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CNBC business news update. Market midday. I'm Jessica Edinger. Major averages are mixed. Investors waiting for the polls to close on this midterm election Tuesday. Trying to figure out how the results could impact their money. The Dow is down 255 points. Sherwin Williams shares leading the Dow lower.
Those are down a little more than 3%. The S&P 500 index is up 34. The Nasdaq up 242 points, almost 1% as Chipmaker shares are mostly in the green today. AMD shares are up 5%. Broadcom, Cerebra Systems, and Nvidia shares each up 3% this afternoon. Investors have watched their stocks soar in the artificial intelligence buildout, and they're waiting for election results.
Here's Morgan Stanley's Ariana Salvatore on CNBC. If you see by and large Republicans hold control, that's bullish for AI sentiment. By and large, conversely, if Democrats were to sweep um take both the House and the Senate, that's probably a negative. Depending on the outcome of the election, US banks and bank investors are bracing for possible change.
Here's CNBC's Lesie Picker. Since the 2024 election, almost every large American bank has outperformed the S&P's 32% gain over that time period. That comes amid two years of deregulation. And several banking CEOs have described the current backdrop for the industry as being quote as good as it gets.
Two big tech names got hit after earnings, Palunteer and Apple. Here's CNBC's McKenzie Seagalos on Apple today. Apple's been Wall Street's favorite place to hide out from the AI trade this year. But this quarter really laid bare just how exposed Apple actually is to the AI buildout. It's bidding up memory chips inside every iPhone and Mac.
And Apple is now also paying the cloud costs of running Siri AI. TD Cowan estimates every 5% rise in memory prices cost Apple half a point of gross margin. Apple shares down 2% this afternoon. More open jobs in the US last month and the new Jolts report on job opportunity and labor turnover. Here are CNBC's Sarah Eisen with Carl Kinttonia.
7.5 million looking for about 7.1 uh prior 7.1 as well. Also a little bit of acceleration uh in jolts factory orders 18 pretty much in line. I mean the job openings is key, right? Because if you're looking for weakness in the job market, you don't see it in jobless claims historically low levels. And then now we just need to see job creation cuz that's kind of been the missing piece.
It's been a little more sluggish. Although you could chalk that up to the fact that the immigration policies have completely changed and so there's just not as many workers available as we've had in recent Binance said hackers used fake job interviews, malicious software, and compromised internal AI tools to infiltrate its wallet infrastructure, leading to the record-breaking cyber attack at the end of last month that resulted in more than $6 billion in assets being stolen from the world's largest crypto exchange.
exchange. The full interview with a Binance CEO is on CNBC.com and the CNBC app on your phone. McDonald's holiday drinks are in stores today, including cookie butter coffees. Jessica Edinger, CNBC.
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