Oil slump can’t save tech: Dow ekes out a gain as Nasdaq sinks again

Market Snapshot

An oil-led pop at the open faded into a split close: the Dow inched higher while the S&P 500 and Nasdaq slipped as renewed selling in AI and semiconductors overwhelmed relief from cheaper crude; investors leaned into Apple’s after‑the‑bell report and a busy macro week, with Treasury moves mixed and gold firmer.

Key Headlines & Market Movers

Tech/AI wobble keeps the Nasdaq under pressure: The early rebound couldn’t hold as AI and chip names sold off, leaving the Nasdaq down a bit over 1% and pulling the S&P into the red even as the Dow stayed green. Semiconductor weakness was a key drag, with headlines around Marvell’s all‑stock deal for Lumentum adding to volatility and both stocks falling. The broader chip complex underperformed, reinforcing concerns about the near‑term payoff from heavy AI spending.

Oil’s slide helped the open, but not the close: Crude dropped more than 7% on optimism around U.S.–Iran diplomacy, which initially buoyed cyclicals and consumer pockets. As the session wore on, that tailwind wasn’t enough to offset tech’s drag and the early gains faded. Rates were mixed—short maturities edged up while the 10‑year eased—underscoring a market still calibrating growth and risk sentiment.

Under the hood: better breadth, notable stock stories: Even with the major indexes split, most stocks were higher intraday, a sign that the weakness remained concentrated in megacap tech. Standouts included IDEXX, which surged after strong results and an outlook raise. Elsewhere, Oracle came under pressure on reports of a large financing plan, another reminder that balance‑sheet moves can sway sentiment in this tape.

What to Watch Next

Apple’s fresh results and guidance should set the tone for megacap tech tomorrow, while U.S. elections and Friday’s jobs report keep macro risk top of mind; also watch whether oil headlines continue to bleed the risk premium and how that feeds through yields and credit.