A 7.6% fall in Brent crude failed to lift technology shares Monday, as investors continued to weigh the scale of artificial intelligence spending against uncertain returns.
The Associated Press reported Brent was down 7.6% at $104.77 a barrel. The oil move came as markets weighed the possibility that diplomacy could ease supply concerns tied to the Iran conflict. Reuters reported that Qatar-mediated talks in Doha ended without a breakthrough; Iranian officials said contacts with the United States were continuing. No agreement had been confirmed.
At Monday’s close, the Dow Jones Industrial Average rose 0.41% to 51,983.98. The Nasdaq Composite fell 1.07% to 25,164.32, and the S&P 500 lost 0.51% to 7,541.40, figures reported by AP and Reuters.
Lower oil coincided with gains among fuel-sensitive transport companies. AP reported that United Airlines rose 4.8%, Southwest Airlines gained 3.6% and Carnival advanced 4.2%. Reuters said the S&P 500 energy sector fell 4%.
Technology remained an area of investor scrutiny. AP reported that investors questioned whether AI data center spending could produce productivity gains and profits commensurate with its cost. Reuters connected the Nasdaq’s 5.3% October decline to concern that cash from AI infrastructure might take longer to materialize than the investment going in. EconoTimes previously covered a semiconductor-index drop amid AI-spending concerns.
Separately, AP reported Marvell Technology shares fell 12.7% and Lumentum shares dropped 18.6% Monday, the day Marvell announced a proposed acquisition. Under the proposed stock-for-stock terms, Lumentum shareholders would receive 4.5 Marvell shares for each Lumentum share. The companies put Lumentum’s implied enterprise value at $115 billion. Marvell Technology Chairman and CEO Matt Murphy said the shift toward optical connectivity in AI infrastructure creates an opportunity that “comes along once in a generation.”
AMD scheduled its fiscal third-quarter 2026 results for after the market close Tuesday, Nov. 3, with a call at 5 p.m. ET. The U.S. midterm elections are also set for Tuesday and will determine control of Congress, Reuters reported.
