The key facts

  • Nasdaq fell 1.07% to 25,164.36, the S&P 500 fell 0.51% to 7,541.40; the Dow added 0.41% to 51,983.98
  • Marvell Technology lost nearly 13% on the $115 billion Lumentum deal, Oracle fell more than 8% on a plan to raise $20 billion for AI infrastructure
  • The divergence continued October's trend: the Nasdaq then posted its worst month since March 2025, while the Dow gained almost 2%

Tech sector wipes out morning gains

US stocks closed mixed on Monday: a selloff in the technology sector erased the gains made early in the session — on the first trading day of November. Anadolu reports. The tech-heavy Nasdaq Composite fell 1.07% to 25,164.36, although it had gained as much as 1.4% during the session. The S&P 500 gave up a rise of up to 1.1% and finished down 0.51% at 7,541.40. The industrial Dow Jones Industrial Average, by contrast, rose 213.67 points, or 0.41%, to 51,983.98.

AI infrastructure deals set the tone for the declines

The sharpest moves were triggered by two pieces of news related to the expansion of data centers for artificial intelligence. Shares of chipmaker Marvell Technology fell nearly 13% after an agreement to acquire Lumentum — a company that makes optical components for data transmission — in a deal worth $115 billion; Lumentum shares themselves lost 18%. Oracle dropped more than 8% after announcing a plan to raise $20 billion to fund the expansion of its AI infrastructure — split evenly between a common stock offering and bonds. Nvidia and Meta Platforms each lost about 1%, while Apple closed nearly 2% lower ahead of its quarterly earnings release.

Gains outside the tech sector and the October backdrop

At the same time, most US stocks still rose: paint maker Sherwin-Williams gained nearly 6%, home improvement retailer Home Depot added 3.6%, supporting the Dow; Honeywell International, 3M and Boeing each added more than 2%. This divergence between sectors continued October's pattern: back then the Nasdaq posted its worst month since March 2025, while the Dow gained almost 2%. Investor attention was also focused on the US midterm elections on Tuesday and on employment data expected later this week.

Europe rises as oil falls

European indices closed mostly higher against the backdrop of prospects for the resumption of talks between the US and Iran, which sent oil prices lower. Brent fell 7.63% to $104.77 per barrel, and US WTI fell 7.36% to $96.46. The decline in oil eased concerns about fuel costs and supported travel sector stocks. Spain's IBEX 35 rose 1.63% to 18,957.80, Germany's DAX gained 0.63% to 25,981.09, and the Euro Stoxx 50 added 0.73% to 6,176.06. Britain's FTSE 100 rose 0.29% to 10,761.33, notching a fourth straight day of gains, ahead of the Bank of England's rate decision expected later in the week.