Tech Stocks Drag Nasdaq Lower as Hardware and Chip Suppliers Slump
A sharp retreat in Micron, Seagate, and Lumentum weighed on tech benchmarks, even as sliding crude prices lifted the Dow past 52,000.
The Nasdaq Composite fell nearly 1% on Monday, November 2, 2026, weighed down by sharp losses across semiconductor manufacturers and enterprise hardware suppliers. The technology retreat stood in contrast to broader equity markets, where sharply declining energy costs lifted industrial and consumer shares.
The divergent trading day reflects heightened scrutiny over artificial intelligence hardware expenditures. As hyperscalers and semiconductor providers commit vast balance-sheet resources to computing infrastructure, investors showed increasing hesitation to bid up multiples without clear visibility into near-term returns.
Hardware and memory suppliers absorbed severe selling pressure during regular market hours, according to market reporting published on Yahoo Finance (https://finance.yahoo.com/m/d2c3bbee-4bc3-3931-9b35-8ffcd691e60c/stock-market-today%3A-nasdaq.html?.tsrc=rss). Micron Technology dropped more than 5%, while hard drive manufacturer Seagate Technology tumbled over 7%. Optical equipment maker Lumentum Holdings plunged more than 17% following reports that Marvell Technology struck a $115 billion deal to acquire the company; Marvell shares fell nearly 13%. Intel also slid more than 8% to close around $60.07.
Capital-intensive enterprise software vendors faced corresponding headwinds. Oracle shares fell more than 8% after the company disclosed a fresh $10 billion debt offering earmarked for AI infrastructure investments. Apple shares slipped roughly 2% in active trading ahead of its fourth-quarter fiscal earnings report.
The technology contraction diverged from the wider market, which drew support from an abrupt sell-off in crude oil. West Texas Intermediate futures fell roughly 7.7% to trade near $96 per barrel following reports of diplomatic engagement between the United States and Iran. Cheaper energy helped lift consumer discretionary equities and powered the Dow Jones Industrial Average up approximately 0.6% past the 52,000 threshold, while Amazon climbed more than 2.5%.
Wall Street attention now turns to after-hours earnings from Apple and Palantir Technologies, followed by Advanced Micro Devices on Tuesday, alongside impending U.S. labor data and congressional midterm elections.
Sources
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