Wall Street Ends Mixed as Tech Shares Slip and Oil Prices Plunge 8%
Wall Street indices finished mixed as technology and semiconductor stocks slumped, led by Intel and the SOXX ETF. Meanwhile, oil prices plummeted 8% on diplomatic progress with Iran, boosting airline stocks.
Wall Street trading sessions, which opened with gains of over 1% across major indices, ended on a contrasting note as the Nasdaq tumbled 1.1% and the S&P 500 lost 0.5%, while the Dow Jones managed a 0.4% gain.
Technology and semiconductor stocks once again drew intense focus. The SOXX semiconductor ETF dropped over 3%, hitting a six-month low. Intel extended its sharp losses from Friday, compounding a decline of over 37% within two trading days. On Friday alone, the stock plunged nearly 30% following the company's disappointing third-quarter guidance.
Additional declines hit Advanced Micro Devices, Micron Technology, and Nvidia. Oracle shares fell after the company announced a $20 billion capital raise, split evenly between equity and bond offerings. Market sentiment remains pressured by massive tech sector investments in artificial intelligence infrastructure and growing anxiety over the sheer scale of capital required to sustain the race.
Downward pressure on tech shares has weighed heavily throughout the month, with the Nasdaq shedding more than 5% in October—its worst monthly performance since March 2025. On Friday alone, the index dropped 2.9%.
Marvell Technology and Lumentum shares declined following the announcement of a $115 billion acquisition agreement, under which Lumentum will be acquired by Marvell in an all-stock transaction. Lumentum shareholders are set to receive 4.5 shares of Marvell for each share they own.
Conversely, non-tech sectors outperformed. Consumer discretionary stocks advanced about 2.2%, while consumer staples, basic materials, and financials posted gains of approximately 1.8%.
Oil prices experienced a sharp sell-off. Brent crude plummeted roughly 8% to trade near $104 a barrel, while WTI crude dropped toward $96. The steep decline was triggered by signs of progress in diplomatic talks aimed at averting further escalation with Iran.
Airline stocks rallied on the back of falling fuel costs. The JETS ETF surged over 4%, lifting carriers such as United Airlines and American Airlines. Meanwhile, the energy sector dropped more than 3.5%, with ConocoPhillips, Valero Energy, ExxonMobil, and Chevron among the leading decliners.
In the fixed-income market, the yield on the 10-year US Treasury note fell by about 3 basis points to 4.89%, while the 30-year yield dropped to approximately 5.27%, marking two-month lows for long-term yields.
