# ASX Set to Retreat as Tech Stocks Drive Wall Street Rebound Influential tech gains offset Apple's decline while markets navigate interest rate and election uncertainty. - **Source:** [Sydney Morning Herald - Business](https://www.smh.com.au/rss/business.xml) - **Published:** 2026-11-03 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/5d76392c-44dc-4f2c-8aa4-549986215ea4 ## Wall Street Market Dynamics The S&P 500 rose 0.5 percent despite a broader decline in individual stock performance across the index. While the Dow Jones Industrial Average fell 0.5 percent, the Nasdaq composite climbed 1 percent. This divergence highlights the heavy influence of specific technology stocks in driving overall market sentiment during recent sessions. ## Tech Sector Rebound Performance Major technology stocks experienced a significant rebound on Tuesday, providing a crucial lift to the broader market. Nvidia led the charge with a 3.2 percent increase, while Broadcom and Advanced Micro Devices both gained 3.2 percent. Micron Technology also saw a 2.6 percent rise, signaling sustained investor interest in AI-related hardware. ## Apple Faces AI Cost Pressures Apple shares fell 2 percent despite reporting quarterly profit and revenue that exceeded analyst expectations. The company faces rising costs for memory chips, driven by the intense demand for AI data center infrastructure. This shift illustrates how the AI boom is impacting profit margins even for companies less directly focused on AI. ## Palantir Commercial Revenue Growth Palantir Technologies shares dropped 2.1 percent despite reporting better-than-expected profits. The company achieved a significant milestone as commercial revenue from US companies soared 148 percent compared to the previous year. For the first time, Palantir generated more income from private sector partnerships than from contracts with the United States government. ## Midterm Election Market Sentiment Financial markets remain unsteady as midterm elections approach, with speculation regarding potential AI regulations. Historical data since 1970 suggests the S&P 500 typically sees positive returns in the six months following midterms. Investors generally prefer split control in Washington, viewing it as a safeguard against transformative policies that could disrupt economic stability. ## Corporate Profitability and Gains Several companies outperformed analyst expectations, contributing to market strength. Celanese climbed 4.7 percent, while DuPont added 8.8 percent. Revvity recorded one of the largest gains in the S&P 500, jumping 11.7 percent after CEO Prahrah Singh noted that end market conditions are continuing to improve for the life sciences company. ## Macroeconomic Indicators and Yields The US job market remains resilient, with employer job openings at the end of September exceeding economist expectations. This data pushed the 10-year Treasury yield up to 4.96 percent from 4.91 percent. Meanwhile, oil prices remain volatile, with Brent crude recently trading at 103.27 dollars amid ongoing uncertainty regarding the war with Iran. ## Global Market Outlook Impact The Australian sharemarket is expected to retreat by 0.3 percent following the Reserve Bank's decision to raise interest rates to an 18-year high. Globally, South Korea’s Kospi dropped 3.6 percent, heavily impacted by losses in Samsung Electronics and SK Hynix. These movements reflect a broader international reaction to shifting monetary policies and tech sector volatility. ## Sources covering this story - https://www.smh.com.au/business/markets/asx-set-to-slide-tech-stocks-boost-wall-street-20261104-p61b54.html?ref=rss&utm_medium=rss&utm_source=rss_business — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._