Dow slips while Nasdaq and S&P climb as voters shape midterm outcome

US equities finished Tuesday's session in split fashion, with the tech-heavy Nasdaq 100 climbing 0.68% and the S&P 500 adding 0.37%. The Dow Jones Industrial Average moved the other way, shedding 0.38%. The euro held steady against the dollar, changing hands at 1.11916 at 3:59 pm ET.

The day's real driver wasn't earnings or data — it was the ballot box. Investors spent the session positioning around midterm elections that will likely decide the political balance of power in Washington for the next two years. That uncertainty kept conviction in check even as risk appetite held up.

Geopolitics hummed quietly underneath. Tensions in the Middle East stayed on the radar, but reports of an impending US-Iran agreement appeared premature, giving traders little reason to reprice energy risk on the spot.

Corporate results kept the tape busy. Apple booked $114.5 billion in revenue for the reported period, while Pfizer and BioNTech also pushed out their financial reports. Earlier in the week, Rivian jumped 12% on a UBS upgrade and Oracle dropped more than 6% on plans to raise $20 billion for AI expansion.

Not everyone is comfortable with the mood. Hedge fund manager Bill Ackman told CNBC the market has slid back into a "casino-type" era, with leverage at 95%, adding that he doesn't see those conditions as healthy for the economy. "Every number of days, I feel like markets are broken," he said, per the network. His firm, Pershing Square Capital Management, had previously disclosed purchases.

Next up: election results, which will set the tone for whether this split session becomes a trend or a blip.