The sell-off has paused: Stocks began November with gains amid falling oil prices
The technology sector is rebounding amid falling oil prices and anticipation of corporate earnings reports
The U.S. technology sector is rebounding amid falling oil prices / Photo: pppiggg / Shutterstock.com
U.S. tech stocks opened higher on the first trading day of November. The Nasdaq Composite Index, which is heavily weighted toward tech companies, rose 0.7% after the market opened. The broad-market S&P 500 index gained 0.5%. The Dow Jones Industrial Average, an index of blue-chip stocks, rose 0.9%.
The sell-off in AI stocks—which caused the Nasdaq Composite Index to lose 5.3% over the past month—appears to have paused, according to The Wall Street Journal. Shares of Nvidia, Alphabet, Amazon, Meta, and SpaceX rose by more than 1% on Monday. However, Intel’s stock price continued to decline.
Falling oil prices are supporting stock prices on Monday. The market is hopeful that the U.S. and Iran may resume negotiations and prevent an escalation in the Middle East. On November 1, U.S. Secretary of State Marco Rubio stated that Donald Trump would like to resolve the conflict through diplomacy rather than force. Iranian officials have also indicated that a deal is still possible. Against the backdrop of this news, Brent crude oil futures are falling by more than 6%.
It will be a busy week for investors. Apple and Palantir will release their financial reports. On Tuesday, the U.S. will hold midterm elections that will determine the balance of power in Congress, and on Friday, the labor market report will be released.
This article was AI-translated and verified by a human editor
