Nasdaq-100 Closes Down 1.39%, Enters Correction Territory at 27,989.82
Key Facts
The Nasdaq-100 closed Monday, November 2, at 27,989.82, down 1.39%, ending the session in correction territory after falling 10.4% from its record set on October 6, according to TheStreet Pro. It was the index’s lowest close since July 29, while remaining only about 0.2% above its 200-day moving average of 27,940. These levels put the index near a technical threshold investors are watching after its retreat from the peak. The close came in a session marked by mixed performance among U.S. indexes, with technology stocks still under pressure.
The decline was more concentrated in technology than in the broader market: the technology sector in the S&P 500 fell 2.7%, after dropping 4.2% in the previous session, according to TheStreet Pro. The Nasdaq Composite ended the session down 1.1%, while the S&P 500 fell 0.5% after erasing an early gain of 1.1%. The Dow Jones Industrial Average rose 0.4%, reflecting the differing impact of heavyweight technology stocks and the rest of the market. The Nasdaq Composite and S&P 500 also posted their third consecutive daily decline through Monday, according to the same source.
Figures for S&P 500 constituents showed broader market participation, with 346 stocks rising and 156 falling, according to TheStreet Pro. The equal-weighted index also advanced 0.73%, highlighting the difference between the performance of most stocks and that of the market-cap-weighted index. The Associated Press said most stocks on Wall Street rose, benefiting from a 7.6% drop in Brent crude during the session. But Nvidia shares reversed early gains and fell, adding pressure to the S&P 500, according to the news agency. Thus, gains in a larger number of stocks coincided with declines in indexes affected by losses among major technology companies.
Monday’s session followed a sharp decline on Friday, October 30, when the Nasdaq Composite fell 2.9% and the Dow Jones dropped 572 points, or 1.1%, according to the Associated Press. The agency linked the selloff to investor concerns about technology and artificial intelligence stock valuations, and whether heavy spending on the technology can generate sufficient returns. Portfolio manager Joe Tigay said, "We’re moving from the hopes-and-dreams phase of AI trading to: Show us the results." These concerns put the concentration of losses in technology stocks in the context of investor questions about investment returns, rather than an equal decline across all market sectors. The divergence was again evident in Monday’s session, with weakness in technology alongside gains across other stocks.
On the economic data front, the Institute for Supply Management’s manufacturing index rose one point to 55.5 in October, exceeding the consensus forecast of 54.7 and reaching its highest level since July, according to TheStreet Pro. The reading formed part of the session’s economic backdrop, while technology’s decline remained the main source of pressure on stock indexes. The U.S. Bureau of Labor Statistics scheduled the release of its September Job Openings and Labor Turnover Survey for November 3, 2026, at 10 a.m. Eastern time. It also listed the October jobs report for November 6 at 8:30 a.m. Eastern time. Investors are watching for both releases as part of the near-term economic data calendar.
EL7 data on recent closes showed the Nasdaq-100 ended the October 28 session at 29,813.16, then closed at 29,402.51 on October 29 and 28,384.85 on October 30, before reaching 27,989.82 on November 2. The sequence of closes provides context for the index’s decline over those sessions, while Monday’s close remains the point at which it entered correction territory in the account reported by TheStreet Pro. The day after the session, the Associated Press said global stocks and U.S. futures fell Tuesday as investors awaited the outcome of the U.S. midterm elections. These developments followed a run of consecutive losses for the Nasdaq Composite and S&P 500, while the Dow Jones remained higher in Monday’s session.