Stock Market Today (Nov 3, 2026): Oil Sinks, Tech Drops

Stock market today: Tech shares slide on AI spending concerns while crude oil plunges up to 8% and the Dow Jones advances ahead of US midterm elections.

Wall Street closed mixed as plunging crude oil prices supported cyclical shares while ongoing technology spending anxieties dragged down the major averages. On the stock market today, the tech-heavy Nasdaq Composite dropped over 1% and the S&P 500 retreated, even as the blue-chip Dow Jones Industrial Average managed a modest gain heading into the US midterm elections.

Markets at a glance

The table below summarizes the closing levels and daily price changes recorded across global asset classes:

Asset / Benchmark	Level / Price	Daily Change	As of
S&P 500	7,541.40	-0.51% (Reuters: -0.5%)	4:00 PM EST, Nov 2, 2026 (CappNotes, The Global Close)
Nasdaq Composite	25,164.32	-1.07% (Reuters: -1.0%)	4:00 PM EST, Nov 2, 2026 (CappNotes, Reuters)
Dow Jones Industrial Avg	51,983.98	+0.41% (Reuters: +0.42%)	4:00 PM EST, Nov 2, 2026 (CappNotes, The Global Close)
STOXX Europe 600	649.44	+0.42% (Reuters: +0.4%)	5:30 PM CET, Nov 2, 2026 (The Global Close, LPL Financial)
FTSE 100	10,761.33 / 10,729.80	+0.29% / +0.07% (Reuters: +0.3%)	4:30 PM GMT, Nov 2, 2026 (The Global Close, CappNotes)
Nikkei 225	~63,095	-0.30%	3:00 PM JST, Nov 2, 2026 (Reuters)
Gold (Spot XAU/USD)	$3,875.02 – $3,909.00	+1.8% to +2.0%	Settle, Nov 2, 2026 (Investing.com, Reuters, ATFX)
Brent Crude Oil	$104.77 / bbl	-7.63% to -8.00%	Settle, Nov 2, 2026 (CappNotes, Reuters)
US 10-Year Treasury Yield	4.893%	-3.5 to -4.0 bps	4:00 PM EST, Nov 2, 2026 (CappNotes, Reuters)
EUR/USD	1.1237	+0.50%	2:48 PM UTC, Nov 2, 2026 (InstaForex)
Bitcoin (BTC/USD)	~$76,700	-2.0%	Late US, Nov 2, 2026 (CappNotes)

(Note: Sources reported differing prints for the FTSE 100 close, with The Global Close showing 10,761.33 and CappNotes recording an unadjusted 10,729.80.)

What moved the stock market today

The trading session reflected a sharp tug-of-war between declining energy costs and skepticism surrounding enterprise technology expenditures.

Oil price drop and Middle East diplomacy

Brent crude registered its sharpest single-day retreat since April 2026, falling to $104.77 per barrel. Tehran indicated willingness to pursue diplomatic negotiations mediated by Qatar, floating conditions to reopen the Strait of Hormuz within 48 hours (AnewZ, Reuters). Although the US military executed strikes on Qeshm Island on November 2, President Donald Trump stated "No" when questioned by reporters about strikes after the midterms (Radio Free Europe, The Wall Street Journal).

The slide in energy prices weighed on energy producers—the S&P 500 energy sector dropped 4.0% and European energy shares declined 2.26% (Reuters, The Global Close). However, reduced fuel costs alleviated broader inflation fears, encouraging rotations into cyclical stocks.

AI capex disillusionment

Early morning gains dissolved as investors penalized companies spending aggressively on AI infrastructure without immediate free cash flow gains. Oracle announced a planned $20 billion debt and equity offering to fund data centers, while Marvell Technology moved to acquire optical component maker Lumentum.

Jake Dollarhide, CEO of Longbow Asset Management, noted via Reuters: "Companies have to realize there's a limit to how much they spend and what it means in terms of enhanced shareholder value. At some point, there is no additional value-add, just expense."

Michael Wilson, Chief US Equity Strategist at Morgan Stanley, observed that the market correction underway since June is entering its "final innings," noting that over 60% of Russell 3000 stocks have corrected more than 20%. Wilson highlighted that "investors are no longer overlooking FCF shortfalls as they often did earlier in the cycle." Wall Street views on year-end S&P 500 levels remain divided: Citigroup and UBS target 8,100, Goldman Sachs and Morgan Stanley forecast 8,000, while Bank of America holds a cautious target of 7,400 due to debt loads and financing rates (Reuters, Beinsure). To learn more about broad market declines, read what a market correction is and review how stock market indices work.

Top stock movers

Hardware manufacturers, software providers, and consumer cyclicals dominated the session's action:

Lumentum Holdings (NASDAQ: LITE): Plunged 18.59% to 18.61% to $684.40 after agreeing to be acquired by Marvell Technology (Markets Insider, CappNotes).
Marvell Technology (NASDAQ: MRVL): Slumped 12.72% to 13.0% to $171.41 on pushback regarding acquisition costs and dilution (Reuters, CappNotes).
Oracle (NYSE: ORCL): Dropped 8.85% following filings detailing its $20 billion capital raise for data centers (Reuters).
Intel (NASDAQ: INTC): Fell 8.80% to $59.97, extending losses from a 28.6% drop on October 30 driven by soft Q4 guidance (Markets Insider, The Standard).
Advanced Micro Devices (NASDAQ: AMD): Fell 7.52% amid broad semiconductor pressure (Reuters).
Howmet Aerospace (NYSE: HWM): Rose 6.91% to $212.99 on cyclical demand (Markets Insider).
Pentair (NYSE: PNR): Climbed 6.49% to $70.56, benefiting from lower energy input costs (Markets Insider).
DoorDash (NASDAQ: DASH): Gained 6.19% to $190.07 as the consumer discretionary sector rose 2.41% on fuel cost relief (Markets Insider).
Amazon (NASDAQ: AMZN): Advanced 2.20% as consumer cyclicals gained (Reuters).
Apple (NASDAQ: AAPL): Ended regular hours down 1.50% to 1.83% but traded flat-to-positive after hours after beating fiscal Q4 estimates behind iPhone 18 Pro demand; Apple declared a $0.27 per share dividend (Reuters, Investing.com).
Palantir (NYSE: PLTR): Dropped 3.08% during regular trade but rose 3.0% after hours after reporting Q3 revenue of $2.31 billion, up 96% year-over-year (Reuters, Investing.com). For context on prior tech moves, see our coverage on tech drops on AI capex fears.

Gold, oil and currencies

Commodities and foreign exchange experienced heavy volatility:

Crude Oil: Brent settled down 7.63% at $104.77 per barrel (CappNotes), with Reuters reporting an 8.0% drop. CNBC reported the January 2027 contract traded at $106.54 intraday.
Gold: Spot gold recovered from session lows of $3,879.90 caused by morning liquidations (Mitrade) to settle between $3,875.02 and $3,909.00, marking a daily gain of 1.8% to 2.0% (Investing.com, Reuters).
Currencies & Fixed Income: The euro appreciated against the US dollar, with EUR/USD up 0.50% at 1.1237 (InstaForex), while the US 10-year Treasury yield slipped by 3.5 to 4.0 basis points to 4.893% (CappNotes, Reuters).
Bitcoin: Traded down 2.0% near $76,700 in late US trading (CappNotes), after changing hands at $78,475 earlier (ATFX).

What to watch tomorrow

Markets face multiple macro and corporate milestones on Tuesday, November 3, 2026:

US Midterm Elections: Voters cast ballots for all 435 House seats, 34 Senate seats, and 36 governorships (Reuters, Fox News).
Economic Data: The US Bureau of Labor Statistics releases the September 2026 Job Openings and Labor Turnover Survey (JOLTS) at 10:00 AM EST (BLS Schedule).
Corporate Earnings: Pre-market earnings reports are due from Shopify (options imply a ±13.6% move), Fidelity National Information Services (FIS), BioNTech, Ball Corporation, and JBT Marel (EarningsWatcher, Business Wire).
Central Bank Decisions Later in the Week: Monetary policy meetings are scheduled at the Bank of England and Sweden's Riksbank (LPL Financial).

FAQ

Why did the Nasdaq fall today?

The Nasdaq Composite fell 1.07% as heavy sell-offs in semiconductor and hardware stocks followed massive debt and acquisition plans by Oracle and Marvell Technology. Investors pushed tech multiples down over concerns that excessive artificial intelligence capital expenditures are weighing on free cash flows (Reuters, CappNotes).

Why did crude oil prices plunge 8%?

Brent crude tumbled up to 8.0% to $104.77 per barrel after Iranian officials signaled willingness to hold diplomatic talks mediated by Qatar and discussed conditions to reopen the Strait of Hormuz (Reuters, AnewZ). The prospect of reduced supply disruption outweighed localized military strikes in the region.

How did the Dow Jones gain while other indices dropped?

The Dow Jones Industrial Average rose 0.41% to 51,983.98 because lower energy prices reduced input costs and supported consumer purchasing power (CappNotes, Markets Insider). This stimulated buying in industrial, retail, and consumer cyclical companies, which hold heavier weightings in the Dow compared to the tech-tilted Nasdaq.

Sources

This article is for informational purposes only and is not financial advice. Markets move quickly; check live prices before making decisions.