U.S. stocks gave up an early rally Monday, November 2, as selling in technology and artificial-intelligence companies pulled the S&P 500 and Nasdaq lower. The Dow Jones Industrial Average managed a modest gain, leaving the three major indexes headed in different directions on the eve of U.S. midterm elections.

Preliminary closing figures cited by Reuters put the S&P 500 down 0.50% at 7,542.27 and the Nasdaq Composite down 1.07% at 25,164.32. The Dow finished 0.43% higher at 51,992.19. The Associated Press separately reported that the broad-market index had risen as much as 1.1% earlier in the session before losing ground.

The reversal followed a weak October for technology stocks. Investors have been weighing whether spending on data centers, chips and other AI infrastructure can generate earnings quickly enough to justify lofty valuations and new borrowing. Shares of Oracle fell after filings outlined plans to raise $20 billion through debt and equity offerings. Marvell Technology and Lumentum also declined following an announced all-stock acquisition that would combine two suppliers of AI connectivity hardware.

Apple slipped ahead of its quarterly financial results, while shares of Amazon and Tesla rose. Market participants were also preparing for Tuesday's congressional elections, which could change the balance of power in Washington.

Energy prices moved in the opposite direction of their recent wartime surge. Brent crude fell sharply as the prospect of further U.S.-Iran negotiations encouraged hopes that disruptions to oil shipping and supply could ease. AP reported a roughly 7.6% decline in Brent to $104.77 a barrel, a move that helped some airlines and travel-related shares.

New economic data offered a mixed backdrop: the Institute for Supply Management reported that its October manufacturing index rose to 55.5 from 54.5 in September. That pointed to continued factory-sector expansion, but it did not eliminate investors' concerns about the financing and profitability of large technology investments.

Monday's close is a snapshot, not a prediction of how Tuesday's voting or upcoming earnings will affect markets. Investors are awaiting additional corporate reports and the next set of federal economic data.

Sources: - Reuters, November 2, 2026 - Associated Press, November 2, 2026 - Institute for Supply Management, October 2026 Manufacturing PMI, released November 2