Nvidia and other Big Tech stocks lift Wall Street and make up for a drop by Apple

NEW YORK (AP) — A rebound for several influential Big Tech stocks is helping to lift the U.S. market on Tuesday despite a fall for Apple and mixed trading elsewhere on Wall Street.

The S&P 500 rose 0.6%, even though more stocks fell within the index than rose. The Dow Jones Industrial Average was down 87 points, or 0.2%, as of 11 a.m. Eastern time, and the Nasdaq composite was 1.1% higher.

The stock market has been shaky recently as technology and artificial-intelligence stocks have swung on worries their prices shot too high in the frenzy around AI. Several of the most influential AI-related stocks held firmer Tuesday, which supported the market, after flipping from gains in the morning to losses in the afternoon a day earlier.

Nvidia rose 2.9% and was the strongest force pushing upward on the S&P 500 Tuesday. Close behind were gains of 3.8% for Broadcom 5.5% for Advanced Micro Devices and 3% for Micron Technology.

Apple was long seen on Wall Street as a Big Tech company that’s less dependent on AI. But it’s still feeling the effects of the AI boom.

Memory chips for computers have become more expensive because of the demand created by the rush to build AI data 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.

That helped send Apple’s stock down 2.7%, even though the seller of iPhones and Mac computers reported stronger profit and revenue for the latest quarter than analysts expected.

Palantir Technologies fell 1.5% even though it likewise reported a better profit than expected. The software company said it made more money working with U.S. companies than from the U.S. government for the first time, as U.S. commercial revenue soared 148% from a year earlier.

Tuesday’s midterm elections may also be keeping financial markets unsteady, but history suggests they may not matter much for the broad 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.

Some on Wall Street speculate that a Democratic sweep of Congress this time around could lead to more regulations and restrictions on AI development. But Donald Trump would still be president and have the power to veto. And Wall Street generally prefers split control of Washington, which it sees as offering less risk of transformative policies that could reshape the economy.

On the winning side of Wall Street Tuesday were stocks of several companies that reported stronger profits for the summer than analysts expected.

Celanese climbed 3.7%, and DuPont added 6.9%.

Revvity jumped 12% for one of the biggest gains in the S&P 500 after the life sciences company topped analysts’ expectations and CEO Prahlad Singh said end market conditions are continuing to improve.

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. That helped send the S&P 500 to a record high last month.

An encouraging report on the U.S. job market said Tuesday that employers were advertising more job openings at the end of September than economists expected. That helped push the yield on the 10-year Treasury up to 4.93% from 4.91% late Monday.

In the oil market, prices continued to swing. Brent climbed above $107 per barrel overnight before briefly dropping below $101 in the morning amid continued uncertainty about what will happen in the war with Iran. It was most recently down 1.6% at $103.13.

In stock markets abroad, indexes were mixed across Europe and Asia. South Korea’s Kospi dropped 3.6% for one of the world’s sharpest moves following losses for its two tech giants, Samsung Electronics and SK Hynix.

Stocks rose 0.3% in Australia after the country’s central bank raised its benchmark interest rate for the fifth time this year.

AP Writers Elaine Lai, David McHugh and Rod McGuirk contributed to this report.

FILE - Traders Jonathan Mueller, left, and Michael Capolino work on the floor of the New York Stock Exchange, Thursday, Feb. 19, 2026. (AP Photo/Richard Drew, File)

A screen displays a news conference by Federal Reserve Board Chairman Kevin Warsh on the floor of the New York Stock Exchange, Wednesday, Oct. 28, 2026, in New York. (AP Photo/Yuki Iwamura)

FILE - Trader Michael Capolino, left, and Specialist Thomas McArdle work on the floor of the New York Stock Exchange, Monday, Jan. 26, 2026. (AP Photo/Richard Drew, file)

A dealer watches computer monitors near the screens showing the Korea Composite Stock Price Index (KOSPI) at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Nov. 3, 2026. (AP Photo/Lee Jin-man)

A dealer walks near the screens showing the Korea Composite Stock Price Index (KOSPI) and SK Hynix stock price at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Nov. 3, 2026. (AP Photo/Lee Jin-man)

An employee works at a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Nov. 3, 2026. (AP Photo/Lee Jin-man)

A TV cameraman films the screen displaying the Korea Composite Stock Price Index (KOSPI) in a dealing room of Hana Bank in Seoul, South Korea, Tuesday, Nov. 3, 2026. (AP Photo/Lee Jin-man)

WASHINGTON (AP) — The United States will stop providing $4 billion in aid each year to Israel in 2027 but will sell arms to its closest ally in the Middle East, President Donald Trump said on Tuesday.

The Republican president told Fox News Channel during a phone call on Election Day for the midterms that Israeli Prime Minister Benjamin Netanyahu had approached him about the idea and that they have been talking about it for a couple of years.

Trump said Israel doesn’t need the aid and it’s a lot of money for the U.S. to spend. But Trump also said that U.S. aid to Israel has become a Democratic talking point for candidates such as Michigan U.S. Senate candidate Abdul El-Sayed, a vocal critic of Israel.

Even far-right conservatives, who have supported Trump in the past, have taken issue with U.S. support for Israel, with prominent commentators like Tucker Carlson openly questioning the value of the relationship.

“You can consider it barter. You can consider military aid or cash,” Trump said. “Look, we give them $4 billion of things and money, and they don’t need it. And I was approached by Bibi Netanyahu, and we’ve been talking about it for a couple of years because it’s a lot of money.”

There was no immediate comment from Netanyahu’s office. But at least some of his political opponents were cautious.

Yair Golan, a leader in Israel’s opposition bloc, said an end to U.S. military aid would deal a “severe blow to Israel’s security” at a time when the country is fighting wars on multiple fronts. “The burden of funding defense needs at such a critical juncture will fall entirely upon the Israeli public,” Golan, a former deputy military chief, said in a statement.

The United States has sent tens of billions of dollars in military aid to Israel over the last few years.

In 2016, President Barack Obama, a Democrat, signed an unprecedented security agreement with Israel to give its military $38 billion over 10 years, amounting to $3.8 billion a year. Under the agreement, Israel’s ability to spend part of the funds on Israeli military products was to be phased out and eventually all of the money would be spent on American military industries.

Netanyahu has talked about the need to wean Israel off the aid in the past and has said that the American aid would end at some point.

He told The Economist in January that he wanted to “taper off” U.S. military aid in the next 10 years and that such a change was “in the works.”

But the optics of the aid had also become an issue, according to Trump, who singled out El-Sayed for using it as a talking point.

“The left uses the $4 billion payment — that everybody knows about, it’s no secret — as a signal of unfairness,” Trump said Tuesday on Fox. “And we can’t allow that to happen. I don’t like that, because it’s too easy. It’s almost too easy a target. And Bibi and I have been talking, and we’ve agreed. He was very understanding of it.”

Phasing out direct military and economic aid to Israel has long been a subject of debate in both countries and has gained traction in the last several years.

There are several issues that complicate it, though, not least of which are obligations the U.S. has to Israel under the terms of the Camp David peace accords with Egypt, which require the United States to support Israel and Egypt with security assistance.

In addition, much of the assistance the U.S. provides Israel comes in the form of foreign military financing, or FMF, that gives Israel the money but requires it to spend the money on American-produced weaponry, meaning the funds are plowed back into the U.S. economy.

Unless Israel plans to spend the same amount on purchasing American materiel, U.S. defense contractors may see an impact.

An academic study published last year showed the U.S. under the administrations of President Joe Biden, a Democrat, and Trump provided at least $21.7 billion in military assistance to Israel after the start of the Gaza war in 2023. The study was published on the second anniversary of the Oct. 7, 2023, Hamas attacks in Israel that provoked the conflict.

Another study, also published last year by the Costs of War project at Brown University’s Watson School of International and Public Affairs, said the U.S. had spent roughly $10 billion more on security aid and operations in the broader Middle East in the previous two years.

While the reports relied on open source material for most of their findings, they offered some of the most comprehensive accountings of U.S. military aid to close ally Israel and estimated costs of direct American military involvement in the Middle East.

President Donald Trump after speaking in front of the Lincoln Memorial Reflecting Pool, Monday, Nov. 2, 2026, in Washington. (AP Photo/Mark Schiefelbein)