Wall Street closes mixed as Dow rises, S&P and Nasdaq fall amid AI sell-off and upcoming earnings
The Dow Jones gained 0.4%, while the S&P 500 and Nasdaq slipped, as investors weighed AI-related risks and awaited key corporate results and U.S. midterm elections.
Wall Street ended the session mixed on Monday. The Dow Jones Industrial Average rose 214 points, or 0.4%, to 51,984, while the S&P 500 fell 39 points, or 0.5%, to 7,541 and the Nasdaq Composite dropped 273 points, or 1.1%, to 25,164. The moves came after a sharp sell-off in artificial-intelligence stocks in October and ahead of a busy week that includes U.S. midterm elections, major labour-market data releases and a slate of corporate earnings.
Technology shares continued to pressure broader market sentiment as investors reassessed AI spending and valuation outlooks. Oil prices fell sharply on hopes of diplomatic progress in the Iran-related conflict, easing cost concerns for energy-intensive sectors such as airlines and cruise operators.
Apple and Palantir are among the companies slated to report earnings after the market close. In other news, Marvell Technology announced an all-stock acquisition of Lumentum valued at about $115 billion, while Oracle said it will raise $20 billion through debt and equity offerings to fund AI and cloud expansion. Anthropic disclosed a 1,200% year-over-year revenue increase to $33.2 billion for the nine months ended September 30, but also reported a net loss of $104 billion for the period.
In the United Kingdom, the FTSE 100 recovered to finish 0.3% higher at 10,761, supported by gains in miners and real-estate stocks. A decline in crude oil prices, driven by diplomatic talks involving Iran, contributed to the improved sentiment. Analysts noted that investors remain cautious ahead of the Bank of England’s interest-rate decision later in the week.