3rd November 2026 – (New York) U.S. equities ended mixed on Monday as a rotation away from technology dragged the Nasdaq Composite down 1.07 per cent to 25,164.32 and pulled the S&P 500 lower by 0.51 per cent to 7,541.40, erasing earlier gains of up to 1.4 per cent and 1.1 per cent respectively. The Dow Jones Industrial Average outperformed, rising 213.67 points, or 0.41 per cent, to 51,983.98, buoyed by strength in established industrial and consumer names.
Technology shares were broadly weaker. Nvidia and Meta Platforms each slipped around 1 per cent, while Apple fell nearly 2 per cent ahead of earnings. Marvell Technology dropped almost 13 per cent and Lumentum tumbled 18 per cent after Marvell agreed to buy Lumentum in a deal valued at about 115 billion dollars. Oracle declined 8 per cent after disclosing plans to sell 10 billion dollars in common stock and a further 10 billion dollars in bonds to fund artificial‑intelligence infrastructure.
Gains in so‑called old‑economy stocks helped steady the Dow. Sherwin‑Williams advanced almost 6 per cent and Home Depot added about 3.6 per cent, while Honeywell International, 3M and Boeing each rose more than 2 per cent. The shifting leadership followed a losing October for technology benchmarks amid scrutiny of AI‑related capital spending, even as the Dow rose almost 2 per cent on rotation into more defensive sectors such as healthcare.
Market strategists warned that short‑term momentum remains fragile, with sentiment vulnerable to swings in oil prices, AI spending headlines, inflation and geopolitics. “The stock market’s longer‑term bullish narrative may have taken some hits in recent weeks, but it’s still intact,” said Chris Larkin, managing director of trading and investing at E‑Trade. He added that the challenge has been stringing together more than a few steady sessions without disruption. Ryan Detrick of Carson Group noted that while the coming days carry potential volatility triggers — including midterm elections and jobs data — the market has continued to “bend but not break” under pressure.
Crude prices retreated sharply, easing some inflation concerns. Brent settled down 7.63 per cent at 104.77 dollars a barrel, while U.S. West Texas Intermediate fell 7.36 per cent to 96.46 dollars. The drop followed hopes of renewed diplomatic engagement between the U.S. and Iran, with officials signalling a preference for peaceful outcomes even as tensions persist.
After the close, U.S. equity futures were little changed as investors looked ahead to Apple’s quarterly results and Tuesday’s midterm elections. Dow futures rose about 24 points, S&P 500 futures were up roughly 0.1 per cent and Nasdaq‑100 futures added around 0.3 per cent. Apple shares were down about 2 per cent in late trading after the company guided to slimmer margins and reported iPad sales below expectations.
Asian markets were mixed on Tuesday. South Korea’s Kospi fell 3.28 per cent, with Samsung Electronics down 4.37 per cent, while Australia’s S&P/ASX 200 edged up 0.22 per cent. Hong Kong’s Hang Seng Index gained 0.16 per cent in early trade as advances in education‑related counters offset energy weakness, whereas mainland China’s CSI 300 slipped 0.84 per cent under pressure from technology and energy names. Japanese markets were closed for a public holiday.
Political risk hovered over the session, with U.S. midterm elections set for Tuesday. Prediction markets pointed to a high likelihood of Democrats taking the Senate, while control of the House remained in flux. Some banks suggested an all‑blue or all‑red sweep could unsettle AI‑exposed shares, whereas a divided outcome might temper policy‑driven swings. Beyond politics, investors were primed for a heavy earnings slate, including results from Pfizer, Shopify, Eaton and Marathon Petroleum before the opening bell, followed by reports from Advanced Micro Devices and Super Micro Computer after hours. On the data front, the Job Openings and Labor Turnover Survey for September and factory orders were due, offering fresh read‑outs on labour demand and manufacturing momentum.
