US stocks end mixed as technology shares erase early gains despite oil price plunge

US stocks finished mixed on Monday, November 2, surrendering an early rally as renewed selling in artificial intelligence stocks overshadowed a sharp decline in oil prices ahead of Tuesday's midterm elections.

The Nasdaq suffered the heaviest losses, while the Dow Jones Industrial Average held onto modest gains as investors shifted toward companies less exposed to concerns about excessive AI spending.

Price overview

As the market closed, the Dow Jones Industrial Average rose 0.42% to 51,986.30 points.

The S&P 500 declined approximately 0.5% to 7,542 points. while the Nasdaq Composite dropped around 1.1% to 25,164 points.

Technology stocks reverse early gains

Marvell Technology plunged after announcing its $115 billion acquisition of optical components manufacturer Lumentum, reflecting investor concerns about the scale of spending across the AI industry.

Nvidia also reversed earlier gains, while Apple weakened ahead of its quarterly earnings announcement.

The declines followed a difficult October for semiconductor stocks, as investors increasingly questioned whether enormous infrastructure investments would generate adequate returns.

Oil prices support broader market

Brent crude fell more than 7%, easing inflation concerns and lifting airline, cruise and other fuel-sensitive stocks.

Marriott International advanced after reporting stronger earnings, while veterinary products company Idexx Laboratories raised its annual forecasts.

Elections and economic data ahead

Investors now face Tuesday's congressional elections, Apple's earnings and Friday's US employment report.

The results could determine whether Wall Street recovers from October's technology selloff or faces another round of pressure from elevated valuations and uncertainty over interest rates.