According to Sina Finance, US stocks pulled back from early gains on Monday as tech selling resumed, with investors navigating a week packed with earnings, midterm elections, and key employment data. The Dow rose 213.67 points, or 0.41%, to 51,983.98; the S&P 500 fell 38.67 points, or 0.51%, to 7,541.40; and the Nasdaq dropped 272.68 points, or 1.07%, to 25,164.31. Chip stocks declined broadly, with the Philadelphia Semiconductor Index falling 3.37%. Cerebras dropped 11.7%, Intel fell nearly 9%, Western Digital, AMD, and Seagate Technology each lost more than 7%, and SanDisk fell over 6%. Nvidia and Meta Platforms each declined 1%. Apple closed down nearly 2% ahead of its earnings release after the close. Marvell Technology plummeted nearly 13% and Lumentum fell 18% after announcing Marvell would acquire Lumentum for $115 billion. Oracle fell 8% after announcing plans to sell $10 billion in common stock and $10 billion in bonds to finance its AI buildout. After an AI-driven selloff sent the Nasdaq down 5.2% in October, investors continued to scrutinize AI buildout-related stocks, with capital persistently exiting the tech sector. Chris Larkin, managing director of trading and investing at E-Trade, said the long-term bullish narrative for the stock market may have taken some hits in recent weeks but remains intact, though the challenge lies in short-term momentum being repeatedly disrupted by surging oil prices, concerns about AI spending, inflation, or geopolitics. US midterm elections will be held on Tuesday, with Democrats expected to control the House while Senate control remains uncertain. Oil prices plunged on reports that the US and Iran are seeking a diplomatic resolution to the Middle East conflict. December WTI crude futures fell $7.66 to settle at $96.46 per barrel, down 7.36%; January Brent crude futures fell $8.66 to settle at $104.77 per barrel, down 7.63%. Cryptocurrency came under pressure after a $6.3 billion hack at Binance, with Bitcoin falling 1% to below $77,000. Recent surveys indicate US manufacturing expanded in October with persistent inflation pressure. The week will conclude with the government's October nonfarm payrolls report on Friday.
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