Wall St rises as oil falls heading into US midterm elections
SPY•Wall Street’s main indexes rose on Monday as oil prices fell more than 7% on hopes of a US-Iran peace deal. At 11:49 a.m. ET, the Dow was up 1.06%, the S&P 500 gained 0.58% and the Nasdaq rose 0.65%.
1. Indexes climb as oil falls
Wall Street’s main indexes climbed as oil prices tumbled more than 7% on hopes of a US-Iran peace deal, with investors also watching Tuesday’s midterm elections and a busy week of earnings. Brent crude fell to a more than two-week low after talks between Iran and Qatari officials raised hopes that Middle East supply disruptions could ease.
2. Stock moves diverge
Most megacap and growth stocks gained, including Nvidia, up 1%, and Amazon.com, up 4.5%. Oracle fell 5.5% after regulatory filings showed plans to raise $20 billion through a debt and share sale. Marvell Technology dropped 7.6% after announcing a $115 billion all-stock deal, including debt, to buy Lumentum; Lumentum shares fell 12.9%. Apple lost 1.6% ahead of its quarterly results due after the market close.
3. Investors weigh catalysts
Eight of the 11 major S&P 500 sectors were higher, while energy fell more than 2.8%. Investors remained focused on spending by technology companies to capture AI demand and when those investments might produce returns. US manufacturing activity picked up in October amid solid domestic demand, while the midterm elections will determine whether Democrats can take control of Congress.
