US stocks today: Nasdaq ends over 1% lower as AI worries persist

The S&P 500 fell 37.80 points, or 0.50%, to 7,542.27, while the Nasdaq Composite declined 272.68 points, or 1.07%, to 25,164.32. US MarketsPowered ByAs on 03 Nov 2026, 02:29 AM ISTS&P 500 Top GainersIDEXX Laboratories671.83(21.88%)Molson Coors Beverage43.24(7.78%)LKQ19.94(7.44%)Howmet Aerospace212.97(6.90%)Gainers»S&P 500 Top LosersOracle119.11(-8.85%)Intel59.96(-8.83%)Coterra Energy32.56(-8.62%)Datadog216.07(-8.16%)Losers»For Highlights on US Markets, click here Apple, Oracle weigh on market sentimentApple declined ahead of its quarterly earnings announcement after the closing bell, with investors watching the impact of rising memory chip costs on the iPhone maker.

The results come at a time when technology companies are facing greater scrutiny over the returns from their growing investments in artificial intelligence, Reuters reporteOracle shares also fell after regulatory filings revealed plans to raise $20 billion through debt and a share sale. The move highlighted concerns about companies relying on borrowing to finance large scale infrastructure investments as funding costs rise.

Live Events The Nasdaq had lost 5.3% last month, with concerns that spending on AI infrastructure was growing faster than the cash these investments could generate.Monday's recovery attempt reflected a "buy the dip" reaction, said Jake Dollarhide, chief executive of Longbow Asset Management in Tulsa, Oklahoma, according to Reuters."Companies have to realize there's a limit to how much they spend and what it means in terms of enhanced shareholder value.

At some point, there is no additional value add, just expense," Dollarhide said.Oil falls as Iran signals openness to talksFalling crude prices provided some relief to markets after Iran indicated it was open to peace talks with the US. The eight month conflict in the Middle East had kept energy prices elevated and fuelled inflation concerns.Longer dated US Treasury yields also moved lower, reflecting changing sentiment around energy prices and inflation.However, investor caution remained evident ahead of Tuesday's US midterm elections and a busy earnings calendar.

AMD fell ahead of its quarterly results, while Palantir slipped before reporting after the closing bell.US manufacturing activity also picked up in October, with data pointing to solid domestic demand. (Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)(You can now subscribe to our ETMarkets WhatsApp channel)