Big Tech stocks steady Wall Street despite Apple decline

Summarised from 2 outlets · Updated 3 Nov, 23:20 · Archive

Nvidia and other major technology stocks rebounded on Tuesday, keeping the overall market stable despite Apple's share price falling.

Big Tech stocks helped steady the US market on Tuesday, with the S&P 500 rising 0.3% despite most stocks within the index falling. The Nasdaq composite gained 0.7%, though the Dow Jones Industrial Average dropped 0.4% with an hour of trading remaining.

Nvidia rose 2.2% and was among the strongest upward forces on the S&P 500. Broadcom gained 2.8% and Advanced Micro Devices climbed 4.2%, rebounding after artificial-intelligence stocks had swung between gains and losses in recent trading as concerns grew about whether their prices had risen too high in the rush around AI.

Apple fell 2.6%, even though the company reported stronger profit and revenue for its latest quarter than analysts expected. The decline came as memory chips for computers have become more expensive due to demand from the rush to build AI data centres. Apple said it expects to make less profit from each dollar of revenue during the final three months of the year because of these higher costs. Palantir Technologies also fell 1.6% despite reporting better profit than expected.

How it is being reported

• Nvidia and other Big Tech stocks lift Wall Street and make up for a drop by AppleNEW YORK — A rebound for some influential Big Tech stocks helped keep the U.S. market steady on Tuesday despite a drop for Apple and mixed trading elsewhere on Wall Street.TribLIVE · 3 Nov, 20:48
• Apple drops with most of Wall Street, but gains for other Big Tech stocks cushion the blowPittsburgh Post-Gazette · 3 Nov, 14:59

In this story: Apple · Nvidia · Broadcom · Advanced Micro Devices · Palantir Technologies · Wall Street · United States

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