Oil tumbled more than 7% on Iran peace signals as money moved out of US tech
Investors pulled out of US technology stocks again on Monday sending the Nasdaq composite down 1.07 percent to close at 25,164.32 while the Dow Jones Industrial Average rose 0.41 percent to 51,983.98.
CNBC reported that the S&P 500 shed 0.51 percent to 7,541.40 after being up as much as 1.1 percent earlier in the session, with the Nasdaq having gained as much as 1.4 percent.
Seven of the 11 S&P 500 sector indexes rose, led by consumer discretionary at 2.25 percent and materials at 1.83 percent, while the energy index fell 4 percent, according to Reuters.
Marvell Technology fell 13 percent after saying it would buy optical components maker Lumentum in an all-stock deal valued at US$115bn including debt, the same outlet reported, and Lumentum dropped 18.6 percent.
Oracle fell almost 9 percent after regulatory filings showed plans to raise US$20bn through a debt and share sale, which CNBC reported as US$10bn in common stock and US$10bn in bonds to finance the company’s artificial intelligence buildout.
Per Reuters, Intel fell 8.8 percent, adding to a 29 percent drop on Friday after forecasting quarterly revenue below market estimates.
The Nasdaq fell 5.3 percent in October 2026, Reuters reported, and the S&P 500 technology sector slid 6.8 percent over the month, its biggest monthly drop since March 2025.
Nine of the index’s 11 sectors gained in October, holding the benchmark’s monthly decline below 1 percent, and the technology sector alone accounts for a 38 percent weight in the S&P 500.
Angelo Kourkafas, senior global investment strategist at Edward Jones, said in comments carried by Reuters that corporate and consumer fundamentals remain healthy.
Investors are keeping their equity exposure, he said, but are trimming AI concentration risk and moving into holdings with different return drivers.
Jake Dollarhide, chief executive of Longbow Asset Management in Tulsa, Oklahoma, told Reuters that investors remain concerned about the pace of AI spending.
“Companies have to realize there’s a limit to how much they spend and what it means in terms of enhanced shareholder value. At some point, there is no additional value-add, just expense,” Dollarhide said.
CNBC reported Brent crude fell 7.63 percent to close at US$104.77 per barrel, while US West Texas Intermediate futures fell 7.36 percent to settle at US$96.46.
Prices fell on hopes the US and Iran may resume peace talks, with Secretary of State Marco Rubio saying over the weekend that US President Donald Trump “hasn’t made a decision” to attack Iran and that Washington would prefer to resolve the conflict “peacefully,” as the publication reported.
AP reported Brent has traded between roughly US$70 and US$120 per barrel since shortly before the war with Iran began.
Canada’s main stock index gained 181.06 points to close at 35,801.09 on strength in the industrials and basic materials sectors, the Canadian Press reported.
The Canadian dollar traded for 71.54 cents US, down from 71.63 cents US on Friday, the December crude oil contract was down US$7.66 at US$96.46 per barrel, and the December gold contract was up US$70.70 at US$3,969.60 an ounce.
US manufacturing activity picked up in October 2026 amid solid domestic demand, and a measure of inflation in the Institute for Supply Management survey showed prices rising at a slower pace, according to AP.
US midterm elections are scheduled for Tuesday, November 3, with polls suggesting Democrats are likely to win the House of Representatives and the Senate outcome less clear, Reuters reported.
