Market Wrap US Market Summary for November 2, 2026
Today at a Glance
Market Summary
New York markets ended mixed . The Dow rose, while the Nasdaq declined. The trigger was oil prices. As international oil prices plummeted by over 7% on expectations of resumed dialogue with Iran, investors sold tech stocks and rotated money into consumer, financial, and industrial sectors. The early-session rebound was short-lived. Tech selling continued for a second day. Amid caution ahead of the midterm elections, the Fear & Greed Index stands at 23.
Sector & Asset Trends
Consumer Discretionary XLY +2.41%
Financials XLF +1.86%
Materials XLB +1.76%
Consumer Staples XLP +1.58% Industrials XLI +1.38%
Real Estate XLRE +1.09%
Utilities XLU +0.55%
Communication XLC +0.36%
Healthcare XLV -0.15%
Technology XLK -2.95%
Energy XLE -3.96%
Gold GLD +1.65%
Treasuries 7-10Y IEF -0.28% Crude Oil USO -7.08%The keyword of the day was sector rotation (the flow of money moving between industries). The plunge in oil prices eased cost burdens for consumer, transportation, and industrial sectors. Conversely, concerns that too much capital is flowing into AI infrastructure investment continued to weigh on tech stocks. Capital that had previously sought refuge in defensive stocks spread more broadly into consumer discretionary and financials today.
Major Stock Trends
GE GE 항공우주 +4.6% $315.78 
ABT 애보트 +3.7% $110.16 
HD 홈디포 +3.6% $341.15 
INTC 인텔 -8.8% $59.95 
ORCL 오라클 -8.8% $119.22 
AMD 어드밴스트마이크로즈 -7.5% $466.70 GE GE Aerospace Money exiting tech stocks flowed into industrials. Buying pressure also hit the leading aerospace stock. +4.63% ABT Abbott One-year clinical results for the cardiovascular device Amulet 360 were positive. Announcements that it reduced stroke risk pushed the stock price up. +3.73% HD Home Depot Expectations rose that consumer spending power would recover due to the sharp drop in oil prices. It was a key stock leading the Dow's rise .MarketWatch +3.63% 
BABA Alibaba News broke that China's central bank and securities regulators are discussing measures to support the stock market. Chinese and Hong Kong markets rose together. +3.53% INTC Intel The weak Q4 outlook released the previous day continued to weigh on the stock. Warnings of slowing personal computer (PC) demand pressured the stock price for the second consecutive day .The Motley Fool -8.84% ORCL Oracle The company decided to raise $20 billion for AI infrastructure investment. As it issues $10 billion in stock and $10 billion in corporate bonds, concerns over dilution of existing shareholders' stakes have grown .CNBC -8.76% AMD Advanced Micro Devices Semiconductor selling continued for the second day. Intel's PC warning dampened investment sentiment across the semiconductor sector. -7.55% 
SNDK SanDisk Japanese memory maker Kioxia warned that the upward trend in NAND flash (storage memory semiconductor) prices could stall. The entire memory sector was shaken .Bloomberg -6.62% 
XOM Exxon Mobil The sharp drop in oil prices dragged down the profit outlook for major oil companies. ConocoPhillips also fell alongside them .CNBC -4.05% 
Key events on November 3
Economic releases 1 AMD Advanced Micro Devices Inc After-hours 
AMGN AMGEN Inc After-hours 
ANET Arista Networks Inc After-hours +2 more
TSII REX TSLA Covered Call ETF 80.53% Amount TBD 
NVII REX NVDA Growth & Income ETF 57.69% Amount TBD 
LIFT LifeX 2028 Income Bucket ETF 49.42% Amount TBD +2 more
Expert Comments
The narrative of a long-term bull market has taken a hit in recent weeks, but it remains valid. The difficulties are short-term trends. Due to surging oil prices, concerns over AI spending, inflation, and geopolitical variables, the trend has been unable to sustain itself for more than a few days.
Chris Larkin, Managing Director of Trading & Investment at eTradeThis rebound means that investors are willing to buy the dip. However, confidence in tech stocks remains weak.
Daniela Hasson, Senior Market Analyst at CapitalDotcomAs long as the war is certainly not over and attacks on tankers and the Houthis continue, diplomatic news alone will not completely eliminate the risk premium.
Ryan McKay, Director of Commodity Strategy at TD Securities
Technical Signals & Outlook
Today's signals were split exactly in half, with 120 bullish and 120 bearish signals. A number that reflects a day where the indices were split up and down. Oversold signals were concentrated in tech stocks such as Microsoft ($MSFT) and Advanced Micro Devices ($AMD), while overbought signals were concentrated in consumer and payment stocks such as Walmart ($WMT) and Visa ($V). Check individual stock signals at View Today's Signals, and tomorrow, keep an eye on the midterm election results and whether tech stocks rebound.
Back to ListDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.