Overnight US stocks | Investors await U.S. midterm election results; S&P 500 halts three-day losing streak; AMD (AMD.US) rises over 9% after hours.

On Tuesday, the three major indices closed mixed, with the S&P 500 halting a three-day losing streak as hard-hit chip stocks rebounded. Investors are awaiting the results of the U.S. midterm elections, which will determine control of Congress during the remaining two years of President Trump's term. Polling stations in the continental U.S. closed as early as 6 p.m. Eastern Time, and trading prices on the betting platform Polymarket showed about a 95% probability that Democrats would win control of the House and about a 77% chance of taking the Senate. [U.S. Stocks] At the close, the Dow Jones Industrial Average fell 197.12 points, or 0.38%, to 51,786.86; the S&P 500 rose 27.55 points, or 0.37%, to 7,568.95; and the Nasdaq Composite rose 207.65 points, or 0.83%, to 25,372.01. Micron Technology, Inc. (MU.US), SK Hynix (SKHY.US) and NVIDIA Corporation (NVDA.US) each rose more than 2%, AMD (AMD.US) rose 3.6%, Oracle Corporation (ORCL.US) rose 5.8%, and Apple Inc. (AAPL.US) fell nearly 2%. The Nasdaq Golden Dragon China Index rose 0.21%, and JD.com, Inc. Sponsored ADR Class A (JD.US) rose 2.3%. [European Stocks] Germany's DAX30 fell 118.94 points, or 0.46%, to 25,863.93; the UK's FTSE 100 fell 121.06 points, or 1.12%, to 10,640.27; France's CAC40 fell 27.38 points, or 0.34%, to 8,020.31; the Euro Stoxx 50 fell 37.51 points, or 0.61%, to 6,138.55; Spain's IBEX35 fell 171.90 points, or 0.91%, to 18,800.00; and Italy's FTSE MIB fell 30.44 points, or 0.06%, to 49,917.50. [Forex] The U.S. dollar index, which measures the greenback against six major currencies, rose 0.15% on the day and closed at 101.867 in late foreign exchange trading. At the close of trading in New York, the euro traded at $1.1190, down from $1.1194 the previous trading day; the pound traded at $1.3415, up from $1.3410 the previous trading day. The dollar traded at 158.73 yen, up from 157.91 yen the previous trading day; at 0.8209 Swiss francs, up from 0.8183 Swiss francs; at 1.4003 Canadian dollars, up from 1.3987 Canadian dollars; and at 9.7940 Swedish kronor, up from 9.7807 Swedish kronor. [Cryptocurrencies] Bitcoin rose 1.4% to break through the $77,000 mark and was at $77,748 as of publication; Ethereum rose more than 1.8% to $2,290. [Precious Metals] Spot gold fell 0.39% to $3,930.47; spot silver fell 1.67% to $49.792 per ounce. [Crude Oil] The December light crude oil futures contract on the New York Mercantile Exchange fell 37 cents to settle at $96.09 per barrel, a decline of 0.38%; the January London Brent crude oil futures contract fell $1.17 to settle at $103.60 per barrel, a decline of 1.12%. [Macro News] U.S. labor demand unexpectedly picks up; job openings increase by 333,000. U.S. job openings unexpectedly rose to a four-month high in September, while layoffs fell to the lowest level in more than a year, indicating that labor demand strengthened before the start of the fourth quarter. Data released Tuesday by the U.S. Bureau of Labor Statistics showed that job openings increased by 333,000 in September to 7.52 million, above the revised 7.19 million in August and exceeding the expectations of all economists surveyed. The report also showed that layoffs fell to the lowest level since March 2025, while the number of voluntary quits increased. The quits rate, which measures the share of employees who voluntarily left their jobs each month, rose to 2.1%, the highest level in more than a year. The increase in job openings and hiring is a positive signal, but to confirm that the labor market is entering a stronger growth phase, the rebound still needs to persist for several months. For more than a year, many employers have been reluctant to add or cut staff amid high prices and political uncertainty related to GEO Group Inc. However, as economic growth accelerates and consumer spending remains resilient, businesses may be gradually regaining confidence and beginning to expand their workforces. Goldman Sachs Group, Inc. warns of a "hidden bear market" in U.S. stocks; about 60% of S&P 500 constituents are already in a bear market. The S&P 500 is only about 3% below its latest record high, yet about 60% of its constituents have already fallen into bear market territory. Bobby Molavi, a trader at Goldman Sachs Group, Inc., noted that this market setup is quite striking. He said the so-called "strangeness" is that the capital expenditures of tech giants driving AI-related stocks higher, and the companies receiving those investments, have seen their shares fall at the same time. Molavi, head of execution services for Europe, the Middle East and Africa at Goldman Sachs Group, Inc., wrote in a note to clients: "I don't understand why both sides are being punished by the market at the same time, especially when the basic expectation remains that AI will change everything." He described the current market setup as a "hidden bear market." As investors withdraw from related stocks on concerns about the sustainability of massive AI spending, the market has seen large-scale rotation, and tech stocks have been hit hard in recent weeks. On the other hand, most S&P 500 constituents have still risen over the past month, with capital rotating from crowded areas into defensive sectors and previously underallocated areas. [Individual Stock News] AMD's revenue and business outlook both beat expectations; shares rise more than 9% after hours. AMD (AMD.US) reported Q3 2026 revenue of $13.38 billion, up 45% year over year, above the market expectation of $13.09 billion; adjusted EPS was $2.09, above the expected $1.95. Data center business revenue nearly doubled year over year to $8.5 billion, accounting for 64% of total revenue, up from 47% a year earlier, mainly driven by growing demand for AI processors. CEO Lisa Su said demand for data center processors is expected to accelerate further and that the company has the capacity to meet AI chip demand. AMD expects Q4 revenue of about $17 billion, above the market expectation of $16.2 billion to $16.3 billion, but its gross margin guidance is 55%, below the market expectation of 55.3%. Meanwhile, affected by tight memory chip supply and rising prices, the PC market remains under pressure, with personal computer and gaming business revenue down 8% year over year to $3.7 billion, including a 40% decline in gaming revenue. After the earnings release, AMD rose more than 9% after hours and lifted chip stocks including NVIDIA Corporation and SK Hynix. Meta's dollar bond draws up to $58 billion in orders, but financing costs rise noticeably from April. According to people familiar with the matter, Meta Platforms' (META.US) dollar bond offering attracted up to $58 billion in subscription orders, about four times the offering size of at least $15 billion; the overall cross-border financing is expected to be at least $20 billion, and the company plans to issue its first euro bond as early as Wednesday. Despite strong subscription demand, Meta still needs to offer higher yields to attract investors, with its 2056 maturity bond yielding about 2.2 percentage points above U.S. Treasuries, about 0.9 percentage points higher than similar bonds in April this year. Expanding AI investment has pushed up financing costs for tech giants, with the yield premium on large technology companies' bonds rising to the highest level since 2003, and credit default protection costs for some companies near historic highs. Analysts expect AI investment by related companies to reach $4.5 trillion over the next three years, including more than $740 billion by Meta. Meta has also raised $37.5 billion through offerings of common and preferred stock and plans to issue up to $60 billion more in shares; S&P has already lowered its rating outlook to negative due to pressure from AI spending.