In brief
Stocks in New York on Monday edged forward, though uneven. The Dow moved higher and the S&P 500 fell. Technology shares fell while energy sales hindered industrial earnings, but consumer discretionary and materials stocks advanced. Oil prices dropped more than 7 percent, sending energy stocks lower and lifting traditional industrial shares.
In New York City on Monday, November 2, the bulk of the U.S. stock market traded with a finger poised in the middle; the Dow Jones Industrial Average moved higher, while the benchmark S&P 500 slipped and the tech‑heavy Nasdaq Composite trended lower. Investors around the world watched Reuters that the market’s uneven move reflected a pullback in technology names and a sharp decline in oil prices.
Technology shares retreated on the same day that crude oil prices fell more than seven percent. According to the Saudi Press Agency, the benchmark Brent crude futures settled at $104.77 a barrel, down $8.66, while West Texas Intermediate (WTI) fell to $96.46 a barrel, losing $7.66. The sell‑off followed news that the United States and Iran had begun diplomatic talks to de‑escalate hostilities, a development that calmed some of the volatility that had stoked oil markets before.
The energy slump hurt the S&P 500’s energy sector, where shares fell 3.97 percent. Technology lagged even further, losing 2.66 percent and dragging the U.S. equities index lower. The Nasdaq Composite closed 1.07 percent lower, 272.68 points or $272.68, at 25,164.32.
In contrast, the Dow rose 213.67 points, or 0.41 percent, to 51,983.98. The industrial and traditional sectors supplied the lift. Seven out of the 11 major S&P 500 sectors ended in positive territory; consumer discretionary moved up 2.25 percent and materials climbed 1.83 percent. Architectural coatings maker Sherwin‑Williams posted a gain of nearly six percent, while home‑improvement retailer Home Depot advanced 3.6 percent.
Conglomerate Honeywell International, industrial manufacturer 3M, and aerospace giant Boeing each advanced more than two percent, reinforcing the industrial gains that inched the Dow higher. The energy sector’s decline was offset by the broader industrial resonance.
On the technology side, Apple fell 1.83 percent ahead of the company’s fiscal fourth‑quarter earnings release scheduled after the closing bell. Semiconductor makers faced sustained selling pressure, with several names experiencing broader sell‑off.
Investor attention remained focused on the artificial‑intelligence arena. Tech startup Anthropic disclosed a revised S‑1 registration statement that included third‑quarter financial results, stirring further discussion around the AI space.
Even as the tech sell‑off weighed on the market, signs of underlying economic resilience surfaced. The S&P Global U.S. Manufacturing Purchasing Managers' Index for October was revised down to 54.9, still above the 50 expansion threshold for a 15th consecutive month. The index urged that factory activity continued to expand, even though manufacturers confronted supply‑chain disruptions and input‑cost pressures.
Labour market data was anticipated for later in the week, along with U.S. Federal Reserve indicators on interest‑rate policy. The mixed essentially mirrors a market dealing with a tangled blend of sector‑specific forces: technology over‑valuation concerns, energy price volatility, AI developments, and macro‑economic outlook.
