North American stock markets are drifting in mixed trading on Tuesday morning, with Apple dropping sharply in early trading ahead of the U.S. midterm elections.
asserted
Apple → drift → elections
Some on Wall Street worry that a Democratic sweep of Congress this time around could lead to more regulations and restrictions on AI development.
uncertain
sweep → worry → development
But Donald Trump would still be president and have the power to veto.
asserted
Trump → have → power
And Wall Street generally prefers split control of Washington, which it sees as offering less risk of transformative policies that could reshape the economy.
uncertain
that → prefer → economy
Tuesday’s midterm elections may also be keeping financial markets unsteady, but history suggests that they may not matter much for the broad market.
uncertain
they → keep → market
Going back to 1970, the S&P 500 has had a positive return in the six months following a midterm election every time, according to Brock Weimer, an analyst at Edward Jones.
uncertain
S&P → go → Jones
The S&P 500 added 0.2 per cent in early trading, even though more stocks fell within the index than rose.
asserted
stocks → add → index
On Bay Street, the TSX was down about 0.75 per cent as of 10:30 a.m. Eastern time, with shares of Shopify down nine per cent after reporting mixed earnings results.
asserted
shares → report → results
Stock markets have been shaky recently as technology and artificial-intelligence stocks have swung on worries their prices shot too high in the frenzy around AI.
asserted
prices → swing → AI
Several of the most influential AI-related stocks held up better on Tuesday, which supported the market, though they flipped from gains in the morning to losses in the afternoon a day earlier.
asserted
they → relate → afternoon
Get weekly money news
Nvidia rose 3.1 per cent and was the strongest force pushing upward on the S&P 500 Tuesday.
asserted
Nvidia → get → S&P
CoreWeave rose 2.6 per cent.
asserted
CoreWeave → rise → ?
The company that’s borrowed money to buy AI chips that it rents out to customers over the cloud has been at the center of the industry’s swings recently.
asserted
it → borrow → swings
Apple was long seen on Wall Street as a Big Tech company that’s less dependent on AI.
asserted
that → see → AI
But it’s still feeling the effects of the AI boom.
asserted
it → feel → boom
Memory chips for computers have become more expensive because of the demand created by the rush to build AI data centers.
asserted
chips → become → centers
Those additional expenses are hitting Apple, which said it expects to make less profit from each $1 of its revenue during the final three months of this year.
asserted
it → hit → year
That helped send Apple’s stock down 3.4 per cent, even though the seller of iPhones and Mac computers reported stronger profit and revenue for the latest quarter than analysts expected.
asserted
analysts → send → quarter
- Toronto’s child hunger rates nearly double as city sees 4.1M food bank visits: report
-
asserted
city → see → visits
If the Democrats win the U.S. midterms, what would change for Canada?
asserted
what → win → Canada
- City of Edmonton unveils proposed 4-year budget with higher taxes — but more services
-
asserted
City → unveil → taxes
Calgary home sales drop 15.3% in October 2026:
asserted
sales → drop → October
real estate board
Palantir Technologies fell 4.2 per cent even though it likewise reported a better profit than expected.
asserted
it → fall → profit
The software company said it made more money from working with U.S. companies than from the U.S. government for the first time, as U.S. commercial revenue soared 148 per cent from a year earlier.
asserted
revenue → say → time
On the winning side of Wall Street Tuesday were stocks of several companies that reported stronger profits for the summer than analysts expected.
asserted
analysts → win → summer
Celanese climbed 4.9 per cent, and DuPont added seven per cent.
asserted
DuPont → climb → cent
Expectations are high for all kinds of companies to continue to deliver big gains in profits as the U.S. economy keeps chugging along, even with high inflation and elevated interest rates.
asserted
economy → continue → inflation
That helped send the S&P 500 to a record high last month.
asserted
That → send → high
In the oil market, prices continued to swing.
asserted
prices → continue → market
Brent climbed above US$107 per barrel in the morning before briefly dropping below $101 on continued uncertainty about what will happen in the war with Iran.
asserted
what → climb → Iran
South Korea’s Kospi dropped 3.6 per cent for one of the world’s sharpest moves following losses for its two tech giants, Samsung Electronics and SK Hynix.
asserted
Kospi → drop → giants
Stocks rose 0.3 per cent in Australia after the country’s central bank raised its benchmark interest rate for the fifth time this year.
asserted
bank → rise → time
The Aporia
