Wall Street started November the way it ended October: with money moving out of big technology stocks and into older, steadier parts of the economy. At the 4 p.m. Eastern close on Monday, Nov. 2, 2026, the Nasdaq Composite was down, the S&P 500 slipped, and the Dow Jones Industrial Average finished higher.
The day was a reminder that one headline number rarely tells the whole story. Below, we walk through what happened, why it happened, and what it may mean for a regular household's money this week.
How did the stock market close on Monday, Nov. 2?
The Nasdaq Composite fell 1.07% to 25,164.32, and the S&P 500 lost 0.51% to 7,541.40, according to CNBC. The Dow rose 213.67 points, or 0.41%, to 51,983.98. Both the Nasdaq and the S&P 500 had been up more than 1% early in the session before giving those gains back. The split came from investors selling chip and AI stocks while buying industrial and home-related companies.
That kind of day is called a "rotation." A rotation happens when investors don't leave the stock market but shift money from one group of stocks to another. The Dow holds only 30 large companies, many of them industrial and consumer names, so it can rise on a day when tech-heavy indexes fall.
The early gains faded through the afternoon. Yahoo Finance described the session as a resumed tech sell-off as investors prepared for a packed week of company earnings, Tuesday's midterm elections and Friday's October jobs report.
Why did tech stocks fall again?
October was rough for technology. The Nasdaq lost 5.2% during the month, Yahoo Finance reported, its worst stretch since March 2025, according to CNBC. Monday added to that pressure. Shares of Nvidia and Meta Platforms each dipped about 1%, and Apple closed nearly 2% lower ahead of its earnings report after the bell.
Two deals drew the biggest reactions. Marvell Technology said it would buy optical-parts maker Lumentum in a deal valued at about $115 billion. Marvell…
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Content on The Evergreen Edit is for educational and informational purposes only and is not individualized financial, investment, tax or legal advice. Learn more.
Compound growth estimate
Estimated total
$17,175
Your contributions
$13,000
This is an estimate, not a prediction. Monthly compounding; taxes, fees and inflation are excluded.
This article is for educational purposes only and isn't personalized financial, tax or legal advice. Consider talking with a qualified professional about your situation.
Kiara Miller — Founder & Editor
Kiara Miller is the founder and editor of The Evergreen Edit. He has been doing independent finance research for two decades and reviews every article before it's published.
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