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Good morning. Wall Street wakes up to midterm election results, a big jump in AMD after its earnings, and a busy morning of data led by the ISM services survey at 10:00 AM ET.
The Market Gauge
Tuesday was mixed and calm for Election Day. The Nasdaq rose 0.83% to 25,372.01 and the S&P 500 gained 0.36% to 7,568.92, while the Dow fell 197.26 points, or 0.38%, to 51,786.72. Chip stocks bounced back after Monday's sell-off: AMD rose 3.65% ahead of its report, Broadcom gained about 3%, and Micron and Nvidia each added more than 2%. Apple held the Dow back, falling about 1.9% after its holiday-quarter profit margin forecast disappointed investors. Palantir slipped about 1.7%, and Shopify dropped 8.7% after its revenue missed estimates. The 10-year Treasury yield rose to about 4.9%, and Brent crude oil settled 1.1% lower at $103.60 a barrel on hopes for a U.S.-Iran deal.
After the close, AMD jumped more than 6% in late trading after reporting record quarterly revenue of $13.4 billion, with data center sales up 97%. Arista Networks rose about 11% after its revenue grew 58.5%, while Skyworks Solutions fell about 17% on a weak forecast. One up day for the Nasdaq does not change the defensive stance IBD has urged in recent days, with major indexes still struggling below key moving averages.
Beginner note: Stocks can move a lot after the 4:00 PM ET close, when companies like AMD report earnings. That after-hours price is a first guess on light trading. The real test is how the stock trades once the full market opens at 9:30 AM ET.
On today's calendar
Election results: Votes from Tuesday's midterm elections were still being counted overnight, and some races may not be called for days. IBD reported late Tuesday that Democrats appeared on track to win back Congress. Strategists have said a big Democratic win could weigh on AI stocks, so watch how tech trades at the open.
ADP employment report (8:15 AM ET): A private payroll company's count of jobs added by U.S. businesses last month. It is an early hint ahead of Friday's official jobs report at 8:30 AM ET.
Trade balance (8:30 AM ET): The difference between what the U.S. sells to other countries and what it buys from them. A wider deficit means imports grew faster than exports.
ISM services survey (10:00 AM ET): A monthly survey of purchasing managers at service businesses like restaurants, banks and hospitals. Services make up most of the U.S. economy, and a reading above 50 means the sector is growing.
Qualcomm earnings (after the close; call at 4:45 PM ET, per Qualcomm's investor site): Qualcomm designs the chips inside many smartphones. After Monday's chip sell-off and AMD's strong report, its results will be another check on demand for chips.
On the radar: DuPont
$DD ( ▲ 1.61% ) DuPont makes specialty materials used in healthcare, water, construction and industrial products. On Tuesday the stock jumped 8.61% to 153.46 after third-quarter results, and IBD flagged it as surging past a buy point. Adjusted earnings per share rose 62% to $2.09 on sales up 4% to $1.868 billion, and the company raised its full-year outlook to adjusted earnings of $7.47 to $7.52 per share. Volume was about 163% above average, and the close left the stock about 2.9% below its 52-week high of 157.98.
Why it's worth watching: A breakout on volume more than double the average is the kind of demand that suggests big funds are buying, and DuPont passed that test easily. The open question is growth: earnings jumped 62%, but sales grew only 4%, so most of the gain came from wider profit margins. Growth investors like to see sales and earnings rising together. Watch whether the stock holds Tuesday's gain in the next few sessions instead of giving it back.
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Educational content only. Not financial advice. Past performance does not predict future results. Read the full financial disclosure.
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