The S&P 500 and Nasdaq rose for the first time in four days. Oil is near its one-month low.

The U.S. stock indices, the S&P 500 and the Nasdaq Composite, rose during trading on Tuesday, November 3, for the first time after three consecutive days of declines. The former gained 0.36%, while the latter rose 0.83%. The Nasdaq 100 index rose 0.68%.

The Dow Jones Industrial Average, a "blue-chip" index, fell by 0.38%, by contrast. MarketWatch noted that the last time this index fell was on the day of the U.S. midterm elections in 1990. Barron's added that the Nasdaq Composite, on the other hand, posted its best gain on an election day since 2010.

Wall Street saw investors return to artificial intelligence-related stocks following a sell-off that hit the sector in late October and on the first day of November, according to Bloomberg. The Philadelphia Semiconductor Index rose 2.6% on November 3. Intel shares rose 1%, while AMD shares gained 3.7% ahead of its earnings report.

"It looks a bit like a relief rally following some fairly intense selling pressure," said Adam Turnquist, senior strategist at LPL Financial, as quoted by Barron's.

On the other hand, Apple shares fell 1.9% following the earnings report and a warning about losses stemming from the crisis in the memory chip market. Shares of Palantir, which also reported earnings the day before, fell 1.7%.

Global oil prices settled on Tuesday at their lowest level in nearly a month, MarketWatch noted. The price of Brent crude futures for January delivery fell 1.1% to $103.6 per barrel, the lowest level since October 7. Futures posted their sharpest two-day decline since August 4, MarketWatch added, citing FactSet. WTI futures closed Tuesday at $96.09 per barrel.

“Tuesday’s election could shift the balance of power in Washington. It will be good to put this behind us, as it has been a foreseeable source of volatility for quite some time,” said Ken Mahoney, CEO of Mahoney Asset Management, in a Bloomberg report.

The recent sell-off in tech stocks is linked not so much to a rejection of artificial intelligence’s potential as to a reassessment of the price investors are willing to pay for it, Brian Terrien, a senior analyst at Edward Jones, told Bloomberg. “Markets continue to value at a premium those companies that demonstrate strong demand, growing AI-related revenue, and the ability to finance additional investments on their own. We continue to recommend an overweight position in stocks, particularly in U.S. large- and mid-cap companies, partly due to the relatively strong U.S. economy,” Terien said.

This article was AI-translated and verified by a human editor