[New York Stocks] Dow Alone Falls as Semiconductor Stocks Rally; SOXL Jumps 7.3%

[Financial News]  

New York stocks closed amid strength in tech stocks on the 3rd (local time), the day of the U.S. midterm elections. A rebound in semiconductor shares lifted the S&P 500 and the NASDAQ Composite, while the Dow Jones Industrial Average, which had risen the previous day amid strength in industrial stocks, ended lower.
The leveraged ETF Direxion Daily Semiconductor Bull 3X Shares (SOXL), which tracks three times the daily price moves of 30 major semiconductor stocks, ended the session up 7.26%.

The tech-heavy S&P 500 and NASDAQ Composite rebounded for the first time in four days.
The S&P 500 closed at 7,568.92, up 27.52 points (0.36%) from the previous session, while the Nasdaq ended at 25,372.01, up 207.65 points (0.83%).
The Dow, by contrast, slid 197.26 points (0.38%) to 51,786.72. Industrial stocks such as Sherwin-Williams, which had led the previous day's gains, fell sharply, while Apple shares dropped nearly 2%, dragging the index lower.
The NASDAQ-100 Index, made up of 100 large-cap tech stocks, closed at 28,180.26, up 190.44 points (0.68%). TQQQ, a leveraged ETF that tracks three times the index's daily moves, rose $1.09 (1.83%) to $60.55.

Semiconductor stocks led the day's rebound in tech shares.
Market leader NVIDIA rose $4.59 (2.27%) to $206.65, while Micron climbed $21.51 (2.58%) to close at $855.10.
Intel rose $0.58 (0.97%) to $60.55, while SK hynix's American depositary receipts (ADRs) gained $3.08 (2.09%) to close at $150.79.
The semiconductor leveraged ETF SOXL jumped $4.95 (7.26%) to $73.12.
The memory semiconductor ETF Roundhill Memory ETF (DRAM) ended the session up $1.32 (2.85%) at $47.64.

Big Tech stocks turned in a mixed performance.
Elon Musk's Tesla and SpaceX also went in opposite directions. SpaceX rose $4.94 (3.62%) to $141.31, while Tesla fell $5.32 (1.32%) to $398.50.
Alphabet rose $1.04 (0.37%) to $280.03, and Microsoft (MS) gained $13.87 (2.74%) to $520.99, while Apple retreated $6.42 (1.90%) to $331.90. A downbeat outlook in the previous day's earnings report that margins would fall short of expectations dragged Apple's share price lower.
Palantir closed down $2.94 (1.65%) at $175.40. It reported better-than-expected third-quarter results after the market closed the previous day, but investors were concerned about a sharp slowdown in growth in total contract value (TCV) in the U.S. private sector. The year-over-year increase in TCV plunged from 153% in the second quarter to 11% in the third quarter.

The cryptocurrency exchange Coinbase jumped $7.62 (5.53%) to $145.45, buoyed by bargain hunting. Buying interest surged after its shares plunged 15% over the three trading days through the 2nd. Coinbase had previously come under sharp selling pressure after its third-quarter results, released after the market closed on the 29th of last month, fell short of expectations.

[email protected] Song Gyeong-jae Reporter