At 10:30 AM Eastern, the Nasdaq 100 was having a decent Monday. By the close it had given back about 3% from that high, roughly $1.1 trillion in market value, and landed more than 10% below its October 6 record. That is a correction. The Nasdaq 100 closed at 27,989.82, down 1.39% on the day, while the Dow finished higher. Then Apple and Palantir both beat after the bell, and neither stock moved much.
Is the Nasdaq in a Correction?
Yes. The Nasdaq 100 closed at 27,989.82 on Monday, 10.4% below its October 6 record close of 31,224.47. A correction is the common label for a drop of 10% or more from a recent high.
| Index | Close | Move |
|---|---|---|
| Nasdaq 100 | 27,989.82 | -1.39% |
| Nasdaq Composite | 25,152.43 | -1.12% |
| S&P 500 | 7,541.52 | -0.51% |
| Dow | 51,987.61 | +0.42% |
| VIX | ~21.2 | about +9% |
The split tells the story. The Dow rose while the Nasdaq 100 fell, because the selling was concentrated in chips and AI infrastructure names. Per Bloomberg's wrap, the chipmaker selloff offset an oil slump that would normally help stocks.
Why Did Tech Stocks Fall Today?
Four stories hit the same corner of the market on the same day:
- Intel (INTC): about -8.8% to $59.97. It has now fallen about 37% in three sessions, from $95.53 at the October 28 close.
- Marvell (MRVL) and Lumentum (LITE): MRVL about -12.7% and LITE about -18.6% after the roughly $115 billion all-stock Marvell and Lumentum deal.
- Oracle (ORCL): about -8.8% after a $20 billion capital raise, $10 billion in stock and $10 billion in bonds.
- The fade: the Nasdaq 100 reversed about 3% from its 10:30 AM ET high, per The Kobeissi Letter, about $1.1 trillion of market cap.
If/then: if Apple's outlook and Palantir's raise steady the megacaps, the correction could stay a chip and AI-infrastructure story. If they disappoint, the selling has a path into the rest of Big Tech.
Apple Earnings: What Apple Reported
Apple reported fiscal fourth-quarter results (quarter ended September 26) shortly after the close, its first report under CEO John Ternus. Headline numbers versus estimates, per FinancialJuice:
- EPS: $2.10 versus $2.00 expected.
- Revenue: $114.48 billion versus $113.47 billion expected.
- iPhone revenue: $57.58 billion versus $56.49 billion expected.
- Services revenue: $31.57 billion, in line with $31.58 billion expected.
- Mac revenue: $10.79 billion versus $9.70 billion expected.
- iPad revenue: $6.23 billion, below $6.89 billion expected.
- Wearables, Home and Accessories: $8.30 billion, below $9.00 billion expected.
- Greater China revenue: $17.54 billion, below $18.75 billion expected.
Apple stock closed at $338.32, down 1.8%, and was little changed after hours near $337.60 as of 1:32 PM PT. The beat came from iPhone and Mac, while China, iPad and wearables came in light. The bigger swing factor is likely the December-quarter outlook on the earnings call, which starts at 2 PM PT.
Palantir Earnings: PLTR Stock After Hours
Palantir beat on every headline number:
- Revenue: $2.31 billion versus about $2.17 billion expected, up 96% year over year.
- Adjusted EPS: $0.44 versus $0.41 expected.
- Q4 revenue guide: $2.65 billion versus about $2.46 billion expected.
- Full-year revenue guide: raised to $8.53 billion from about $8.15 billion.
- Full-year adjusted operating profit guide: $5.25 billion versus about $4.79 billion expected.
- US commercial revenue: $984 million, up 148%, topping US government revenue for the first time.
PLTR stock closed at $178.34, down 3.1% in the regular session, and was near $178.30 after hours as of 1:32 PM PT, roughly flat. Early after-hours reports ranged from flat to up about 4%.
Oil Prices Today: Biggest Drop in Months
WTI crude settled at $96.46, down 7.36%, and Brent settled at $104.77, down 7.63%, on hopes for US and Iran peace talks. Cheaper oil usually helps stocks, and the Dow did rise. Energy stocks fell with crude.
One watch item, unconfirmed: Iran's IRNA news agency reported explosions heard on Qeshm Island late in the day. There was no official confirmation of what happened as of this writing. Oil could react overnight if details emerge.
What Happened After Past Nasdaq 100 Corrections?
We checked every time since 1985 that the Nasdaq 100 first closed at least 10% below a record high, using daily closes for ^NDX (Yahoo Finance history). Today is the 35th such case. Here is what the index did next in the 34 earlier cases:
| After the first close in correction | Median move | Higher |
|---|---|---|
| 1 month later | +2.8% | 22 of 34 |
| 3 months later | +9.8% | 25 of 34 |
| 6 months later | +17.9% | 29 of 33 |
| 12 months later | +25.8% | 26 of 32 |
The catch: in 8 of those 34 cases, the drop kept going to 20% or more below the record before a new high, including 1987, 2000, 2020 and 2022. History leaned toward recovery, but it is not a promise, and the bad cases were very bad. The 12-month return after the April 2000 correction was -65.7%.
What Are the Fed Rate Hike Odds for December?
Per Polymarket on Monday afternoon:
- December 25bp hike: 72.5%
- December hold: 25.5%
What to Watch This Week
- Tonight: any follow-up on the Qeshm Island reports and oil's overnight reaction.
- Tuesday: midterm elections and JOLTS.
- Wednesday: ADP, the Treasury refunding statement and ISM services.
- Friday: October jobs report.
FAQ
Is the Nasdaq in a correction? Yes. The Nasdaq 100 closed 10.4% below its October 6 record on November 2, 2026.
Why did tech stocks fall today? Chip and AI infrastructure names led the drop: Intel fell about 9%, Marvell about 13% and Lumentum about 19% after their all-stock deal, and Oracle about 9% after a $20 billion raise.
What did Apple report? Fiscal Q4 EPS of $2.10 on $114.48 billion in revenue, both above estimates, with iPhone revenue of $57.58 billion. Greater China revenue of $17.54 billion missed.
Why is PLTR stock moving? Palantir beat revenue and earnings estimates and raised its full-year guide. Shares closed down 3.1% and were roughly flat after hours as of 1:32 PM PT.
Why is oil down today? Hopes for US and Iran peace talks. WTI settled at $96.46, down 7.36%.
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Disclaimer: This recap is for informational and educational purposes only and is not investment advice. Markets carry risk, past performance does not guarantee future results, and nothing here guarantees any outcome. After-hours prices are thin, delayed public quotes and subject to change.