The Nasdaq Composite rose on Tuesday as investors moved back into key technology stocks after recent pressure and geared up for U.S. midterm election results.

The tech-heavy index jumped 0.83% and closed at 25,372.01, recouping some of its latest losses. The Nasdaq-100 rose 0.7% to 28,180.26, remaining in correction territory and down about 10% from its recent high. The S&P 500 climbed 0.36% to 7,568.92 to break a three-day losing run. The Dow Jones Industrial Average lost 197.26 points, or 0.38%, to 51,786.72. The 30-stock index was weighed down by Apple shares.

Apple fell almost 2% after the iPhone maker issued a disappointing margin forecast late Monday and iPad sales in the fiscal fourth-quarter missed the Street’s estimates.

Conversely, shares of chipmakers saw gains. Advanced Micro Devices — which releases its third-quarter results after the bell — gained more than 3%, while Broadcom rose 3%. Micron Technology and Nvidia each added more than 2%.

Tuesday’s advance marks a reversal from the pullback seen Monday, which sent the Nasdaq down more than 1% and extended a recent retreat in the Nasdaq Composite and S&P 500 to a third day.

SPI down 24 - Quiet day with Midterms in focus.

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The ASX 200 finished up 30 points at 8887 (0.3%) after giving up the morning gains before the RBA's decision to raise rates. Trading was relatively quiet ahead of the Cup and the RBA decision, with CBA up 1.0%, whilst the other three banks drifted slightly. The Big Bank Basket closed at $285.36 (0.6%). MQG had a good day, up 1.2%, and other financials did well, with SOL up 1.9% and PNI up 3.1%. HUB had a very good day, up 4.8%. AMP continued to stumble around, falling another 9.4%, and insurers were a little weaker. Industrials were strong, with retail doing well on the back of the RBA decision. JBH were up 3.1%, WES up 1.7%, and the tech sector got a boost despite Nasdaq's falls. WTC up 3.2% and NXT up 5.4%. The defensive supermarkets rose, with WOW up 1.1% and COL up 1.7%, together with TLS rising too. In the REITs, we saw good gains, as it may be that rates have peaked, with GMG up 2.4% and SCG up 3.7%.

Meanwhile, it was a mixed picture in resources: BHP, RIO, and FMG not doing much, with the gold miners slightly firmer, with GMD up 0.8% and NEM up 1.2%. Some tentative moves higher in lithium stocks, but rare earths still wallowing. Oil and gas stocks inevitably fell after the crude price fell, with WDS down 3.5% and STO down 1.8%. Uranium stocks remain toxic, and the fallout continues. Even coal stocks had a bad day, with WHC down 5.1% and NHC down 5.4%.

In corporate news, ARF upped its distribution guidance and rose 3.8%. AMP fell again after Barrenjoey cut its rating on the stock to neutral, and CEH unchanged on AGM comments.

In economic news, we saw, once again, consumer confidence fall, and the RBA grasped the nettle and raised rates by 25bps, as Michelle Bullock laid out the case for keeping rates on hold further down the track. Midterms in focus tonight.

Asian markets mixed, Japan closed for Culture Day.

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The Nasdaq Composite and S&P 500 fell on Monday, giving up earlier gains, as investors continued to move out of tech stocks and add exposure to other parts of the market.

The tech-heavy Nasdaq dipped 1.07% to end at 25,164.32, while the S&P 500 shed 0.51% to close at 7,541.40. Both benchmarks were up as much as 1.4% and 1.1%, respectively. The Dow Jones Industrial Average outperformed, rising 213.67 points, or 0.41%, to 51,983.98.

Shares of Nvidia and Meta Platforms each dipped 1%. Apple, which reports earnings after the bell, closed nearly 2% lower. Marvell Technology shares dropped almost 13%, while Lumentum shed 18% after the companies announced that Marvell is buying Lumentum in a $115 billion deal.

SPI up 58 - Oil drops 7% - Gold rallies - Apple results

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