In brief
Monday’s U.S. market opened with a vibrant tech rally that waned, while a dramatic drop in oil prices buoyed industrial and materials sectors. The Dow climbed 0.41%, the S&P 500 slid 0.51%, and the Nasdaq fell 1.07%. Key tech concerns and AI market chatter weighed on growth stocks, while manufacturing expansion and falling crude reinforced gains in non‑energy shares.
On Monday, U.S. stocks closed mixed in New York, as technology shares gave back early‑session gains while a steep fall in oil prices buoyed industrial and non‑energy stocks, Xinhua reported.
The Dow Jones Industrial Average rose 213.67 points, or 0.41 percent, to 51,983.98. The S&P 500 declined 38.67 points, or 0.51 percent, to 7,541.40; the Nasdaq Composite fell 272.68 points, or 1.07 percent, to 25,164.32.
Seven of the eleven S&P 500 sectors finished in positive territory. Consumer discretionary added 2.25 percent and materials added 1.83 percent. Energy and technology lagged, tumbling 3.97 percent and 2.66 percent, respectively.
Wall Street struggled to regain footing after a bruising month for growth stocks, with the Nasdaq falling 5.2 percent in October. Semiconductor makers faced sustained selling pressure, and Apple shares slipped 1.83 percent ahead of the company’s fiscal fourth‑quarter earnings release, scheduled after the closing bell.
Investor attention remained focused on the artificial‑intelligence landscape after AI startup Anthropic released an amended S‑1 registration statement disclosing its third‑quarter financial results, according to Xinhua.
Traditional‑economy and industrial stocks helped drive the Dow higher. Architectural coatings maker Sherwin‑Williams surged nearly 6 percent, and home‑improvement retailer Home Depot advanced 3.6 percent. Conglomerate Honeywell International, industrial manufacturer 3M, and aerospace giant Boeing posted solid advances, each climbing more than 2 percent.
In oil markets, crude futures dropped more than 7 percent following reports that the United States and Iran are exploring diplomatic channels to de‑escalate ongoing hostilities. Global benchmark Brent crude futures settled at $104.77 per barrel on the London ICE Futures Exchange, while U.S. West Texas Intermediate fell to $96.46, as reported by the Saudi Press Agency.
On the macroeconomic front, U.S. manufacturing activity continued to expand in October, though at a slightly moderated pace. The S&P Global U.S. Manufacturing Purchasing Managers' Index was revised down to 54.9 in October from an initial estimate of 56, compared with 55.9 recorded in September. The gauge remained above the critical 50 expansion threshold for a 15th consecutive month, signaling underlying factory resilience even as manufacturers contend with supply‑chain disruptions and persistent input‑cost pressures, Xinhua noted.
Investors are now looking ahead to upcoming labor‑market data, as well as potential policy moves from the Federal Reserve, which holds interest rates steady ahead of the midterm elections.
Meanwhile, the sharp plunge in oil prices provided temporary relief for energy‑related companies, but also reinforced concerns over a weaker demand outlook in the industrial and transportation sectors.
Thus, Monday’s session reflected a blend of tech‑led volatility and industrial gains, leaving a market that was up on one major index, down on another, and sharply lower on the tech‑heavy Nasdaq.
