Wall Street rises as oil falls heading into US midterm elections and more earnings
SPY•Wall Street’s main indexes rose on Monday as oil prices tumbled more than 6% on hopes of a US-Iran peace deal, with investors also preparing for Tuesday’s midterm elections and a busy earnings week. At 10:02 a.m. ET, the Dow gained 1.04%, the S&P 500 rose 0.58% and the Nasdaq added 0.72%.
1. Indexes rise as oil falls
Wall Street’s main indexes rose on Monday as oil prices fell more than 6% on hopes of a US-Iran peace deal. At 10:02 a.m. ET, the Dow Jones Industrial Average was up 1.04% at 52,308.17, the S&P 500 gained 0.58% to 7,623.22 and the Nasdaq Composite rose 0.72% to 25,620.02. Brent crude fell to a near two-week low as Iran held talks with Qatari officials.
2. Stocks and earnings in focus
Most megacap and growth stocks advanced, including Nvidia, up 1.5%, and Amazon.com, up 4.1%. Oracle fell 5.8% after regulatory filings showed plans to raise $20 billion through a debt and share sale, while Apple slipped 1.3% ahead of earnings due after the market close. Marvell Technology fell 6.1% and Lumentum dropped 10.5% after Marvell announced a $115 billion all-stock deal, including debt, to buy Lumentum.
3. Investors eye key catalysts
Investors were also preparing for Tuesday’s US midterm elections and a busy week of earnings. The article said concerns about Big Tech’s AI spending weighed on sentiment after a difficult October for the Nasdaq-100. US manufacturing activity picked up in October amid solid domestic demand.
