US Stock Market Today: S&P 500 and Nasdaq Open Higher as Oil Prices Fall

US stock markets opened mixed on Tuesday as investors tracked falling crude oil prices and awaited the 2026 US midterm election results. The S&P 500 and Nasdaq Composite moved higher, while the Dow Jones declined.

US Market Opening

Index	Opening Move
Dow Jones	-0.40%
S&P 500	+0.10%
Nasdaq Composite	+0.39%

Apple Shares Fall on Rising Memory Costs

Apple shares dropped after CEO John Ternus warned that rising memory chip costs could pressure profit margins. Although the company beat fourth-quarter sales estimates, it expects further gross margin pressure in the December quarter.

Apple has increased supplier purchase commitments by $33 billion to secure memory supplies amid strong AI data centre demand.

Technology Stocks in Focus

Palantir shares fell despite better-than-expected quarterly results and positive revenue guidance. Meanwhile, semiconductor stocks showed strength, with Nvidia and AMD gaining in premarket trading.

Investors remain concerned about rising AI spending by major technology companies and whether these investments will generate sufficient returns.

Oil and Global Developments

Crude oil prices extended their decline, while geopolitical tensions involving the US and Iran remained in focus. Gold also reversed direction, with spot prices rising 0.4% to $3,964 per ounce.

US Midterm Elections in Focus

Investors are closely watching the US midterm elections, particularly the race for control of the House and Senate. The results could influence government spending, fiscal policy and market sentiment.

Key Takeaway: Wall Street opened mixed as falling oil prices supported sentiment, while Apple's margin concerns and uncertainty around AI spending weighed on technology stocks. The US midterm elections remain a key market trigger.