Tech Rout Wipes Out Wall Street Gains as Dow Climbs 0.41 Percent
(MENAFN) A sharp sell-off in technology stocks wiped out early gains across Wall Street on Monday, the first trading session of November, even as industrial and home improvement shares pushed the Dow higher.
The Nasdaq Composite slid 1.07% to close at 25,164.36, reversing a climb of as much as 1.4% earlier in the day. The S&P 500 surrendered an intraday advance of as much as 1.1% and ended 0.51% lower at 7,541.40. The Dow Jones Industrial Average bucked the trend, adding 213.67 points, or 0.41%, to settle at 51,983.98.
Two announcements linked to the buildout of artificial intelligence data centers triggered some of the steepest moves. Chipmaker Marvell Technology plunged nearly 13% after agreeing to acquire Lumentum, a supplier of optical components that transmit data, in a $115 billion deal. Lumentum shares tumbled 18%.
Oracle shed more than 8% after laying out plans to raise $20 billion to fund its AI infrastructure expansion, split evenly between common stock sales and bond issuance. Nvidia and Meta Platforms each lost roughly 1%, while Apple closed nearly 2% lower ahead of its quarterly earnings report.
Most US stocks still finished higher. Paint maker Sherwin-Williams jumped nearly 6% and home improvement retailer Home Depot rose 3.6%, both lifting the Dow. Honeywell International, 3M and Boeing each gained more than 2%.
The split extends a pattern from October, when the Nasdaq suffered its steepest monthly drop since March 2025 while the Dow climbed nearly 2%. Investors now turn to Tuesday’s US midterm elections and jobs data due later this week.
European shares climb as oil prices plunge
European equities closed mostly higher Monday as prospects of renewed US-Iran talks drove crude prices sharply lower.
Travel and leisure stocks advanced as cheaper oil eased worries over fuel costs. Brent crude settled down 7.63% at $104.77 a barrel, while US benchmark West Texas Intermediate dropped 7.36% to $96.46.
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, which tracks euro area blue chips, climbed 0.73% to 6,176.06.
Britain’s FTSE 100 added 0.29% to 10,761.33, marking its fourth straight advance, ahead of the Bank of England’s interest rate decision later this week.
The Nasdaq Composite slid 1.07% to close at 25,164.36, reversing a climb of as much as 1.4% earlier in the day. The S&P 500 surrendered an intraday advance of as much as 1.1% and ended 0.51% lower at 7,541.40. The Dow Jones Industrial Average bucked the trend, adding 213.67 points, or 0.41%, to settle at 51,983.98.
Two announcements linked to the buildout of artificial intelligence data centers triggered some of the steepest moves. Chipmaker Marvell Technology plunged nearly 13% after agreeing to acquire Lumentum, a supplier of optical components that transmit data, in a $115 billion deal. Lumentum shares tumbled 18%.
Oracle shed more than 8% after laying out plans to raise $20 billion to fund its AI infrastructure expansion, split evenly between common stock sales and bond issuance. Nvidia and Meta Platforms each lost roughly 1%, while Apple closed nearly 2% lower ahead of its quarterly earnings report.
Most US stocks still finished higher. Paint maker Sherwin-Williams jumped nearly 6% and home improvement retailer Home Depot rose 3.6%, both lifting the Dow. Honeywell International, 3M and Boeing each gained more than 2%.
The split extends a pattern from October, when the Nasdaq suffered its steepest monthly drop since March 2025 while the Dow climbed nearly 2%. Investors now turn to Tuesday’s US midterm elections and jobs data due later this week.
European shares climb as oil prices plunge
European equities closed mostly higher Monday as prospects of renewed US-Iran talks drove crude prices sharply lower.
Travel and leisure stocks advanced as cheaper oil eased worries over fuel costs. Brent crude settled down 7.63% at $104.77 a barrel, while US benchmark West Texas Intermediate dropped 7.36% to $96.46.
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, which tracks euro area blue chips, climbed 0.73% to 6,176.06.
Britain’s FTSE 100 added 0.29% to 10,761.33, marking its fourth straight advance, ahead of the Bank of England’s interest rate decision later this week.
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