Stock market today: S&P 500 and Nasdaq extend tech sell-off, Dow gains as oil prices plunge
US stocks closed the session mixed on Monday as a tech sell-off resumed and investors assessed another packed week of earnings, midterm elections, and a key jobs report.
The Dow Jones Industrial Average (^DJI) edged up 0.4%, while the S&P 500 (^GSPC) fell 0.5% as investors rotated out of tech names. The tech-heavy Nasdaq Composite (^IXIC) gave up early-morning gains, dropping more than 1% after a bruising tech rout last week.
51,983.98 +213.67 (+0.41%)
At close: November 2 at 4:50:57 PM EST
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Markets attempted to regroup after an AI-fueled sell-off that saw the Nasdaq Composite lose 5.2% in October. Chipmakers sold off while Apple (AAPL) shares fell nearly 2% in the lead-up to the iPhone maker’s earnings report after the bell on Monday.
Investors also got a fresh look at Anthropic on Monday morning with the AI startup disclosing third quarter earnings in an amended version of its S-1 filing.
Bitcoin (BTC-USD) dropped 1% to fall below $77,000 per token after cryptocurrencies took a hit following a $6.3 billion hack of Binance, which investigators are calling the biggest crypto hack in history.
Crude oil prices, meanwhile, plummeted amid reports that the US and Iran are seeking a diplomatic resolution to the war in the Middle East. Brent crude futures (BZ=F), the international benchmark, traded near $104 per barrel.
On the economic data front, US manufacturing expanded in October as inflation pressures persisted, according to recent surveys. The calendar for the rest of the week will feature several labor market data releases, culminating in the government’s October jobs report on Friday.
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Banks became less aggressive on Q3 business loan pricing, Fed survey finds
US banks became less aggressive about offering cheaper corporate loans in the third quarter as borrowing demand from businesses weakened, according to a Federal Reserve survey released Monday.
A net 15% of banks reported narrowing interest rate spreads over their funding costs for loans to large and midsize businesses, down from nearly 27% in the previous quarter. For small businesses, that share fell to roughly 7% from 15%.
The shift marks a reversal in more aggressive loan pricing seen earlier this year as competition among lenders heated up.
The Fed’s quarterly Senior Loan Officer Opinion Survey also found banks charging higher premiums on riskier loans, citing a more uncertain economic outlook and worsening industry specific problems.
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Stock rebound sputters as tech sell-off resumes
Stocks’s comeback faded in afternoon trading after equities had clawed back some gains after last Thursday and Friday’s heavy losses.
The Nasdaq Composite (^IXIC) fell 0.4% after climbing as much as 1.3% earlier in the session, and the S&P 500 (^GSPC) slipped 0.1% as stocks hit session lows. The decline was largely tech-driven.
51,983.98 +213.67 (+0.41%)
At close: November 2 at 4:50:57 PM EST
^DJI ^IXIC ^GSPC
The outlier was the Dow Jones Industrial Average (^DJI), which remained up 0.6%, as investors rotated into consumer cyclical, financial services, and consumer defensive stocks.
The tech sector (XLK), meanwhile, fell 2.4%, dragged lower by hardware and chip stocks. Here’s a look at sector action as of 2:40 p.m. ET, according to an AlphaSpace heatmap:
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Fed has a long way to go to rein in inflation: Apollo’s Sløk
The Fed may be farther away from its inflation goal than the market currently expects, according to Apollo Global chief economist Torsten Sløk. (Disclosure: Yahoo is a portfolio company of funds managed by affiliates of Apollo Global Management.)
Consequently, more substantial rate hikes may be needed to achieve the Fed’s 2% inflation target.
“A macroeconomic model based on the historical relationship between interest rates, GDP and inflation suggests the Fed would need to raise the Fed funds rate by about 275 basis points, from roughly 4% today to 6.75% by the end of 2027, to bring CPI back to its 2% target,” Sløk wrote in a blog post on Monday.
Fed funds futures show traders are pricing in 76% odds of a 25 basis point rate hike in December, per CME Group. Markets have put a less-than-2% probability on the Fed raising its benchmark rate above 5% in 2027 (the rate is currently in a range of 3.75%-4.00%).
Sløk added that even if the Fed began hiking aggressively, inflation would not likely come down until at least the second quarter of 2027.
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Apple has turned into Wall Street’s hedge against the AI trade: Chart of the Day
When AI stocks get hit, investors have found a place to hide. It’s the company that has mostly sat out the AI spending race — Apple (AAPL).
Chip stocks have had plenty of rough days this year, and Apple has mostly shrugged them off. On the 46 days the Philadelphia Semiconductor Index (^SOX) fell 2% or more, Apple rose on 30, about two out of every three.
That’s new. From 1994 through last year, Apple rose on only about 1 in 6 of those days, and no year came anywhere close to this one, by Yahoo Finance’s calculations.
Share of days Apple stock rose when the Philadelphia Semiconductor Index fell 2% or more, by year. 2026 through Oct. 30 · Yahoo Finance Apple and chip stocks have basically stopped moving together. Apple’s correlation with the chip index — a measure of how closely two assets move in step — turned negative in July and hit its lowest level on record in September.
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Apple to report Q4 earnings Monday, with iPhone 18 sales in the spotlight
Apple (AAPL) will report its fourth quarter earnings after the bell Monday, providing investors with a glimpse of early iPhone 18 Pro sales. Yahoo Finance’s Dan Howley previews what to expect:
The iPhone Duo went up for preorder on Oct. 16 and went on sale Oct. 23, missing Apple’s fiscal Q4, though the company could still offer color on demand.
This will also be Apple’s first earnings call with new CEO John Ternus, who took over the role from Tim Cook on Sept. 1.
For the quarter, Apple is expected to report earnings per share (EPS) of $2 on revenue of $113.46 billion, according to Bloomberg analyst consensus estimates. The company saw EPS of $1.85 and revenue of $102.46 billion in the same period last year.
New Apple CEO John Ternus speaks as Apple holds an event at the Steve Jobs Theater on its campus in Cupertino, California, U.S., September 9, 2026. REUTERS/Carlos Barria · Reuters / REUTERS -
