U.S. stocks ended Monday with a divided performance as the Dow Jones Industrial Average gained 0.41%, while the S&P 500 fell 0.51% and the Nasdaq Composite declined 1.07%. The divergence left rotation as the session’s defining theme, with blue-chip resilience contrasting with renewed pressure on technology-heavy shares. A sharp decline in oil offered potential relief from energy-driven inflation, but it did not produce a broad equity rally. Many weighed the prospect of U.S.-Iran diplomacy against concerns about artificial intelligence spending, corporate cash generation and a busy week featuring midterm elections and employment data.

November 2 Stock Market Closing Performance

The Dow’s advance alongside a falling Nasdaq highlighted the market’s uneven leadership. Small-cap stocks finished nearly unchanged, suggesting the weakness was not uniform across company sizes. Earlier gains in the major benchmarks faded as the session progressed and selling pressure returned to technology shares.

Oil, Gold, Treasury Yields and Bitcoin

Lower Treasury yields and stronger gold accompanied a rising VIX, while Bitcoin declined. Taken together, those moves point to a more cautious market backdrop than the Dow’s gain alone would suggest.

Macroeconomic Report: Manufacturing Strength Meets Construction Weakness

October manufacturing activity accelerated

The Institute for Supply Management’s October Manufacturing PMI rose to 55.5 from 54.5 in September, marking a tenth consecutive month of expansion. New orders increased to 55.5 from 55.3, indicating that demand continued to grow alongside overall factory activity. The report’s production index rose to 59.0, while the prices index eased to 75.2 from 77.9. That combination offered a mixed inflation message: factory output strengthened and cost pressures moderated, but the elevated prices reading still signaled widespread input-cost increases.For the broader economic outlook, the manufacturing report pushed back against the idea of an across-the-board slowdown. It also complicated the case for rapid monetary easing, because stronger activity can coexist with persistent inflation pressure.

September construction spending fell 1.9%

Construction delivered a weaker signal. The U.S. Census Bureau reported that September construction spending fell 1.9% from August to a seasonally adjusted annual rate of approximately $2.186 trillion. Spending was 2.7% below its year-earlier level. Private construction spending declined 2.4%. Within that category, residential spending fell 5.5%, while private nonresidential spending increased 1.1%. The split showed that housing-related weakness was substantially more pronounced than weakness in business construction. The two reports describe an uneven economy rather than a single, consistent growth trend. Manufacturing continued to expand, while residential construction contracted sharply. For many assessing the interest-rate outlook, that divergence makes incoming employment and inflation data especially important.

Why Oil Prices Plunged

Oil fell as reports of continued diplomatic engagement between the United States and Iran reduced some of the market’s immediate concern about further escalation. December crude futures closed down 8.10% at $95.69 per barrel. A sustained decline in energy prices could ease transportation and operating costs and reduce pressure on household budgets. However, Monday’s move reflected hopes for diplomacy, not confirmation of a lasting agreement or a full normalization of energy supplies. The underlying reporting continued to describe substantial risks to production and shipping. That distinction helps explain why cheaper oil did not automatically translate into a broad stock-market advance. Energy relief addressed one source of uncertainty, while technology valuations, financing needs and geopolitical risk remained in focus.

AI Stocks: Expansion Plans Face Tougher Cash-Flow Scrutiny

Marvell and Lumentum announce a $115 billion transaction

Marvell Technology (NASDAQ: MRVL) agreed to acquire Lumentum Holdings (NASDAQ: LITE) in an all-stock transaction with an implied enterprise value of $115 billion. Under the agreement, Lumentum Holdings (NASDAQ: LITE) shareholders would receive 4.5 Marvell Technology (NASDAQ: MRVL) shares for each share held. The proposed combination brings together semiconductor, electrical-interconnect and optical technologies used in AI infrastructure. Management’s transaction presentation outlined a potential $550 billion addressable market and projected first-year non-GAAP earnings-per-share accretion after closing. Those figures represent company expectations, not guaranteed outcomes. The announcement demonstrated that strategic investment in AI infrastructure remains substantial, even as the stock market applies greater scrutiny to the cost and financial returns of that expansion.

Oracle’s financing plans underscore the capital burden

Oracle (NYSE: ORCL) planned to raise $10 billion through common stock and another $10 billion through bonds to support its AI buildout, according to Monday’s reporting. Its shares were lower during the session as many assessed the financing requirements behind that expansion. The broader issue is the relationship between spending and eventual cash generation. AI-related growth opportunities remain significant, but the market is increasingly distinguishing between demand growth, accounting earnings and the cash left after capital expenditures.

IDEXX Laboratories Raises Its Full-Year Outlook

IDEXX Laboratories (NASDAQ: IDXX) reported third-quarter revenue of approximately $1.214 billion, up 10% from a year earlier. Diluted earnings per share rose 18% to $4.01, while companion-animal diagnostics recurring revenue increased 11%. IDEXX Laboratories (NASDAQ: IDXX) also raised its 2026 revenue guidance to $4.741 billion through $4.767 billion and its diluted earnings outlook to $14.96 through $15.16 per share. The updated revenue midpoint increased by $32 million, supported by stronger recurring diagnostics performance and acquisition contributions. The results provided a company-specific example of recurring revenue growth and operating improvement outside the market’s dominant AI narrative. Reported operating margin reached 33.1%, an increase of one percentage point from the prior-year quarter,

What Comes Next: Midterms, Jobs Data and Market Breadth

Morgan Stanley (NYSE: MS) strategists argued Monday that the correction that began in June could be approaching its final stage. Their assessment cited substantial weakness beneath the headline indexes, including approximately 60% of Russell 3000 stocks having experienced declines of at least 20% since June. That is a strategic interpretation, not confirmation that a market bottom has formed. The same assessment identified potential post-election risks from renewed escalation with Iran or additional tariffs, while emphasizing greater attention to earnings durability and cash conversion. The immediate calendar includes Tuesday’s midterm elections and Friday’s October employment report. For many, the key question is whether lower energy prices and resilient economic activity can support broader stock participation, or whether technology weakness and persistent inflation pressure continue to limit the recovery.

Updates From the VP Watchlist

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL), a leading provider of technology-enabled care, closed at $12.52.

Amwell® will report third quarter 2026 operating results after stock market trading hours on Tuesday, November 3. Following the distribution of the earnings release via wire services, the Amwell management team will host a live conference call and webcast at 5 p.m. ET to review the company’s operating results and provide a general business update.

AMWL announced (Sept 8) announced the Department of Veterans Affairs (VA) has declared its intent for the Company to deploy its virtual health platform within the VA enterprise and help power the modernization of the VA’s digital health infrastructure. The VA anticipates the Amwell platform will support a broad range of clinical services, enhance care coordination, and improve access for our Veterans across the VA enterprise. The Letter of Intent follows a comprehensive evaluation process by the VA, in which it determined that Amwell’s virtual health platform aligns with the Department’s strategic objectives to expand access to high-quality, secure, and reliable virtual care services for Veterans nationwide through the VA’s current electronic health record modernization efforts. Specifically, the capabilities Amwell demonstrated in scalable video consultations, interoperability, cybersecurity compliance, and support for integrated care delivery were significant factors in this determination.

Amwell® has received Frost & Sullivan’s 2026 United States Technology Innovation Leadership Recognition in the Technology-Enabled Care Platforms Industry. The recognition validates Amwell’s ability to address healthcare fragmentation through a unified platform that orchestrates consumer experiences, clinician workflows, care programs, and partner solutions.

The Company also reiterated recently its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Serina Therapeutics (NYSE: SER)

Serina Theraeuptics (NYSE: SER, $1.85) is a clinical-stage biotechnology company developing a pipeline of wholly owned drug product candidates to treat neurological diseases and other indications. Serina’s POZ PlatformTM provides the potential to improve the integrated efficacy and safety profile of multiple modalities including small molecules, RNA-based therapeutics and antibody-based drug conjugates (ADCs). Serina is headquartered in Huntsville, Alabama on the campus of the HudsonAlpha Institute of Biotechnology.

On Thursday, September 24, 2026, Serina CEO Steve Ledger discussed discuss Serina’s programs’ progress during Tribe Public’s “A New Approach to Advanced Parkinson’s Disease: Serina Discusses SER-252’s Clinical Progress”webinar, followed by a live Q&A. You may view it below.

SER announced (Sept. 9) that the independent Safety Monitoring Committee (SMC) has completed its blinded review of Cohort 1 of the ongoing Phase 1b registrational study of SER-252 in patients with advanced Parkinson’s disease and recommended that the study advance to Cohort 2. Cohort 1 evaluated the lowest dose level in the single-ascending-dose portion of the study. In addition to supporting continued dose escalation, blinded Cohort 1 observations showed a pharmacokinetic profile consistent with the sustained apomorphine exposure SER-252 is designed to provide and included sustained periods of improvement in motor function in individual patients on exploratory clinical measures.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.83), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Oct. 15) that the ongoing RESOLVE study evaluating the safety and efficacy of EP-104GI for the treatment of Eosinophilic Esophagitis (“EoE”) has reached its enrollment target. “This is a significant milestone for the RESOLVE trial and the development of EP-104GI as a potential treatment option in EoE” said Dr. James Helliwell, Chief Executive Officer of Eupraxia. “We look forward to our interim analysis in December where we will be reporting on symptoms, histologic findings and safety in the first 60 patients in Phase 2b to reach 6 months. Data will also be available on the patients at 3, 9- and 12-month timepoints giving a fulsome interim look at the RESOLVE Trial”.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $1.80, +4.65%), a commercial-stage medical device company preparing for the full commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Oct. 27) that it has received a positive decision from its notified body regarding certification of its quality management system under ISO 13485:2016. The notified body is designated under the European Union Medical Device Regulation (“MDR”).

MODD announced (October 15) the launch of two innovative digital education resources designed to assist people living with diabetes build familiarity and confidence with insulin therapy ahead of formal training on the Pivot insulin delivery system. Developed in partnership with Relevate Health Games, the new tools use game-based technology to walk patients through the skills needed for insulin pump therapy. The resources are designed to help reduce barriers to adoption by allowing prospective users to become familiar with pump therapy before beginning formal onboarding. The first educational module gives users a virtual, hands-on walkthrough of the Pivot insulin delivery system. In approximately 15 minutes, users can visualize how to unpack the system, prepare and apply the pump, and understand the basic operational functions. The Pivot module was first previewed at the ADCES 2025 Annual Conference in August 2025. Healthcare providers may also use the platform to gauge a patient’s interest in pump therapy and ability to navigate basic operational tasks associated with insulin delivery devices. The experience offers clinicians valuable insight into patient engagement, learning readiness, and willingness to transition from multiple daily injections to a more advanced insulin delivery approach.

MODD announced (September 4) that it has secured a contract with a national U.S. pharmacy benefit manager (PBM) in the United States. Pursuant to the contract, the Company’s Pivot insulin delivery system is now available through the national PBM. The Company believes the engagement with this national PBM represents a significant step forward in broadening patient access to the Company’s Pivot tubeless patch pump and will further validate the Pivot pump as an accessible therapeutic option for people living with diabetes.

MODD announced (September 3) that the U.S. Food & Drug Administration (FDA) has cleared a set of software enhancements to its Pivot insulin delivery system, further expanding the system’s functionality and providing users with greater flexibility and customization options in bolus dosing, an enhanced user-interface (UI), and other software upgrades.

MODD CEO, Jeb Besser, co-hosted a Tribe Public’s CEO Presentation and Q&A Webinar Event titled “The Road To Revenue: Modular Medical’s Strategy For Launching Pivot,” that was held Friday, September 4, 2026.. You may watch the event video below now if you missed it below now.

Doximity, Inc. (NYSE: DOCS)

Doximity (NYSE: DOCS, $32.87, +.34%) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

DOCS announced that its has launched DoseCheck, a free additional safety layer in Doximity Ask that instantly checks every AI-generated medication dosing claim against a structured drug database to reduce treatment errors and increase patient safety. The probabilistic nature of AI means that it predicts the most likely answer based on the data it’s been trained on. This can lead to different but equally confident answers to the same prompt. When it comes to drug dosing, doctors need to know that the dosing recommendations AI generates are consistently accurate. Building on Doximity’s existing work around AI safety, DoseCheck adds a deterministic, rule-based verification step to all dosing recommendations in Doximity Ask, Doximity’s clinical decision making support tool. By checking against FDA labeling and professional guidelines, DoseCheck increases accuracy to more than 99%.

Doximity and Wolters Kluwer Health, announced (Oct. 20) that UpToDate’s trusted, evidence-based, clinical content will be accessible directly within Doximity’s fast-growing AI clinical decision support tool, Ask.

DOCS announced (Oct. 13) it has extended its 13-year partnership with U.S. News & World Report, the nation’s most trusted source of independent healthcare information, rankings and guidance to help patients identify the best care for their needs.

Nvidia (NVDA, $202.06, -1.28%)

NVIDIA Corp. (NASDAQ: NVDA), at its GTC event in Berlin recently, the company unveiled its DSX POD, a reference design for an AI data center packed into a box about the size of a standard shipping container. According to Nvidia, the Vera Rubin-powered DSX PODs will arrive on site, ready to be plugged into the power, cooling, and networking infrastructure, reducing deployment time from six months to 14 days. The company said DSX PODs won’t replace traditional data centers, but will serve as a means to start running AI applications before brick-and-mortar facilities are ready.

Alphabet (NASDAQ: GOOGL $278.99, -.30%

Alphabet (NASDAQ: GOOGL, GOOG) is confronting an expensive paradox: Artificial intelligence is bringing more activity to Google while making the economics of that activity harder to predict. Yet the latest results offer a more constructive interpretation than a simple obituary for search. Third-quarter revenue increased 25% to $127.6 billion. Operating income climbed 30% to $40.6 billion. Google Cloud revenue more than doubled. Those are unusual credentials for a company supposedly being escorted toward technological irrelevance. At the close on Thursday, Alphabet shares traded at $283.82, following a 12.64% decline, many are clearly demanding more proof and fewer architectural renderings of future data centers. That skepticism is understandable. But the opportunity lies in distinguishing a difficult transition in monetization from a collapse in demand. Google’s problem is not that people have stopped asking questions. According to management, its year-over-year search-query growth reached its highest rate in five years during the third quarter. The more consequential question is how quickly Google can turn its expanding AI audience into attractive, durable cash flow. Wall Street has little patience for a renovation when the contractor’s estimate begins with a trillion.

The Sources

1. November 2 live market updates, economic releases and corporate developments
2. Oil prices and prospects for U.S.-Iran diplomacy
3. IDEXX Laboratories (NASDAQ: IDXX) third-quarter earnings announcement
4. Morgan Stanley (NYSE: MS) strategists’ market-correction assessment
5. November 2 stock-market session developments
6. IDEXX Laboratories (NASDAQ: IDXX) official third-quarter results and guidance
7. Institute for Supply Management: October 2026 Manufacturing PMI report
8. U.S. Census Bureau: September 2026 construction spending
9. Marvell Technology (NASDAQ: MRVL) and Lumentum Holdings (NASDAQ: LITE): Official transaction announcement
10. Marvell Technology (NASDAQ: MRVL): Transaction presentation filed November 2, 2026