Update: US Equity Indexes Mixed as Sell-Off in Technology Continues, Crude Oil Sinks Ahead of Midterm Elections

05:35 PM EST, 11/02/2026 (MT Newswires) -- (Updates with index/price moves and company/geopolitical news from the first paragraph.) US equity indexes traded mixed as technology extended Friday's drubbing and crude oil plunged ahead of the midterm elections. The Nasdaq dropped 1.1% to 25,164.32, the S&P 500 fell 0.5% to 7,541.40, while the Dow Jones Industrial Average rose 0.4% to 51,983.98 at the close on Monday. Iran's President Masoud Pezeshkian said the country's supreme leader further empowered the government to pursue peace talks, as US President Donald Trump hinted at progress in negotiations a day before the midterm elections, Bloomberg reported Monday. The front-month West Texas Intermediate crude oil contract plummeted 7.5% to $96.32 per barrel, and global benchmark Brent plunged 8.1% to $104.27 per barrel. Energy and technology led decliners, while consumer discretionary, materials, and financials led the gainers. The iShares PHLX Semiconductor Exchange Traded Fund, with about $48.43 billion in assets under management, slumped 2.9%, reflecting heavy selling in chip manufacturing industry-related names. Of the 20 worst-performing stocks with market capitalization exceeding $200 billion each, 15 were technology companies and four energy firms at the close of trading, according to data compiled by Finviz. Intel (INTC), Oracle (ORCL), and Advanced Micro Devices (AMD) declined the most, down by at least 7.5% each. In company news, Idexx Laboratories (IDXX) shares soared 22%, the top gainer on the S&P 500 and the Nasdaq, after reporting a jump in Q3 comparable earnings and revenue and raising its 2026 outlook. Marvell Technology (MRVL) has agreed to buy optical and photonic products maker Lumentum (LITE) in an all-stock deal worth about $115 billion, as the companies aim to create a leader in AI connectivity. Lumentum shares plunged 19%, and Marvell slumped 13%, the Nasdaq and S&P 500's worst performers. US Treasury yields were mixed, with the two-year up 1.7 basis points to 4.60%, the 10-year down 1.7 basis points to 4.91%, and the 30-year retreated 2.2 basis points to 5.29%. In economic news, the Institute for Supply Management's US manufacturing index rose to 55.5 in October from 54.5 in September, versus expectations for no change in a Bloomberg-compiled survey. The index has been above 50 in each of the first 10 months of 2026, despite the conflict with Iran, the uncertain status of the Strait of Hormuz, and resulting energy price volatility, according to a Jefferies note. "The report shows robust manufacturing activity, but the comments show widespread concerns about prices due to a host of factors." The S&P Global US manufacturing index for October was revised down to 54.9 from a flash reading of 56.0, compared with expectations for no revision in a survey compiled by Bloomberg. The October index now stands below 55.9 reported in September, indicating a slower pace of expansion. US construction spending fell 1.9% in September, down from the 0.3% increase expected in a Bloomberg survey and after a 2.0% rise in August.