← All research
Closing briefFree

Closing Brief: Tech Sinks the S&P 500 as Oil Plunges 8%

Mitesh Patel · Nov 2, 2026 · 4 min read

The S&P 500 fell 0.5% as Oracle's stock sale and the Marvell-Lumentum deal hit tech, while most sectors rose and oil dropped on hopes of US-Iran talks. Apple beat but guided light.

Closing Snapshot

  • S&P 500 (SPX): 7,541.40, -38.67 (-0.51%)
  • Nasdaq 100 (NDX): 27,989.82, -395.03 (-1.39%)
  • Dow Jones (DJIA): 51,983.98, +213.67 (+0.41%)
  • Russell 2000 (RUT): 2,805.88, -5.96 (-0.21%)
  • VIX: 21.15, +1.73 (fear gauge back above 20)
  • 10-Year Treasury yield: 4.91%, -0.03 points
  • WTI crude: ~$96.3, ~-7.5%
  • Brent crude: $104.32, -$9.11 (-8.0%)
  • Gold: $3,969.60, +$70.70 (+1.8%)
  • US Dollar Index (DXY): 101.78, -0.10

Most of the stock market rose on Monday, but the S&P 500 still fell 0.5% because the losses landed in its heaviest group, technology. Oracle dropped 8.9% after announcing a $10 billion stock sale alongside a bond sale, and Lumentum and Marvell fell 18.6% and 12.7% after agreeing to combine, extending last week's retreat from AI-related names. Oil fell about 8% on reports that Washington and Tehran may return to talks, which sank energy stocks and helped airlines and retailers. Money moved into consumer, financial and industrial stocks instead, lifting the Dow 0.4%, with Sherwin-Williams and Home Depot among its leaders. Apple and Palantir both beat estimates after the bell, but both traded lower in late after-hours dealing.

For information and education only; not investment advice. See the full disclaimer.

Related research

Closing brief🔒 Market Pulse

Closing Brief: Intel's Record Drop Leads a Tech Rout to End October

The S&P 500 fell 1.8% and the Nasdaq 100 3.5% as Intel had its worst day since 1974 on a weak forecast, renewing worries about AI spending. Energy and staples rose.

Oct 30, 20264 min read
Closing brief🔒 Market Pulse

Closing Brief: Alphabet Drags Nasdaq Lower as Most Stocks Rise

The S&P 500 slipped 0.3% as Alphabet fell 12.6% and software sold off, but the typical stock rose and nine of 11 sectors gained. Amazon and Intel fell after the bell.

Oct 29, 20264 min read
Closing brief🔒 Market Pulse

Closing Brief: Fed Holds in Split Vote as Alphabet Slides After Hours

The S&P 500 rose 0.3% after the Fed held rates in a 10-2 vote, with Oracle and Vertiv lifting AI stocks. After the bell, Microsoft gained while Alphabet and ServiceNow fell.

Oct 28, 20265 min read