Quick Read
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The Nasdaq 100 entered correction at 27,990, closing 10% below its October 6 record, as QQQ clung just above its 200-day average of $680.
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Marvell dropped 13% on an all-stock deal while Oracle fell nearly 9% after announcing plans to sell $20 billion in debt and stock.
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Seven of eleven S&P 500 sectors gained as money rotated from chips into cyclicals and banks, signaling sector rotation rather than broad market panic.
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The Nasdaq 100 opened Monday, November 2, 2026, with a rally, with the major indexes up more than 1.1% at their highs. By the close, it had fallen more than 750 points from its intraday peak and finished down 1.39% at 27,989.82.
That close is 10.4% below the record close of 31,224.47 set on October 6. By convention, a correction means a close at least 10% below a record close. That line was 28,102.02, and the index closed 112 points below it, its lowest close since July 29.
The index reached that line only during the session on October 30, at 28,093.24, then closed at 28,384.85. That makes November 2 its first close in correction.
QQQ Sits Just Above Its 200-Day Average
Invesco QQQ Trust (NASDAQ:QQQ) closed at $681.09, down 1.36%, and was trading at $682.58 after hours. It has lost 6.14% since its $725.61 close on October 28 and stands 10.34% below its October 6 close of $759.66.
Its 200-day average is $679.82. That figure is the average close over the last 200 trading sessions, and it stands just under the fund’s November 2 low of $680.33. QQQ last traded at or below that average on April 7. It remains up roughly 10.9% from its $614.31 close at the end of 2025.
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Chips and AI Spenders Led the Decline
Marvell Technology (NASDAQ:MRVL) fell 13% after it announced an all-stock deal for an optical-component maker. The deal is valued at $115 billion including debt, and the target’s shares dropped 18.6%.
