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Wall Street closed mixed on Monday, pulled down by tech and energy stocks. However, investor sentiment turned cautiously optimistic as easing geopolitical tensions raised hopes of lower energy costs and reduced inflationary pressures. Concerns over costly artificial intelligence (AI) investments, stretched valuations and disappointing earnings outlooks fueled technology stock declines. Two of the three benchmark indexes ended in the red while one ended in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 213.67 points, or 0.4%, to close at 51,983.98. Seventeen components of the 30-stock index ended in positive territory, while 13 ended in negative.
The tech-heavy Nasdaq Composite fell 272.68 points, or 1.1%, to close at 25,164.32.
The S&P 500 lost 38.67 points, or 0.5%, to close at 7,541.40. Seven of the benchmark index's 11 broad sectors closed in the green. The Energy Select Sector SPDR (XLE) and the Technology Select Sector SPDR (XLK) declined 4% and 2.7%, respectively. The Consumer Discretionary Select Sector SPDR (XLY) and the Materials Select Sector SPDR (XLB) advanced 2.3% and 1.8%.
The fear gauge CBOE Volatility Index (VIX) increased 8.9% to 21.15. A total of 18.8 billion shares were traded on Monday, higher than the last 20-session average of 17.3 billion. Advancers outnumbered decliners by a 2.2-to-1 ratio on the S&P 500.
Oil Prices Tumble on U.S.-Iran Peace Hopes
A sharp decline in oil prices weighed on broader market sentiment on Monday. Brent crude futures plunged $8.47, or 7.47%, to $104.96 per barrel, while WTI crude fell $7.50, or 7.2%, to $96.62. Oil prices tumbled after Iran signaled openness to peace talks with the United States, raising hopes of an agreement that could ease Middle East supply disruptions following eight months of conflict. Expectations of reduced geopolitical risks also eased concerns about prolonged energy inflation and potential supply shortages. Cheaper oil could also offer some relief from inflationary pressures and support consumer spending.
Technology Stocks Lag as AAPL Weighs on Wall Street
Tech stocks underperformed in the sessions, as concerns over elevated valuations and mounting AI infrastructure spending weighed on investor sentiment. Investors remained cautious about whether massive AI-related capital investments would generate sufficient returns to justify current valuations, prompting profit-taking across the technology sector.
Apple Inc. (AAPL - Free Report) added to the pressure, with its shares falling 1.83% ahead of its quarterly earnings report. The stock was among the five biggest drags on the S&P 500 during the session. Overall, lingering concerns about AI spending, high technology valuations and earnings expectations encouraged investors to reduce exposure to growth-oriented stocks, limiting broader market performance.
Economic Data
The Institute for Supply Management’s Manufacturing Index for October came in at 55.5. The number for September remained unrevised at 54.5.
Per the U.S. Census Bureau, Construction Spending for September fell 1.9%. The number for August was revised up to 2% from the previously reported 0.9%.
View the Zacks #1 Rank List
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Stock Market News for Nov 3, 2026
Wall Street closed mixed on Monday, pulled down by tech and energy stocks. However, investor sentiment turned cautiously optimistic as easing geopolitical tensions raised hopes of lower energy costs and reduced inflationary pressures. Concerns over costly artificial intelligence (AI) investments, stretched valuations and disappointing earnings outlooks fueled technology stock declines. Two of the three benchmark indexes ended in the red while one ended in the green.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) gained 213.67 points, or 0.4%, to close at 51,983.98. Seventeen components of the 30-stock index ended in positive territory, while 13 ended in negative.
The tech-heavy Nasdaq Composite fell 272.68 points, or 1.1%, to close at 25,164.32.
The S&P 500 lost 38.67 points, or 0.5%, to close at 7,541.40. Seven of the benchmark index's 11 broad sectors closed in the green. The Energy Select Sector SPDR (XLE) and the Technology Select Sector SPDR (XLK) declined 4% and 2.7%, respectively. The Consumer Discretionary Select Sector SPDR (XLY) and the Materials Select Sector SPDR (XLB) advanced 2.3% and 1.8%.
The fear gauge CBOE Volatility Index (VIX) increased 8.9% to 21.15. A total of 18.8 billion shares were traded on Monday, higher than the last 20-session average of 17.3 billion. Advancers outnumbered decliners by a 2.2-to-1 ratio on the S&P 500.
Oil Prices Tumble on U.S.-Iran Peace Hopes
A sharp decline in oil prices weighed on broader market sentiment on Monday. Brent crude futures plunged $8.47, or 7.47%, to $104.96 per barrel, while WTI crude fell $7.50, or 7.2%, to $96.62. Oil prices tumbled after Iran signaled openness to peace talks with the United States, raising hopes of an agreement that could ease Middle East supply disruptions following eight months of conflict. Expectations of reduced geopolitical risks also eased concerns about prolonged energy inflation and potential supply shortages. Cheaper oil could also offer some relief from inflationary pressures and support consumer spending.
Consequently, Equinor ASA (EQNR - Free Report) and ExxonMobil Holdings Corporation (XOM - Free Report) slid 6.9% and 4.1%, respectively. While EQNR currently carries a Zacks Rank #2 (Buy), XOM boasts a #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Technology Stocks Lag as AAPL Weighs on Wall Street
Tech stocks underperformed in the sessions, as concerns over elevated valuations and mounting AI infrastructure spending weighed on investor sentiment. Investors remained cautious about whether massive AI-related capital investments would generate sufficient returns to justify current valuations, prompting profit-taking across the technology sector.
Apple Inc. (AAPL - Free Report) added to the pressure, with its shares falling 1.83% ahead of its quarterly earnings report. The stock was among the five biggest drags on the S&P 500 during the session. Overall, lingering concerns about AI spending, high technology valuations and earnings expectations encouraged investors to reduce exposure to growth-oriented stocks, limiting broader market performance.
Economic Data
The Institute for Supply Management’s Manufacturing Index for October came in at 55.5. The number for September remained unrevised at 54.5.
Per the U.S. Census Bureau, Construction Spending for September fell 1.9%. The number for August was revised up to 2% from the previously reported 0.9%.