US stocks ended Monday, 2 November split between a tech-led decline and gains elsewhere, while crude oil plunged on hopes of a diplomatic resolution to the US-Iran conflict. The Dow Jones Industrial Average rose 0.41% to 51,983.98, the S&P 500 fell 0.51% to 7,541.40, and the Nasdaq Composite dropped 1.07% to 25,164.32.
The numbers
Dow +213.67 points (+0.41%) to 51,983.98; S&P 500 -38.67 (-0.51%) to 7,541.40; Nasdaq -272.68 (-1.07%) to 25,164.32; Nasdaq-100 down 10% from its peak, in technical-correction territory (Reuters via Chosun). Russell 2000 slipped 0.21% (Yahoo/Reuters preliminary via StockVolt).
Chips led the selling
The Philadelphia Semiconductor Index fell about 3.4%. Intel fell 8.8% after Friday’s near-30% plunge on weak revenue guidance; AMD fell 7.52%; Micron about 5.7-5.8%; SanDisk -6.59%, Seagate -7.88%, Western Digital -7.52%. Marvell fell 12.72% after agreeing to buy optical-components maker Lumentum in a roughly $115bn all-stock deal; Lumentum fell 18.59%. The S&P 500 technology sector fell 2.66-2.7%, its third straight daily decline; the iShares Semiconductor ETF (SOXX) fell nearly 4%. Context: this was the third straight day of steep Nasdaq declines; October was the Nasdaq’s biggest one-month decline since March 2025, driven by doubts over whether AI infrastructure spending will generate returns fast enough.
Oil plunged on diplomacy hopes
Brent December futures settled at $104.77, down 7.63%; WTI December settled at $96.46, down 7.36% (Reuters settlements). Reuters/Yahoo attribute the drop to signals Iran is open to peace talks and Washington seeking a diplomatic resolution. No deal was announced — this is hopes and signals, not a settlement. The S&P 500 energy index fell about 4%; airlines gained (United about +4.8-5%, Delta +4.08%, American +3.81%) on lower fuel costs. Gold futures rose about 1.5-1.8% to about $3,955-3,957 an ounce. The 10-year Treasury yield eased to about 4.894%.
What to watch next
Tuesday’s US midterm elections; whether the tech sell-off broadens beyond chips/AI names; whether diplomacy signals turn into concrete talks; next Big Tech guidance on AI spending.
FAQ
Why did the Nasdaq fall while the Dow rose? Because tech and chip stocks dragged the indexes lower while most S&P 500 constituents rose, with cyclical/defensive gains lifting the Dow.
Why did oil plunge? On signals Iran is open to peace talks and Washington is seeking a diplomatic resolution to the US-Iran conflict — hopes, not an announced deal.
Is the Nasdaq in a correction? The Nasdaq-100 is down 10% from its peak, which is technical-correction territory; do not state the Nasdaq Composite itself is down 10%.
Related coverage
Related coverage: Friday 30 October sell-off (a different session).
Sources
Sources: Investopedia, “Markets News, Nov. 2, 2026” — Investopedia; Reuters via Chosun Biz, “Chip slump offsets oil-driven rally as Wall Street ends mixed” — Chosun Biz; StockVolt (Yahoo Finance + Reuters) — StockVolt.
