S&P 500 ends down; Apple dips ahead of quarterly report
By Noel Randewich and Shashwat Chauhan
Mon November 2, 2026
Concerns over AI over-expenditures continue to haunt the tech sector as both indexes began steady declines after reaching their heights around 10:30 a.m. but closed well into the red, a substantial 3-digits again for the Nasdaq but not as bad as Friday. The Dow also had a steady decline after reaching a high of nearly a +700 by 10:30 a.m. but still managed to close a healthy 3-digits in the black. The flight once again from tech translated into gains in the industrial sectors. Being the eve of the midterms with the expectation that at least the House will go to the Democrats probably also contributed to the selloff.
We live in a cautious market with the S&P trading at 19x earnings, its lowest in three years. It’s ironic that just a few short months ago everyone was fearful of the S&P valuation being way too high. Some of the selloff was triggered by Apple falling ahead of its Q3, the report coming in after the bell and also ironically beating estimates. Q3 earnings growth is still expected to top the 30% mark and other good news includes an increase in manufacturing triggered by solid domestic demand. But election anxiety is reflected in the high volume in this selloff, closing today at 18.8 billion, well above the 17.3 average.
DJ: 51,770.31 -572.25 NAS: 25,437.00
-747.73 S&P: 7,580.07
-140.32 10/30
DJ: 51,983.98 +213.67 NAS: 25,164.36
-272.63 S&P: 7,541.40
-38.67 11/2
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