Friends

As expected, Apple’s shares sold off after the company’s earnings release, but the rest of the tech sector caught a bid. Apple shares have been acting as the opposite of the AI trade, going up while the other hyperscaler and chip makers tumbled, so today was a reversal of that. Of course, it is election day, and market participants are waiting to see what it all means for the markets, but the AI trade did see a little relief during today’s session.

By the close, the Dow Jones Industrial Average was down 197 points to finish the day at 51,786. The S&P 500 was up 27 points to close at 7,568. The Nasdaq Composite Index was up 207 points to close at 25,372. Gold was down $39 to trade at $3,930 per ounce, while oil was up $.11 to trade at $96.57 per barrel WTI.

At least investors will know where everything stands politically by tomorrow, hopefully, and earnings season is winding down (we will see what chip maker AMD has to say after the close today), so it will be interesting to see what the markets focus on going forward. Stay tuned, we’ll let you know how things play out the rest of this week first.

Have a nice evening everyone.

Jim