Tech Retreat Erases Wall Street Rally

What happened

Updated Nov 2, 7:45pm ET

A late retreat in technology stocks erased Wall Street's early rally on Monday. The S&P 500 fell about 0.5% and the Nasdaq about 1.1%, while the Dow rose about 0.4%. The drop came after futures had been steady before Tuesday’s midterm elections. Investors have been questioning whether major technology companies’ AI infrastructure spending will pay off. Apple forecast December-quarter revenue growth of 7% to 10%, but its margin outlook and iPad sales disappointed investors. Its shares fell after hours. The weakness was concentrated in technology even as most S&P 500 stocks rose. Midterm voting, Friday’s jobs report, more earnings and oil-price risks remain ahead.

How the left told it

Only one left-leaning outlet we track covered this: Los Angeles Times, under the headline “More drops for AI and tech stocks overshadow gains for most of Wall Street”.

How the right told it

Only one right-leaning outlet we track covered this: ZeroHedge, under the headline “Key Events This Week: Midterms, Jobs, Earnings, Central Banks And More”.