Wall Street faces ISM data after Nasdaq 100 sinks 3.46% on Friday

Wall Street starts the week on Monday, November 2, after a sharp Friday selloff: the Nasdaq 100 fell 3.46% and the S&P 500 lost 1.82%. The October ISM Manufacturing PMI, due at 15:00 UTC, is the main data point of the morning.

What happened

The Nasdaq 100 closed Friday at 28384.85, down 1017.66 points from the previous close of 29402.51. The S&P 500 ended the session at 7580.07, a loss of 140.32 points from 7720.39, or 1.82%.

Market commentary describes the Nasdaq's drop as its biggest single-day fall since June. Heavy losses in technology stocks drove the move. Those losses reflected growing investor concern over hyperscaler spending and over the returns on artificial intelligence investments.

In currency markets, the US Dollar Index stands at 101.4700 in early trading, down 0.40% from 101.8790.

Why it matters

The gap between the two indexes shows where the pressure was concentrated. The Nasdaq 100, which is weighted toward large technology companies, fell nearly twice as much as the broader S&P 500. That pattern points to a selloff centered on the AI-led part of the market rather than a move across all sectors.

The questions raised by investors are about how much hyperscalers spend and what artificial intelligence investments return. These themes have supported the recent rally in technology shares, so doubts about them can move index levels quickly.

For investors, the session sets the starting point for the week: a large one-day decline in technology shares, and a first macro reading that arrives before the opening bell.

What to watch next

The ISM Manufacturing PMI for October is scheduled for 15:00 UTC. The estimate is 54.6, and the previous reading was 54.5. The actual figure has not been published yet. The release is classed as high impact on the economic calendar.

The regular session at the New York Stock Exchange runs from 09:30 to 16:00 New York time. Market participants will look at whether the technology shares that led Friday's decline stabilize or extend their losses once trading opens. They will also follow how the dollar behaves around the data release.

Commentary on hyperscaler spending and artificial intelligence returns is likely to stay in focus, because those concerns drove Friday's moves.