Tech Stocks Reversed Most Gains And Dropped as Investors Keep Rotating Out of the Sector

Tech stocks reversed gains and fell again on Monday as investors keep rotating out of the sector.

The tech-heavy Nasdaq Composite fell more than 1% after being up as much as 1.4% earlier in the session. The S&P 500 dropped 0.51% after gaining 1.1% earlier. The Dow Jones Industrial Average climbed 0.42%. Investors will now look at the results of the midterm elections to inform their decision in the short term.

Oil prices plummeted during the session on hopes that the U.S. and Iran could reach a deal to end the war. President Donald Trump reacted to the development, saying in a social media post that "Oil Prices are DROPPING LIKE A ROCK, down almost $10 a Barrel, A RECORD, because people feel that there will not be a War with Iran."

"Iran wants a settlement, as soon as possible. It could happen!" he added.

The president told Axios earlier on Monday that he's in "no rush" to decide whether to resume attacks against Iran. "One way or the other, we will do something, but there is no rush. We crippled them financially. They have no money, no gasoline and their people are getting very tired of it," Trump told Axios.

The outlet went on to note that Qatari mediators are waiting for feedback from Washington and Tehran as indirect talks continue.

"We are talking to them. It's going fine. The problem with them is ... they try and tap" us along, Trump said, noting that "there's less urgency" from Iranian leadership that he expected "but they want to make deal more than they ever wanted."

Iran, in turn, said it has a plan to reopen the Strait of Hormuz in two days if talks with the U.S. progress and broader negotiations to end the war take place.

For that to happen, Tehran reiterated that Washington needs to meet seven conditions, including lifting the blockade of U.S. ports, lift sanctions and agree to a ceasefire that includes Lebanon.

"This once again demonstrates Iran's good-faith approach," said Iranian Foreign Ministry spokesperson Esmail Baghaei.

Elsewhere, Iranian President Masoud Pezeshkian said that Supreme Leader Mojtaba Khamenei gave the government "certain authorities" to conduct negotiations.

Iranian state media reported that Pezeshkian went on to say that Tehran seeks to solve the war with the U.S. without returning to full-fledged hostilities.

Secretary of State Marco Rubio said during the weekend that President Donald Trump would rather solve the war "diplomatically."

Speaking to press, Rubio said Trump has not made a decision while negotiations continue, but his threats represent "incredible confidence that if we needed to do something militarily, we would have the ability to do it, and we really we have everything we need to be successful." However, he clarified, the administration "would prefer to do it peacefully."