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Dow gains 0.41% while Nasdaq slips as morning rally fades on midterm eve

Cheaper oil lifts consumer and materials names, but tech stays shaky ahead of Apple and Palantir results.

· AP's Morning Brief

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Image: Arild Vågen, NYSE Broad Street facade, CC BY-SA 4.0

Wall Street ended the first session of November split. The Dow Jones Industrial Average rose 0.41% to 51,983.98, while the S&P 500 lost 0.51% to 7,541.40 and the Nasdaq Composite fell 1.07% to 25,164.32. The S&P 500 had been up as much as 1.1% early in the day before the rally faded as technology and AI stocks stayed shaky after last week's sell-off.

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Underneath the index split, most stocks rose. Advancers beat decliners on the New York Stock Exchange by 1842 to 958. Consumer services, financials and basic materials led, helped by a sharp drop in crude: December WTI fell 7.63% to $96.18 a barrel and January Brent fell 8.06% to $104.29 as Iran signaled openness to talks with Washington. Sherwin-Williams was the top Dow gainer, up 5.72% to $351.65, followed by Home Depot, up 3.42%, and American Express, up 3.28%. Chevron fell 3.22% and Microsoft declined 2.17% to $510.59.

Fear gauges moved the other way. The CBOE Volatility Index rose 9.78% to 21.32, a new three-month high, and December gold futures added 1.32% to $3,950.30 an ounce. The caution reflects a bruising October, when the Nasdaq fell 5.3% on worries that AI infrastructure spending is outpacing near-term cash generation.

The next tests arrive fast. Apple and Palantir report after the bell, with Apple shares lower ahead of the release as investors focus on rising memory-chip costs. Tuesday brings the U.S. midterm elections, which will decide whether Democrats can take control of Congress, and a busy week of earnings continues.

Correction, Nov 2, 2026: An earlier version gave preliminary figures; updated with official closing data.

Sources

  1. CNBC — Nov 2, 2026 official close: Dow +0.41% (213.67 points) to 51,983.98; S&P 500 -0.51% to 7,541.40; Nasdaq -1.07% to 25,164.32; S&P was up as much as 1.1% early; Nasdaq up as much as 1.4% earlier.
  2. Barron's — U.S. indexes ended Monday mixed: Dow rising 0.41%; S&P 500 declined 0.51%; NASDAQ Composite declined 1.07%.
  3. Reuters via NY Post — Dow jumped 213.67 points, or 0.4%, to close at 51,983.98; Nasdaq dropped 1.1%; S&P 500 fell 0.5%; Iran open to peace talks; midterms Tuesday.
  4. Investing.com breadth and leaders — NYSE advancers 1842 vs decliners 958; consumer services, financials, basic materials led; SHW +5.72% to 351.65; HD +3.42%; AXP +3.28%; CVX -3.22%; MSFT -2.17% to 510.59; VIX +9.78% to 21.32, new 3-month (three-month) high; December gold +1.32% to $3,950.30; December crude -7.63% to $96.18; January Brent -8.06% to $104.29. (Index percentages in this wire were preliminary and are superseded by CNBC/Barrons closes above.)
  5. Reuters via Yahoo Finance — Nasdaq fell 5.3% in October on worries AI infrastructure spending outpacing near-term cash generation; Apple declined ahead of report after the bell on memory chip costs; Iran open to peace talks; midterms Tuesday decide whether Democrats can take control of Congress.
  6. Stock Titan earnings calendar — Apple (AAPL) and Palantir (PLTR) report after the close Monday Nov 2, calls at 5:00 p.m. ET.