US stocks recover some of last week's sell-off after oil prices drop

NEW YORK (AP) — The U.S. stock market is rising Monday and recovering some of last week's sell-off that was led by the tech and AI industries.

The S&P 500 climbed 0.8%, coming off its third straight losing week, and pulled within 2.3% of its all-time high. The Dow Jones Industrial Average was up 547 points, or 1.1%, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 1% higher.

Stocks got a lift from easing prices for oil, which headed back down in their latest yo-yo move on uncertainty about when the war with Iran will allow the global industry to return to normal. The price for a barrel of Brent crude, the international standard, fell 6.7% to $105.87.

Iran said Monday it had a two-day plan to reopen the Strait of Hormuz, which would help the global energy industry, and resume nuclear talks with the United States. Over the weekend, Iran’s top diplomat said he hoped for “rationality” on the U.S. side as diplomatic efforts seek to avert a return to all-out war.

The price for the most actively traded contract in the Brent market has been veering between roughly $70 and $120 since just before the war began, and it’s been quick to reverse direction.

So have stocks in the artificial-intelligence industry, which have been shaky for months amid criticism that they surged too high and are in a bubble. Worries are growing that all the hundreds of billions of dollars Big Tech companies are pouring into AI data centers won’t produce enough productivity and profit to make the investments worth it.

The latest profit reports from Alphabet and other Big Tech companies also showed how AI may be dragging on their own businesses. Not only did Google’s parent company burn through more cash during the latest quarter, as measured by something called free cash flow, it also reported slower-than-expected growth in its search business, which raised worries about AI cannibalizing its cash cow.

Alphabet rose 2.4% Monday, recovering some of its drop of more than 12% from Thursday, which was its worst in history.

Other tech giants also held steadier. Nvidia rose 1.9% after its 4.2% slide on Friday forced it to cede the title as Wall Street’s most valuable stock to Apple.

Outside of AI and tech, several stocks climbed after reporting better profits for the summer than analysts expected.

Marriott International rallied 4.3%, for example, after reporting strength for its hotels around the world. Even in the Middle East, where the war has affected its business, CEO Anthony Capuano said that “trends improved meaningfully” from the spring.

Idexx Laboratories leaped 16.3% after likewise delivering stronger profit and revenue than analysts expected. The company, which sells diagnostic equipment and other products to veterinarians, also raised its forecasts for revenue and profit for the full year of 2026.

Expectations are high for all kinds of companies to continue to deliver big gains in profits as the U.S. economy keeps chugging along, even with high inflation and interest rates. A report on Monday said that growth for U.S. manufacturing was better than economists expected. Perhaps just as importantly, a measure of inflation in the survey by the Institute for Supply Management showed prices were rising at a slower pace.

Monday's drop in oil prices, meanwhile, helped lift stocks of companies with big fuel bills. United Airlines flew 6.5% higher, Southwest Airlines climbed 4.2% and cruise operator Carnival rose 4.6%.

They helped offset a 6% drop for Marvell Technology after it announced a deal to buy Lumentum, which sells lasers and other products that power the networks and infrastructure behind AI and cloud computing.

Marvell said it will give 4.5 of its shares for each Lumentum share, valuing it at roughly $115 billion. Lumentum’s shares dropped 10.6%.

In stock markets abroad, indexes were mixed in Europe amid mostly modest moves.

The swings were larger in Asia, where South Korea’s Kospi jumped 2.2% on renewed strength for the tech giants that dominate its market.

In China, indexes rose 1.1% in Shanghai and 0.4% in Hong Kong to recover some of their steep recent losses. Stocks in Shanghai finished October more than 15% below a peak reached in May.

AP Business Writers Chan Ho-him and Michelle Chapman contributed to this report.

FILE - Trader Joseph Stevens, left, works on the floor of the New York Stock Exchange, on May 5, 2026. (AP Photo/Richard Drew)

FILE - Trader Michael Capolino, left, and Specialist Thomas McArdle work on the floor of the New York Stock Exchange, Monday, Jan. 26, 2026. (AP Photo/Richard Drew, file)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm, Monday, Nov. 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm, Monday, Nov. 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm, Monday, Nov. 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei and New York Dow indexes at a securities firm, Monday, Nov. 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm, Monday, Nov. 2, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

COOPERSTOWN, N.Y. (AP) — Retired managers Dusty Baker, Bruce Bochy, Joe Maddon and Lou Piniella are among eight men on the ballot for the Hall of Fame’s contemporary era committee for managers, executives and umpires that meets on Dec. 6 at the winter meetings in San Diego.

Former general managers Sandy Alderson and Brian Sabean also are on the ballot along with the late Atlanta Braves owner Ted Turner and former player, broadcaster and National League President Bill White, the Hall announced Monday.

The identities of the 16 voters will be announced closer to the meeting, and 75% of the vote is needed for election. Anyone chosen will be inducted into the Hall next July 25 along with players voted in by the Baseball Writers’ Association of America, whose balloting will be announced on Jan. 19.

Piniella received 11 votes in 2023, when Jim Leyland was elected, and 11 in 2018, when Harold Baines and Lee Smith were voted by the today’s game era committee.

The Hall in 2022 restructured its veterans committees for the third time in 12 years, setting up panels to consider the contemporary baseball era from 1980 on and classic baseball era from before 1980. The contemporary baseball era holds separate ballots for players and another for managers, executives and umpires.

Baker, 77, was a two-time All-Star outfielder who hit .278 with 242 homers and 1,013 RBIs for the Los Angeles Dodgers, Atlanta, the Oakland Athletics and San Francisco Giants from 1968-86, then managed the Giants (1993-2002), Chicago Cubs (2003-06), Cincinnati (2008-13), Washington (2016-17) and Houston (2020-23). He had a 2,183-1,862 regular-season record as manager over 26 seasons, winning the 2022 World Series title. He was voted Manager of the Year in 1993, '97 and 2000.

Bochy, 71, caught for the Astros, New York Mets and San Diego from 1978-87, then managed the Padres (1995-2006), the Giants (2007-19) and Texas (2023-25). He had a 2,252-2,266 regular-season record as manager over 28 seasons, winning World Series titles in 2010, ‘12, ’14 and '23. He was voted NL Manager of the Year in 1996.

Maddon, 72, managed the Angels (1996, ‘99, 2020-22), Tampa Bay (2006-14) and Cubs (2015-19), leading the Cubs in 2016 to their first World Series title since 1908. He had a 1,382-1,216 regular-season record as manager over 19 seasons and won Manager of the Year awards in 2008, ’11 and '15.

Piniella, 83, was 1969 AL Rookie of the Year and a one-time All-Star outfielder while hitting .291 with 102 homers and 766 RBIs for Baltimore, Cleveland, Kansas City and the Yankees from 1964-84. He managed the Yankees (1986-88), Cincinnati (1990-92), Seattle (1993-2002), Tampa Bay (2003-05) and the Cubs (2007-10), compiling an 1,835-1,713 regular-season record over 23 seasons. He won a World Series title with the Reds in 1990 and was voted Manager of the Year in 1995, 2001 and '08.

Alderson, who turns 79 on Nov. 22, was Oakland's general manager from 1983-97, helping the A's win the 1989 World Series title. He was Major League Baseball's executive vice president for baseball operations from 1998 to 2005, CEO of the San Diego Padres from 2005-09 and worked for the Mets as general manager from 2010-18 and as team president from 2020-23.

Sabean, 70, was head coach at the University of Tampa in 1983 and ’84, then joined the Yankees as a scout. He moved up to director of scouting in 1986 and vice president of player development/scouting in 1990, then joined the Giants in 1993 as assistant to the general manager and vice president of scouting/player personnel. He was promoted to senior vice president of player personnel in 1995 and was general manager from 1996-14, winning three World Series titles. Sabean was the Giants' executive vice president of baseball operations from 2015-18.

Turner, who died on May 6 at age 87, bought the Braves in 1976 and led the team until 1996, when Turner Broadcasting System merged with Time Warner. He was a broadcasting innovator, turning WTBS into a superstation with national distribution. His Braves won the 1995 World Series title.

White, 92, was an All-Star in five seasons as a first baseman and occasional outfielder, hitting .286 with 202 homers and 870 RBIs for the New York and San Francisco Giants, St. Louis and Philadelphia from 1956-69. He won a World Series title with the 1964 Cardinals, was a Yankees broadcaster from 1971-88 and NL president from 1989-94.

Each committee meets every three years. Classic baseball meets in December 2027 and contemporary baseball/players in December 2028.

Managers and umpires were eligible if they had 10 or more big league seasons and have been retired for five years, though people 65 and older are eligible six months after retirement. Executives must be retired for five years, but active executives 70 or older are eligible.

A candidate who does not receive at least five of the 16 votes is not eligible for the next ballot of that committee three years later. A candidate who does not receive at least five of the 16 votes on multiple ballots would no longer be eligible for that committee.

The ballot was picked by a historical overview committee that included Adrian Burgos of the University of Illinois, Bob Elliott of the Canadian Baseball Network, historian Steve Hirdt, La Velle Neal of the Minnesota Star Tribune, former The Athletic writer David O’Brien, José de Jesus Ortiz of Our Esquina Media, BBWAA secretary-treasurer Jack O’Connell, former Fort Worth Star-Telegram writer Jim Reeves, former San Francisco Chronicle writer Glenn Schwarz, San Francisco Chronicle writer Susan Slusser and former Southern California News Group writer Mark Whicker.

Buster Posey, Jon Lester and Ryan Zimmerman are among players eligible for the BBWAA vote for the first time. Holdovers include Chase Utley, Andy Pettitte and Félix Hernández.

AP MLB: https://apnews.com/hub/mlb

FILE - Dusty Baker attends the Baseball Hall of Fame induction ceremony in Cooperstown, N.Y., on July 26, 2026. (AP Photo/Seth Wenig, File)