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- calendar_today November 2, 2026
US Stock Market Struggles for Direction After Recent Sell-Off
The US stock market opened the week on a wavering note following last week’s sell-off led by technology and artificial intelligence industries. On Monday, the S&P 500 edged up just 0.1%, remaining within 3% of its all-time high despite marking its third consecutive losing week. The Dow Jones Industrial Average rose by 431 points, or 0.8%, as of early afternoon trading, while the Nasdaq composite slipped by 0.2%.
Oil Prices Fall Sharply Amid Global Uncertainties
Oil prices experienced a significant drop, influencing early gains for stocks. Brent crude, the international benchmark, fell 7.9% to $104.48 per barrel in a volatile session. The price of Brent crude has swung between roughly $70 and $120 per barrel since the outbreak of the war involving Iran, reflecting continued uncertainty about when the global oil market will stabilize.
Fluctuations in Tech and AI Stocks Continue
Stocks in the artificial intelligence sector continued their volatile trajectory amid concerns that the surge in valuations might be excessive. Analysts questioned whether the large investments by major technology companies in AI data centers would ultimately deliver sufficient productivity and profitability.
The latest earnings from Alphabet, Google’s parent company, underscored some of these worries. Alphabet reported slower-than-expected growth in its core search business and higher cash outflows, raising concerns that AI could be cannibalizing its profitable segments. Nevertheless, Alphabet shares recovered 1.4% on Monday after a severe drop of more than 12% the previous Thursday. Nvidia also gained 0.4% after a recent decline.
Corporate Earnings Drive Diverse Stock Moves
Outside the tech and AI sectors, several companies reported stronger-than-expected earnings, leading to stock gains. Marriott International shares rose 3.9% as the hotel group reported improved trends worldwide, including the Middle East. Idexx Laboratories surged 20.5% after surpassing expectations for both profit and revenue and raising its full-year forecasts for 2026.
However, Marvell Technology fell 11.1% after it announced a deal to acquire Lumentum, a provider of lasers and networking equipment for AI and cloud computing. The transaction, valued at approximately $115 billion, involved Marvell offering 4.5 shares for each Lumentum share. Lumentum, in turn, saw its stocks drop by 17.3%.
Economic Growth and Inflation Concerns
Reports indicated that US manufacturing growth exceeded economists’ expectations last month. Importantly, inflation measures appeared to be rising at a slower pace, according to a survey by the Institute for Supply Management. These figures offered some reassurance about the resilience of the US economy amid persistent concerns over high inflation and interest rates.
International Markets React to Economic Developments
International markets showed varied responses. European indexes posted gains, while Asian markets experienced larger swings. South Korea’s Kospi jumped 2.2% amid renewed strength in local tech giants. In China, both the Shanghai and Hong Kong indexes rose—by 1.1% and 0.4%, respectively—following steeper recent declines. The People’s Bank of China announced plans to deploy around 100 billion yuan ($15 billion) under a new initiative aimed at supporting the market.
Source: whdh.com.
