US Stocks End Mixed on November 2 as Semiconductor Selloff Drags Nasdaq Into Correction Territory Ahead of Midterms

US equity markets closed mixed on November 2, 2026, as a deepening semiconductor selloff dragged the Nasdaq Composite down 1.07% to 25,164.32 and pushed the Nasdaq 100 into correction territory, falling 10% from its October peak. The S&P 500 declined 0.51%, or 38.67 points, to 7,541.40, erasing an early gain of 1.1%, while the Dow Jones Industrial Average bucked the trend to rise 213.67 points, or 0.41%, to 51,983.98. The Philadelphia Semiconductor Index fell 3.37% on the session, extending a three-day chipmaker decline to 12%, with Nvidia reversing early gains to close lower.

The tech sector shed significant market value, with Microsoft losing approximately $110 billion in market capitalization, Apple shedding $92.1 billion, and Nvidia dropping $62.2 billion. On the other side, Amazon gained $57 billion, Walmart added $33.2 billion, and Visa rose $22.8 billion as investors rotated into non-tech sectors. The iShares Semiconductor ETF fell nearly 4%, and individual names saw severe drawdowns from 52-week highs: Intel down 58%, Arm Holdings down 56.3%, and Oracle down 55.3%. Intel extended losses by an additional 9% following a 30% single-day crash the prior Friday, while Marvell Technology tumbled 13% after announcing a $115 billion all-stock acquisition of Lumentum Holdings. Broader market breadth skewed negative, with 181 instruments hitting new 52-week lows against 122 reaching new highs.

A sharp 7.6% drop in Brent crude oil prices provided an offsetting tailwind, supporting energy infrastructure equities and lifting consumer discretionary and industrial stocks enough to keep the Dow in positive territory. Year-to-date, the Russell 2000 leads all major indexes at plus 13.1%, followed by the S&P 500 at plus 10.2%, the Nasdaq at plus 8.3%, and the Dow at plus 8.2%.

With US midterm elections scheduled for November 3, markets were broadly cautious heading into the vote. Historical analysis from CNBC covering S&P 500 returns after elections from 1980 through 2024 shows the index averaged a gain of 0.2% after one day and one week, and 1.1% after one month, regardless of the political outcome. Wall Street analysts were divided on the near-term risk, with some strategists flagging the likeliest election outcome as unfavorable for equities. Apple's earnings beat also failed to provide a sustained lift, with analysts flagging concerns about the company's next-quarter guidance.