Wall Street Closes Higher as AI Stocks Rebound, Led by Nvidia

The S&P 500 and Nasdaq rose Tuesday as chipmakers recovered, but the Dow fell about 197 points in a mixed session ahead of midterm election results.

The S&P 500 and Nasdaq closed higher Tuesday as Nvidia and other artificial-intelligence stocks rebounded from recent losses. The gains did not extend across Wall Street: the Dow Jones Industrial Average fell about 197 points, or 0.4%.

The S&P 500 gained 0.36% to 7,568.92, while the Nasdaq Composite rose 0.83% to 25,372.01, according to Reuters. Investors were also waiting for results from the U.S. midterm elections.

Nvidia rose about 2.3% after four consecutive losing sessions. Broadcom gained 3.1% and Micron advanced 2.6%, as chipmakers recovered following a selloff driven by concerns about the cost of building AI infrastructure.

Microsoft, Amazon and Meta Platforms each rose more than 2%, according to The Associated Press. Their size gave the major indexes support even as many other stocks declined.

Apple moved in the opposite direction, falling 1.9% after warning that rising memory-chip costs could weigh on its holiday-quarter profit margin. Palantir also fell despite reporting results above expectations.

The session was a rebound for several large technology names, rather than a broad rally. Reuters reported that declining stocks outnumbered gainers within the S&P 500, underscoring the market's uneven finish.