Dow rises while tech shares wobble as oil prices retreat

US stocks moved in different directions on Monday as investors assessed last week's technology-led decline, the approaching midterm election and another large move in oil prices.

The Associated Press reported that the Dow Jones Industrial Average was up about 0.8% in afternoon trading, while the technology-heavy Nasdaq Composite slipped about 0.2%. Airline and cruise shares gained as oil prices fell, potentially easing one of their largest operating costs.

Why oil is moving markets

Energy prices have been unusually volatile amid the conflict involving Iran and uncertainty over supply routes. Brent crude has swung through a wide range in recent months, making a single day's move a weak basis for predicting what consumers or companies will pay later.

Lower crude prices can help transport companies and eventually reduce some inflation pressure, but retail fuel prices do not always follow immediately. Refining costs, inventories, taxes and regional supply conditions also matter.

Tech remains the pressure point

The latest trading follows a sell-off concentrated in technology and artificial-intelligence-linked shares. Investors are questioning whether rapid spending on data centers and computing infrastructure will produce profits quickly enough to justify high valuations.

That does not mean every technology company faces the same outlook. Earnings, debt, capital spending and exposure to the AI buildout differ widely, so broad market labels can hide important differences.

Election results may add another source of short-term volatility because control of Congress can affect expectations for tax, trade, energy and technology policy. Market moves around political events can reverse quickly; they should not be read as a definitive judgment on an election or the longer-term economy.