Dow rises as tech selloff drags Nasdaq to three-month low (3 Nov)
- The Dow Jones Industrial Average fell 1.1% on Friday while the Nasdaq dropped 2.9%.
- Intel shares plummeted 29% after the company reduced its guidance.
- Oil prices dropped more than 3% on Monday amid Iran-Qatar negotiations.
- Investors are preparing for the US midterm elections scheduled for November 3.
- Tech giants Amazon, Alphabet, and Microsoft signaled continued chip spending.
The Dow Jones Industrial Average fell 1.1% according to spreadex.com, while halifax.co.uk reported a 1.09% decline to 51,770.31 on Friday. The S&P 500 dropped 1.8% according to spreadex.com, and 1.82% to 7,580.07 according to halifax.co.uk and facebook.com. The Nasdaq Composite fell 2.9% according to spreadex.com, and 2.86% to 25,437.00 according to halifax.co.uk.
This performance marked the Nasdaq's largest one-day decline since June and pushed the index to a three-month low during the session.
The index was projected to open 21.2 points lower on Monday following a 0.07% gain to 10,729.78 in the previous session.
Tech sector hit by Intel plunge and spending concerns
Intel shares plunged 29% on Friday after the company reduced its guidance, marking its worst session in decades. The Nasdaq 100 declined 3.46% on Friday as tech stocks reacted negatively to earnings reports that failed to meet expectations.
AMD and Dell shares both fell by approximately 11% on Friday, while Nvidia and HP also declined due to concerns regarding AI capital spending. Amazon, Alphabet, and Microsoft signaled they would maintain spending on chips and data centers despite investor impatience.
Amazon shares pared earlier losses on Friday despite missing earnings expectations. Starbucks shares declined after the company forecasted an annual revenue drop linked to the divestiture of its Chinese operations.
Oil prices drop on Iran-Qatar negotiations
Oil prices fell by more than 2% due to hopes for a negotiated conclusion to the Iran crisis.
Seven OPEC+ producers, including Russia and Saudi Arabia, agreed over the weekend to maintain December output targets.
The group scheduled another meeting for late November to determine January production levels.
Geopolitical tensions surround Iran talks
The U.S. president pushed for continued negotiations with Iran, a stance that disappointed Israeli Prime Minister Benjamin Netanyahu.
Donald Trump expressed a preference for these negotiations to play out rather than resuming war.
Markets brace for US midterm elections
Investors showed caution on Monday, November 2, 2026, as they prepared for the United States midterm elections scheduled for Tuesday, November 3, 2026. The dollar index decreased by 0.2% during the session.
US and European market futures indicated a potential rebound on Monday. Investors are looking toward Apple's upcoming earnings results and the outcome of the midterm elections.
Corporate updates from Crizac, FirstGroup, and others
Exxon Mobil and Chevron shares rose on Friday, benefiting from stronger profit margins caused by energy supply disruptions in Ukraine and the Middle East. Coinbase, Strategy, and Robinhood shares fell sharply after Binance reported a $6.3 billion hack on its cryptocurrency exchange.
AstraZeneca announced a restructuring plan to save $1.5 billion to support new drug development, leading to its best single-day share performance in a year. NatWest shares fell after the company reported a weaker-than-anticipated outlook for interest income.
LondonMetric Property Chief Financial Officer Martin McGann announced he will retire next summer. The company stated that plans to find a successor for McGann are well underway.
Crizac Limited reported a 37% drop in second-quarter revenue, attributing the decline to geopolitical disruption, currency fluctuations, and student deferrals.
Student applications for Crizac declined 3%, which management suggested indicates that demand remains intact. The company reported an EBITDA margin of 32% for the second quarter, up from 29.8% in the first quarter. Crizac remains debt-free with 5,958 million Indian rupees in net cash.
Management maintained its fiscal year 2027 guidance for revenue and profit. The company declared an interim dividend of 4 Indian rupees per share and anticipates a total fiscal year 2027 dividend of 8 to 10 Indian rupees per share. First-half operating income fell 18.3% to 3,039 million Indian rupees, and profit after tax fell 10.7% to 840 million Indian rupees.
Frequently Asked Questions
- FTSE Ends October Higher During Tech Rout - 02-11-2026 (spreadex.com)
- Halifax – Market news (investments.halifax.co.uk)
- Indian stock market update for February 11, 2026 (facebook.com)
- Earnings call transcript: Crizac Q2 2026 revenue drops 37% as stock slips (uk.investing.com)
- Asian stocks mixed as tech sector struggles to rebound from selloff (finance.yahoo.com)
- 7 Stocks to Watch as Wall Street Attempts to Rebound ... (ng.investing.com)
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