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Economy

Nasdaq Falls 1.1% as Oil Drops 8% on Hopes for U.S.-Iran Diplomacy

The Nasdaq fell 1.1% and the S&P 500 slipped 0.5% on Monday while the Dow rose 0.4%, as oil dropped 8% after Secretary of State Marco Rubio said the U.S. would prefer a peaceful resolution with Iran.

By admin Nov. 2, 2026 · 5:43 PM ET 2 min read

Traders seen from behind at desks in a stock market trading room, facing a wall of blank screens

Major stock indexes ended Monday split, as technology shares gave back early gains and oil prices fell sharply on hopes for a diplomatic end to the war with Iran. The Nasdaq Composite closed 1.1% lower, the S&P 500 fell 0.5%, and the Dow Jones Industrial Average added 0.4%. It was the third straight day of steep declines for the Nasdaq, which in October recorded its biggest one-month decline since March 2025, according to Investopedia.

Several oil pumpjacks standing in a dry field under a pale sky

Oil led the day’s move. After reports that the United States is preparing to strike Iran after Tuesday’s midterm elections, Secretary of State Marco Rubio said over the weekend that the United States would “prefer to do it peacefully.” West Texas Intermediate crude, the U.S. benchmark, was down 8% at $95.80 per barrel. The S&P 500 energy index dropped 4%, with APA Corp. and Devon Energy each down about 7% and Chevron and ExxonMobil each down more than 3%.

Chip stocks fall again

Technology shares stayed under pressure in afternoon trading, pushing the S&P 500 technology index down 2.7%. The iShares Semiconductor ETF fell nearly 4%. Intel fell another 9% after dropping nearly 30% on Friday, and Marvell Technology dropped 13% after news of its purchase of Lumentum in a deal valued at $115 billion. Advanced Micro Devices fell 7%, Micron fell 6%, and Nvidia and Broadcom each fell 1%. Investors were also waiting for earnings reports due after the closing bell from Apple and Palantir, after results last week from Alphabet, Intel and Amazon weighed on the sector.

A plain white passenger airplane parked at an airport gate beside a terminal building

Transportation shares moved the other way as fuel costs fell. United rose 5%, American and Delta each added 4%, and FedEx Freight climbed nearly 5%. Gold futures rose 1.5% to $3,955 an ounce, after falling below $3,900 on Friday to their lowest level in more than a year. Bitcoin traded at $76,700, and the yield on the 10-year Treasury note was 4.92%, after falling as low as 4.87% during the session.

A stack of gold bars on a dark surface

Reporting based on coverage by Investopedia.

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