US stocks were mixed on Election Day, Tuesday, November 3, as Americans voted…

US stocks were mixed on Election Day, Tuesday, November 3, as Americans voted in the midterm elections. Chipmakers and other AI-related stocks bounced back after a three-day sell-off, lifting the tech-heavy Nasdaq about 1.1% and the S&P 500, which tracks the 500 biggest US companies, about 0.6%. The Dow Jones Industrial Average slipped about 0.2–0.3%, weighed down by Apple. These figures come from late-session market data; we could not yet confirm official closing numbers from a wire report. Most S&P 500 stocks actually fell on the day, so the index’s gain came mainly from a handful of large chip stocks. The rebound followed a rough Monday, when the Nasdaq fell 1.1% and the Nasdaq-100 index of big tech stocks entered a “correction,” meaning it closed more than 10% below its October 6 record high. Earnings disappointed again on Tuesday. Apple fell after forecasting lower profit margins because memory chips are getting more expensive, Palantir slipped despite beating profit estimates, and Shopify dropped on mixed results. Control of Congress is at stake in the midterms, and votes were still being counted when US markets closed.

Philippine stocks fell in their first session after the All Souls’ Day holiday. The PSEi, the index of the 30 biggest companies on the Philippine Stock Exchange, dropped 0.99% to 5,624.17, moving closer to its year-low levels. Investors turned cautious ahead of the release of October inflation data, with analysts previously warning it could approach 8%, and amid renewed tensions in the Middle East. The peso, however, strengthened for a third straight trading day. It gained 27 centavos to close at ₱63.47 per dollar, up from ₱63.74 on Friday, October 30. RCBC chief economist Michael Ricafort credited President Marcos’s repeated assurances since October 28 that the government will defend the currency. The peso is now well off its record low of ₱64.17 set on October 27.

The US midterm elections matter to the Philippines mainly through the US dollar and oil. Which party controls Congress will shape US spending and tax policy, which in turn affects US interest rates and the dollar’s strength. A stronger dollar usually means a weaker peso; a calmer, softer dollar gives the peso breathing room. Results were still coming in as US markets closed, so the PSE’s first real chance to react will be today’s session. Closer to home, the bigger story is inflation. The peso has recovered three days in a row, which helps a little by making imported fuel and goods slightly cheaper in peso terms. But oil prices remain high, and the upcoming October inflation report could show prices rising at their fastest pace in a long time. If inflation comes in near 8%, the BSP may feel pressure to raise rates again at its December 17 meeting, making loans more expensive. For OFW families, the stronger peso means slightly fewer pesos per dollar sent home, but more stable prices would be a fair trade.