Market Wrap: Monday, November 2, 2026 — S&P 500, Nasdaq & Dow Jones

Today's market session was characterized by a mixed tone, with the S&P 500 and Nasdaq Composite posting modest declines, while the Dow Jones Industrial Average managed a slight gain. The Nasdaq Composite, in particular, saw a 1.07% drop, marking the start of a challenging November for the tech-heavy index, which has already experienced a 1% loss. The selloff in the Nasdaq was driven by a broader tech sector decline, with notable mentions of Marvell and Lumentum, which contributed to the Dow's 0.41% gain. The S&P 500's 0.51% decline was more subdued, reflecting a more balanced performance across sectors. Oil prices, which had been a significant driver of market movements earlier in the week, continued to slide, with prices falling below $100, further supporting the risk-on tone and contributing to the Dow's rally.

The most significant macro and sector drivers of today's session were the ongoing tech selloff and the sharp decline in oil prices. The tech sector's performance was a key factor in the Nasdaq's decline, with the index plunging more than 3% to cap its worst month since 2025. The selloff was attributed to dismal tech earnings, which weighed on investor sentiment. Meanwhile, the decline in oil prices, driven by hopes for a US-Iran deal, provided some support to the broader market, particularly the Dow, which gained ground. The mixed performance of the major indexes, with the Nasdaq and S&P 500 declining while the Dow gained, highlighted the uneven nature of today's moves.