Update: Equities Mixed Intraday as Traders Await US Midterm Election Results

01:34 PM EST, 11/03/2026 (MT Newswires) -- (Updates with latest market prices and developments.) Stocks on Wall Street traded mixed intraday as investors awaited results from the US midterm elections. The Nasdaq Composite was up 1.1% at 25,429.5 after midday Tuesday, while the S&P 500 rose 0.6% to 7,583.5. The Dow Jones Industrial Average edged down 0.3% to 51,825.4. Among sectors, technology posted the biggest gain, while materials and consumer staples led the decliners. The outcome of Tuesday's midterm elections could reshape expectations for taxation, government spending and regulation over the next two years. "American voters will deliver a verdict on the first two years of President Donald Trump's second term in midterm elections, with polls and nonpartisan analysts favoring Democrats to wrest the House from Republicans, while the control of the Senate remains uncertain," D.A. Davidson said Tuesday in a report. All 435 seats in the House of Representatives, along with 35 of the Senate's 100 seats, are up for election. The NBC News average of national polls shows that a majority of Americans prefer a Congress controlled by Democrats. This comes as Trump's approval ratings fell to 37% as of Tuesday from 42% at the start of the year amid higher energy prices due to the Iran war, according to The New York Times' daily average of polls. Goldman Sachs said in a note that prediction markets indicated that Democrats were likely to win control of the House of Representatives in Tuesday's midterm elections, while the outcome of the Senate races remained more uncertain. The bank expects only modest changes to fiscal policy under a Democratic-controlled House, although proposals to reverse previous spending cuts could lead to a slight increase in government spending. Democrats could also seek to reverse some tariffs, though the impact would likely be limited, Goldman said. Treasury yields were higher intraday, with the two-year rate increasing 3.1 basis points to 4.61% and the 10-year rate adding 5.6 basis points to 4.95%. Shares of Apple (AAPL) fell 1.8% intraday after the iPhone maker issued a fiscal first-quarter gross margin outlook below Wall Street's estimates. Apple's services business faces near-term pressure amid factors including third-party licensing and foreign exchange headwinds, while rising memory costs drove a soft fiscal first-quarter margin outlook, Morgan Stanley said Tuesday in a report. Nvidia (NVDA) rose 2.9%, the biggest gain on the Dow, after a four-day decline. Microsoft (MSFT) followed Nvidia with a 2.6% gain. Shopify (SHOP) fell 4.8% as the Canadian e-commerce platform's third-quarter revenue and gross merchandise volume fell short of Wall Street's expectations. Palantir Technologies (PLTR) dropped 1.7% following the software maker's latest financial results. Advanced Micro Devices (AMD) is among companies scheduled to release quarterly earnings after the markets close Tuesday. West Texas Intermediate crude oil was down 0.5% at $96.01 a barrel intraday, while Brent dropped 1.2% to $103.49 a barrel. The US launched an attack on Iran's Qeshm Island, The Wall Street Journal reported Monday, citing US officials. The strikes are understood to be the latest in a series of limited military actions secretly carried out against Iran in recent weeks, the report said. Iran said Monday that discussions with Washington to end their war are ongoing, CNBC reported. Foreign Minister Abbas Araghchi told state media outlet Islamic Republic News Agency that Tehran is prepared to negotiate a diplomatic settlement with the US but is not ruling out military action if necessary. Spot gold edged down 0.4% to $3,932.45 per troy ounce, while silver shed 2.4% to $49.68 per ounce.