Market Overview

Markets Diverge as Tech Rebounds, Oil Tumbles Amid Midterm Watch

U.S. equities presented a mixed picture on Tuesday, November 3, 2026, with the tech-heavy Nasdaq Composite climbing 0.83% and the S&P 500 gaining 0.36%, while the Dow Jones Industrial Average dipped 0.38%. A significant driver was the sharp decline in crude oil prices, with Brent crude plunging 7.47% and WTI crude falling 7.2% due to unconfirmed reports of progress in U.S.-Iran negotiations, easing geopolitical tensions and offering hopes for reduced inflationary pressures. The technology sector saw a notable divergence. While influential chip stocks like Nvidia (+3.2%) and Advanced Micro Devices (+5.5%) rebounded, lifting the Nasdaq, Apple Inc. shares fell 1.83% amidst concerns over its gross margin forecast ahead of earnings, becoming a drag on the Dow. Broader investor sentiment in tech remains cautious due to lingering worries about the returns on massive AI infrastructure spending and elevated valuations. Energy stocks, including ExxonMobil (-4.1%) and Equinor (-6.9%), reacted negatively to the oil price drop. Meanwhile, with midterm elections underway, markets are keeping an eye on potential policy shifts, though historical data suggests post-midterm periods often see market stability. The Federal Reserve's recent decision to hold interest rates steady at 3.75-4.00% in October, despite elevated inflation, continues to shape expectations for future monetary policy, with another hike anticipated before year-end.

AI-assisted analysis, reviewed by our editorial team. Not financial advice.