US stocks close mixed as tech shares surrender early gains

US stocks closed mixed Monday as a sell-off in technology shares erased early gains on the first trading day of November, while industrial and home improvement stocks advanced.

The tech-heavy Nasdaq Composite fell 1.07% to 25,164.36 after rising as much as 1.4% earlier in the session, while the S&P 500 gave up a gain of as much as 1.1% to finish 0.51% lower at 7,541.40.

Meanwhile, the Dow Jones Industrial Average rose 213.67 points, or 0.41%, to 51,983.98.

Two announcements tied to the expansion of artificial intelligence data centers drove some of the sharpest moves. Shares of chipmaker Marvell Technology fell nearly 13% after it agreed to buy Lumentum, a maker of optical components used to transmit data, in a deal valued at $115 billion. Lumentum shares dropped 18%.

Oracle fell more than 8% after the company outlined plans to raise $20 billion to finance its AI infrastructure expansion, split evenly between sales of common stock and bonds. Nvidia and Meta Platforms each lost about 1%, while Apple ended nearly 2% lower ahead of its quarterly results.

Most US stocks nevertheless advanced. Paint maker Sherwin-Williams climbed nearly 6% and home improvement retailer Home Depot gained 3.6%, helping lift the Dow. Honeywell International, 3M and Boeing each rose more than 2%.

The divergence extended October’s pattern, when the Nasdaq posted its steepest monthly decline since March 2025 while the Dow gained nearly 2%. Investors were also looking ahead to Tuesday’s US midterm elections and jobs data due later in the week.

European stocks rise as oil prices tumble

European stocks closed mostly higher Monday as prospects for renewed talks between the US and Iran sent crude prices lower.

Travel and leisure shares advanced as the drop in oil prices eased concerns about fuel costs. Brent crude settled 7.63% lower at $104.77 a barrel, while US benchmark West Texas Intermediate fell 7.36% to $96.46.

Spain’s IBEX 35 rose 1.63% to 18,957.80. Germany’s DAX gained 0.63% to 25,981.09, while the Euro Stoxx 50, which tracks euro area blue chips, climbed 0.73% to 6,176.06.

Britain’s FTSE 100 added 0.29% to 10,761.33, its fourth consecutive advance, ahead of the Bank of England’s interest rate decision later in the week.