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Nasdaq Falls 1.07%, VIX Eases to 18.73: Closing Notes for Monday

· Closing Notes 0DTE

Closing Notes card, Nov 2, 2026: Oil sinks, chips slide, Dow holds. Tiles: Nasdaq down 1.07% at the 25,164.32 close, VIX 18.73, down 0.69 points, 10-year yield 4.91% on Monday.

Monday, November 2, 2026: an early rally did not survive the afternoon. The S&P 500 was up about 1% at 10:42 a.m. ET (CNBC via StockTitan) and finished lower, as chip and AI-linked stocks fell again and a 7% slide in oil lifted airlines and other fuel users. The Dow held a gain, the Nasdaq Composite did not, and Apple and Palantir reported after the bell.

How the session closed

  • Indexes. The S&P 500 closed at 7,541.40, down 38.67 points or 0.51%. The Dow rose 213.67 points, or 0.41%, to 51,983.98. The Nasdaq Composite fell 272.68 points, or 1.07%, to 25,164.32, and the Russell 2000 slipped 5.96 points, or 0.21%, to 2,805.88 (TheStreet closing wrap; point changes worked out from Friday’s closes in the AP table carried by La Nación).
  • Chips and the Lumentum deal. The Philadelphia Semiconductor index lost 3.37% to 10,328.33 (TradingKey). Marvell fell 12.72% to $171.41 and Lumentum fell 18.59% to $684.40 after agreeing to an all-stock deal, valued at about $115 billion, in which Marvell buys Lumentum; TradingKey pointed to dilution worries for both (StockTitan quote data).
  • AI financing. Oracle dropped 8.85% to $119.10 on a $10 billion bond offering to fund AI infrastructure, TradingKey said, adding reports that Meta plans to raise at least $20 billion in bonds.
  • Winners. IDEXX Laboratories jumped 21.85% after raising its forecast. United Airlines gained 4.80% and Amazon 2.20% (StockTitan). AP had Marriott up 4.2% and Carnival up 3.8%. Apple lost 1.83% to $338.32 before its report (Forbes, KuCoin).
  • VIX. 18.73, down 0.69 points or 3.55% from Friday’s 19.42, read at 4:17 p.m. ET (AD HOC NEWS, citing Cboe data).
  • Yields. Trading Economics listed the 2-year at 4.61%, the 10-year at 4.91% and the 30-year at 5.29% for Monday, with no time of day shown. It said the 10-year touched 4.89%, its lowest since mid-September, as falling oil eased inflation worries, and that markets price about a 75% chance of a December hike.
  • Oil. Brent settled at $104.77, down 7.6%, and WTI at $96.46, down 7.4% (Le Private Banker; AP also had the Brent figure). Comments from Iran’s president about wider authority for peace talks, and President Trump saying Iran wants a deal, drove the slide. Exxon was down 4.02% and Occidental 5.12% at 3:59 p.m. (StockTitan).
  • Data. ISM manufacturing rose to 55.5 for October against a 54.6 consensus and 54.5 prior. Prices paid fell to 75.2 from 77.9, below the 77 expected. Employment slipped to 52.4 from 52.7. September construction spending fell 1.9% against a 0.4% rise expected (Trading Economics calendar).
  • Bills. The 13-week bill auction came in at 4.040% and the 26-week at 4.150%, both below their prior sales of 4.050% and 4.210% (Trading Economics calendar).

After hours

  • Apple. Fiscal fourth-quarter EPS of $2.10 topped the roughly $1.99 consensus, and revenue of $114.48 billion, up 12%, beat about $113.38 billion (Investing.com). iPhone revenue was $57.58 billion, while Greater China came in at $17.54 billion against about $18.55 billion expected (KuCoin). Shares were down about 1% at 4:38 p.m. ET (24/7 Wall St.), with a low near $335.00 reported (KuCoin).
  • Palantir. Revenue rose 96% to $2.313 billion, above estimates of about $2.17 billion, and adjusted EPS of $0.44 beat $0.40. Full-year revenue guidance went to $8.530–$8.534 billion, against about $8.2 billion expected. Shares were up 2.61% at $183.00 at 4:15 p.m. ET, from a $178.34 close (Yahoo Finance).
  • Fabrinet. Up about 10% (Motley Fool, published 4:36 p.m. ET). Quarterly revenue rose 51% to $1.47 billion, and the company guided next quarter to $1.6–$1.65 billion.
  • Clorox. Adjusted EPS of $1.55 beat a $1.07 consensus on sales of $1.91 billion, but the company now expects the low end of its $5.70–$6.00 full-year range (24/7 Wall St., 4:10 p.m. ET). We could not confirm a share move.
  • Vertex and Diamondback. Vertex reported revenue of $3.44 billion, up 12%, and raised its full-year range to $13.15–$13.25 billion (SEC filing). Diamondback reported adjusted EPS of $5.86 and raised its base dividend (company release). We could not confirm a share move for either.

What it means for options traders

Realized vs implied. Saxo had options implying about a 0.85% S&P 500 move today. The 0.51% close-to-close change sat inside that, but the path did not: from about +1% in the morning to -0.51% at the bell is a swing of roughly 1.5%. A close-to-close number can flatter a day like this. Same-day spreads live on the path, and that is why they get sized by defined maximum loss rather than a planned exit.

Vol at the close. A VIX of 18.73 translates to about 1.17% a day on the usual divide-by-16 shortcut, and it fell on a down day for the S&P 500. The index-level calm hid a rough day under the surface, since a 3.37% chip drop and a 7% oil drop both sit behind a modest headline move. Index vol and single-stock or sector vol can tell different stories at the same time. We could not confirm a closing skew reading.

Term structure. Tuesday’s midterm elections, Wednesday’s refunding announcement and Friday’s jobs report are all still ahead, and Saxo had 1.84% implied through November 6 this morning. Comparing the expirations on either side of each event shows where that premium sits. Apple and Palantir are now single-stock questions: once results are out, the event premium in their front-month options usually gets repriced, and comparing the actual move with what was priced is the useful exercise.

Sources

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This post is for education only. It is not investment advice or a recommendation to buy or sell any security or option. Options involve risk and are not suitable for all investors. Figures are from the sources listed and may be revised; check primary sources before relying on any number.

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