Nasdaq Composite Falls 1.07% as Tech Selloff Erases Morning Rally; Dow Rises 214 Points

A morning rally on Wall Street faded on Monday, Nov. 2, as investors kept pulling money out of technology stocks. The Nasdaq Composite fell more than 1%, the S&P 500 slipped half a percent, and the Dow Jones Industrial Average finished higher, lifted by old-economy names and a sharp drop in oil prices.

This article is for general information only and is not financial advice.

How the major indexes closed Monday

Closing figures as reported by CNBC:

CNBC said the Nasdaq and S&P 500 had been up as much as 1.4% and 1.1%, respectively, earlier in the session before giving up those gains. The Asia Business Daily reported the same closing changes and noted that selling intensified late in the day, particularly in tech.

Nasdaq today: why tech fell

The Nasdaq’s slide reflected continued worries about whether huge spending on artificial intelligence will pay off. Among the moves CNBC highlighted:

• Oracle fell 8% after saying it plans to sell $10 billion in common stock and $10 billion in bonds to fund its AI buildout.
• Marvell Technology dropped almost 13% and Lumentum lost 18% after Marvell announced a $115 billion deal to buy Lumentum.
• Nvidia and Meta Platforms each dipped about 1%.
• Apple closed nearly 2% lower ahead of its earnings report after the bell.

Fortune reported that the Nasdaq Composite is down 4% over the past five days, following a week in which Alphabet suffered its worst one-day drop on record and Intel fell about 29%. CNBC said the Nasdaq and S&P 500 both logged a losing October, with the Nasdaq posting its worst losses since March 2025.

Dow today: old-economy stocks lead

The Dow’s gain came from more traditional companies. Sherwin-Williams rose almost 6% and Home Depot gained 3.6%, while Honeywell, 3M and Boeing each rose more than 2%, according to CNBC. The outlet described the day as a rotation out of tech and into other parts of the market, which helps explain why the Dow and Nasdaq moved in opposite directions.

Oil prices tumble

Oil was a big part of the morning optimism. Brent crude fell 7.63% to settle at $104.77 a barrel, and U.S. West Texas Intermediate dropped 7.36% to $96.46, CNBC reported. Prices fell on hopes the U.S. and Iran may resume talks, after Secretary of State Marco Rubio said over the weekend that President Donald Trump “hasn’t made a decision” to attack Iran. Airlines and cruise lines benefited: The Asia Business Daily said United Airlines rose about 5%, Southwest about 3.6% and Carnival about 3.8%.

After the bell: Apple and Palantir

Two big earnings reports came out after the close. Apple beat revenue and profit estimates, but CNBC reported its stock was little changed in extended trading after a softer-than-expected December-quarter outlook. Palantir also beat estimates and raised guidance, with early after-hours moves swinging in both directions, according to CNBC and Fortune.

Dow futures and stock market futures: what’s next

The sources used here did not report overnight futures levels, so we are not quoting any. What is clear is the calendar: the U.S. midterm elections are Tuesday, Nov. 3, and a jobs report is due later in the week. “The market has more potential ‘volatility triggers’ to face — including this week’s midterms and jobs data — but its ability to bend but not break under pressure has been a positive sign,” E-Trade’s Chris Larkin said, according to CNBC.

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Earlier coverage: Stock Market Recap: Nasdaq Sinks 2.9% for Worst Day Since June as AI Spending Fears Hit Tech; What's Next Week (Oct 31)