US Close 2 November 2026: S&P 500 -0.51% as Chips Outweigh a 7% Oil Drop; Apple and Palantir Top Revenue Estimates

S&P 500 close: 7,541.40 (-0.51%) Breadth: 145 advancers / 103 decliners (249 largest US-listed names, 1 flat) Sentiment: mixed

The S&P 500 closed at 7,541.40 on 2 November 2026, down 0.51%, as XLK.US fell 2.95% on AI spending concerns and outweighed gains in 8 other sectors. LITE.US lost 18.59% and MRVL.US 12.72% after their $115 billion all-stock merger agreement. WTI settled 7.36% lower at $96.46 on US-Iran diplomacy, and the 10-year Treasury yield fell 3.5 bps to 4.89%.

What moved the index

The S&P 500 lost 51 bps on 2 November 2026, and technology alone subtracted more than twice that.

• Technology: XLK.US -2.95% at about 40% of SPY.US, worth about -119 bps. Reuters tied the Nasdaq's 5.3% October loss to AI infrastructure spending outpacing cash generation. Today ORCL.US filed to raise $20 billion and MRVL.US agreed its $115 billion deal.
• Energy: XLE.US -3.96% at about 3.4%, worth about -14 bps. Brent settled 7.63% lower at $104.77 after an Axios report that President Trump wants to try diplomacy with Tehran again.
• Consumer, financials and industrials: XLY.US +2.41%, XLF.US +1.86%, XLP.US +1.58% and XLI.US +1.38%, together worth about +59 bps as oil and long-dated yields fell.

Together, these drivers sum to about -74 bps. The other 5 sectors add about +8 bps, and the remaining gap of about 15 bps to the actual -51 bps reflects SPY.US weights that use Morningstar sector classes, which do not map exactly to the SPDR sectors.

Four stocks match the whole index loss: MSFT.US -2.83% (about -16 bps), AAPL.US -1.83% (about -13 bps), NVDA.US -1.26% (about -11 bps) and MU.US -5.78% (about -11 bps). RSP.US, the equal-weight S&P 500 fund, rose 0.76%, a 127 bps gap to the index.

Session highlights

The S&P 500 reversed 118 points on 2 November 2026, from a high of 7,659.78 to a close on its session low on Yahoo's 5-minute bars.

• SOXX.US -3.79%. STX.US -7.88%, AMD.US -7.52% before its Tuesday report, WDC.US -7.52%, DELL.US -7.43%, SNDK.US -6.59%; INTC.US -8.80% after -28.58% on Friday.
• ORCL.US -8.76% after filing to sell $10 billion of common stock and $10 billion of bonds. Reuters put the stock's decline this year at about 33% through Friday.
• DDOG.US -8.15%, FTNT.US -7.25% and NET.US -5.53%. StockStory cited AI capital spending concerns and decelerating software bookings.
• UAL.US +4.80%, DAL.US +4.08%, AAL.US +3.81% and RCL.US +4.52% as oil fell; XOM.US -4.05%, COP.US -4.67% and OXY.US -5.13% on the same move.
• SHW.US +5.94%, LOW.US +4.34% and HD.US +3.63% with the 10-year yield at 4.89%; WMT.US +3.38% and AMZN.US +2.20%.
• 51,983.98 on the Dow, +0.41%, with HON.US +2.49%, MMM.US +2.31% and BA.US +2.24%. The Nasdaq fell 1.07% to 25,164.32, the Russell 2000 0.21% to 2,805.88, and the VIX rose 8.90% to 21.15.
• OKTA.US went from +2.31% pre-market to -11.22% at the close, and EL.US from +3.21% to -4.08% despite raised annual forecasts. VZ.US closed +0.72% and TMUS.US +2.37% after pre-market losses on the Boost Mobile report.

October ISM manufacturing rose to 55.5 from 54.5, above the 54.6 Yahoo Finance reported as expected. Prices paid eased to 75.2 from 77.9 and employment to 52.4 from 52.7. Reuters said the S&P 500 trades at about 19 times expected earnings, its lowest since 2023, with third-quarter earnings on track to rise more than 30%, per LSEG.

Sector scorecard

XLY.US led the SPDR sector funds on 2 November 2026 at +2.41%, and XLE.US trailed at -3.96%.

• Best: Consumer discretionary, XLY.US (+2.41%)
• Worst: Energy, XLE.US (-3.96%)
• Dispersion (best minus worst): 6.37 pts
• Technology: XLK.US -2.95%, with AAPL.US -1.83% and MSFT.US -2.83% against ORCL.US -8.76%
• Also higher: XLF.US +1.86%, XLB.US +1.76%, XLP.US +1.58%, XLI.US +1.38%, XLRE.US +1.09%, XLU.US +0.55%, XLC.US +0.36%; XLV.US -0.15%

Top movers

IDXX.US led the screened names above a $2 billion market value on 2 November 2026 at +21.85%, and LITE.US fell furthest at -18.59%.

ALAB.US also fell 11.22%; investingLive listed it with LITE.US and MRVL.US among the largest AI and chip decliners.

After-hours earnings

Apple reported fiscal fourth-quarter revenue of $114.48 billion on 2 November 2026, against $113.39 billion expected, per LSEG via CNBC.

• AAPL.US: EPS $2.10, which CNBC did not immediately compare with the $1.99 LSEG estimate. iPhone revenue $57.58 billion against $56.54 billion expected; iPad missed estimates. Gross margin 47.9%, including about 1 point from tariff refunds, against 47.5% consensus. Yahoo printed $334.04, -1.27%, at 4:33pm ET. The call under CEO John Ternus starts at 5:00pm ET, after this data cut.
• PLTR.US: Q3 revenue $2.31 billion, +96%, against $2.18 billion expected; adjusted EPS 44 cents against 41 cents, per CNBC. US commercial revenue of $984 million (+148%) passed US government revenue of $953 million for the first time. Q4 revenue guide about $2.65 billion; 2026 guide raised to about $8.53 billion. Yahoo printed $180.29, +1.09%, at 4:33pm ET.

Notable announcements

MRVL.US agreed on 2 November 2026 to acquire LITE.US in a $115 billion all-stock deal including debt, with an equity value of $102.5 billion, per Reuters.

• 67% of the combined company goes to Marvell shareholders, per Bloomberg.
• INO.US +213.75% on FDA accelerated approval of Voceryq, and PERI.US +31.15% on Affle's $11.70 a share cash offer; both sit below the $2 billion floor for the table.
• Anthropic showed a narrower third-quarter net loss and higher revenue in an amended IPO filing, per Reuters.

Next session catalysts (ET)

US voters choose all 435 House seats and 35 Senate seats on Tuesday 3 November 2026. CNBC data shows the S&P 500 averaged a 13.7% gain in the year after the 11 midterms since 1980.

• Tue 3 Nov, all day: US midterm elections.
• Tue 3 Nov, 10:00am: September JOLTS job openings.
• Tue 3 Nov, after the close: AMD.US results.
• Wed 4 Nov, 8:30am: ADP employment and September trade.
• Wed 4 Nov, 10:00am: ISM services. DDOG.US reports and OKTA.US joins the S&P 500 the same day.
• Fri 6 Nov, 8:30am: October employment report.

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