EL7.AI
StocksMedium•2 November 2026•
2 min read

S&P 500 falls 0.5% as gains in U.S. technology stocks fade

Key Facts

1The S&P 500 fell 0.5%, erasing an early gain of 1.1%.
2The Nasdaq fell 1.1% in the Nov. 2 session.
3Brent crude fell 7.6% to $104.77 a barrel.
4Oracle shares closed at $122.15, compared with $130.67 in the previously mentioned session.

The S&P 500 ended the Nov. 2 session down 0.5%, erasing a gain of as much as 1.1% in early trading, the Associated Press reported. The decline came as technology and artificial intelligence stocks remained volatile after a sector selloff the previous week. The divergence extended beyond the broader index: nearly 7 in 10 of its listed stocks rose. The Nasdaq, by contrast, ended the session down 1.1%. Major stocks also fell after early gains, while transport companies benefited from lower oil prices.

Alphabet fell 0.3% after rising 2.6% earlier and then erasing its gains, the Associated Press reported. Nvidia fell 1.3%, after also posting an early gain of 2.6%. The two stocks’ moves are consistent with the news agency’s description of continued weakness in technology and artificial intelligence stocks after the previous selloff. Across the market, gains in most S&P 500 stocks were not enough to prevent the index from closing lower. Morning gains faded, leaving the index down at the close after rising earlier.

Lower oil prices helped companies with large fuel bills, the Associated Press reported. Brent crude fell 7.6% to $104.77 a barrel on Nov. 2. United Airlines shares rose 4.8%, Southwest Airlines gained 3.6%, and Carnival added 4.2%. Airline and cruise stocks thus rose as fuel costs declined. The indexes, meanwhile, remained mixed: the S&P 500 and Nasdaq closed lower despite gains in most S&P 500 stocks.

Oracle shares closed at $122.15 on Nov. 2, compared with a close of $130.67 on Oct. 30, according to EL7 data. The move coincided with a session marked by pressure on technology and artificial intelligence stocks, in the Associated Press’s account. The news agency said the market began the day with gains, which later faded as the sector remained fragile after the previous selloff. Transport companies rose as oil prices fell, while the broader and technology-focused indexes recorded losses at the close. These moves reflect divergent performance across sectors and stocks during the Nov. 2 session.

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