The selloff in artificial-intelligence and chip stocks continued on Monday 2 November 2026. Intel fell again after last week's weak forecast, memory and chip names followed, and the Nasdaq Composite closed 1.1% lower at 25,164.32. At the same time oil dropped sharply on hopes of US–Iran talks, and that lifted most other stocks: nearly seven in ten S&P 500 companies rose and the Dow gained. On our MT5 feed the Nasdaq 100 (USTEC) is at 27,973.30, −2.47% over 24 hours. Americans vote in the midterm elections today, Tuesday 3 November.
What happened
Wall Street opened higher on Monday, but the rally faded as technology shares turned lower again. These are the key moves of the last two sessions:
Intel's stock plunged after the company gave fourth-quarter revenue guidance below forecasts, citing shortages of wafers, substrates and memory and a weak PC market. Last week's results from Alphabet and Amazon had already revived worries about how much cash Big Tech is spending on AI.
Oil fell sharply after talks between Iranian and Qatari officials raised hopes of an end to the war. Iranian President Masoud Pezeshkian said Supreme Leader Mojtaba Khamenei had given the government "certain authorities" to negotiate with the United States.
Intel fell again and has now lost about half its market value since late September. Memory and storage stocks such as Micron and Seagate dropped with it. Marvell Technology fell 12.7% after agreeing to buy Lumentum for 4.5 Marvell shares per Lumentum share; Lumentum fell 18.6%. Nvidia gave up an early gain and closed lower.
Outside tech, cheaper energy helped consumer, travel and industrial shares. US manufacturing data for October came in stronger than expected. Idexx Laboratories jumped 21.8% after strong results.
US markets closed with the S&P 500 lower, the Dow higher and the Nasdaq Composite down 272.68 points. After the bell Apple beat profit and sales forecasts but warned that its gross margin would fall in the October–December quarter because of rising memory-chip costs.
Asian markets struggled, led by tech-heavy South Korea and Taiwan. Japan's stock market was closed for the Culture Day holiday. A US official said the United States had carried out strikes on Iran's Qeshm Island in the Strait of Hormuz.
Why the AI trade is under pressure
Big Tech companies are pouring hundreds of billions of dollars into AI data centres. Investors are now asking whether that spending will bring enough profit, and the latest company results added to the doubt: heavier cash burn, softer guidance and, at Apple, higher memory costs.
Monday showed a split market. Cheaper oil normally helps growth stocks because it eases inflation and interest-rate pressure. This time tech fell anyway, while most of the rest of the market rose. That is why the Dow, with fewer tech names, gained while the Nasdaq fell.
Stocks and oil on our feed
On our MT5 feed the Nasdaq 100 (USTEC) is at 27,973.30: −2.47% over 24 hours and −5.44% over five days, after a five-day high of 29,632.90. The S&P 500 (US500) moved −1.23% and the Dow (DJ30) −0.34% over 24 hours.
Among single stocks, Intel fell −8.31% to $59.84. Microsoft moved −2.87%, NVIDIA −1.26%, Apple −1.87% and Google −0.10%. Japan's Nikkei 225 (JP225) moved −1.27% while the Tokyo exchange was shut.
Nasdaq 100, S&P 500, Dow and Brent crude side by side over the same five days. Brent (UKOIL) is at $109.64, −3.80% over 24 hours:
Scenarios for the coming days
- Tech selloff continues: if more AI and chip companies disappoint, or investors keep cutting exposure, the Nasdaq 100 may keep underperforming the Dow and the wider market.
- Rotation holds: if oil stays lower and economic data stay firm, money may keep moving from tech into consumer, industrial and financial shares, with the S&P 500 caught in between.
- Relief rally: if the midterm result is clear and the US–Iran talks progress, markets may see a short-term bounce in beaten-down tech names.
- New shock: if the US–Iran talks break down after the Qeshm strikes, oil may jump back and add pressure on all stocks.
What to watch next
- The US midterm elections today: control of Congress is at stake. Results start to arrive after the first polls close in the eastern states, early on Wednesday Mecca time.
- The US open at 17:30 Mecca time: the first test of how investors read Apple's margin warning.
- Chip stocks: Intel, the memory makers and Nvidia remain the centre of the selloff.
- US–Iran talks and any reply from Iran to the Qeshm strikes: they drive oil, and oil drives the rest of the market.
- Asian tech markets: South Korea and Taiwan show where global tech money is flowing.
Trading indices and stocks at TNFX
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Common questions
Why are tech stocks falling?
Investors doubt that the huge AI spending of Big Tech will bring enough profit. Weak guidance from Intel, heavier cash burn reported last week and Apple's warning about memory-chip costs added to the selling on 2 November 2026.
Why did the Dow rise while the Nasdaq fell on 2 November?
Oil dropped sharply on hopes of US–Iran talks, which helped consumer, travel and industrial stocks. The Nasdaq has more tech and chip companies, which kept falling. Nearly seven in ten S&P 500 stocks rose.
Why did Intel stock crash?
On 30 October Intel gave fourth-quarter revenue guidance below forecasts, citing component shortages and a weak PC market. The stock fell again on Monday and has lost about half its value since late September.
How do the US midterm elections affect stocks?
The vote on 3 November decides control of Congress, which shapes taxes, spending and regulation. Markets often move when a clear result reduces uncertainty, and can swing if the result is close or delayed.
What is the VIX index?
The VIX measures the volatility that options traders expect in the S&P 500 over the next 30 days. It usually rises when stocks fall sharply or uncertainty grows, so traders call it the fear gauge.
What is the Nasdaq 100 price now?
On the TNFX MT5 feed the Nasdaq 100 (USTEC) is at 27,973.30, −2.47% over 24 hours and −5.44% over five days.