure margins.

After the close, AMD reported record quarterly revenue of $13.4 billion, up 45%, as data center sales rose 97% to $8.5 billion. It expects about $17 billion in revenue in the fourth quarter. Arista Networks also exceeded its own sales forecast, with revenue rising 58.5% to about $3.66 billion. At 7:59 p.m. ET, AMD shares were 5.02% above their regular-session close, while Arista Networks was 9.48% higher. Amdocs fell sharply after forecasting a revenue decline linked to its dispute with T-Mobile.

Stock futures initially rose following AMD’s results but reversed as traders increased bets on Democratic control of Congress. S&P 500 futures were down 0.6% at 7:48 p.m. ET, CNBC reported. Some investors feared a large Democratic Senate majority could bring tighter limits on data centers and pressure AI-related stocks. CNBC had not called any races, and polls remained open in some states.