U.S. stocks moved higher Monday as a sharp drop in oil prices eased pressure on markets, while investors prepared for the Nov. 3 midterm elections and a week filled with corporate earnings reports. The move followed a difficult week for major benchmarks, particularly technology shares tied to the artificial-intelligence buildout.
| Index or commodity | Monday move | Level or price |
|---|---|---|
| Dow Jones Industrial Average | Up 568 points, or 1.1% | Not specified at 12:05 p.m. ET |
| S&P 500 | Up 0.6% | Not specified at 12:05 p.m. ET |
| Nasdaq Composite | Up 0.7% | Not specified at 12:05 p.m. ET |
| Brent crude | Down more than 7% | About $104 a barrel |
| West Texas Intermediate | Down more than 7% | About $96 a barrel |
The Dow added 568 points, or 1.1%, while the S&P 500 gained 0.6% and the Nasdaq Composite advanced 0.7%, according to the market update at 12:05 p.m. Eastern time. Brent crude, the international oil benchmark, fell more than 7% to around $104 a barrel. U.S. West Texas Intermediate futures also declined more than 7%, to roughly $96.
Oil prices fell as investors responded to signs that the United States and Iran might resume peace discussions. Secretary of State Marco Rubio said over the weekend that President Donald Trump “hasn’t made a decision” about attacking Iran and that Washington preferred to resolve the conflict “peacefully.” Iranian state media reported that the country’s foreign minister said an agreement was possible if the United States “demonstrates goodwill.”
“The stock market’s longer-term bullish narrative may have taken some hits in recent weeks, but it’s still intact,” said Chris Larkin, managing director of trading and investing at E-Trade.
Technology shares recover unevenly
Several large technology companies helped lift the broader market. Nvidia rose about 1%, while Amazon gained more than 4% and Alphabet added 1%. Consumer discretionary stocks led the sector move, rising nearly 4%. Financial and industrial shares each gained almost 2%, and materials advanced more than 2%. Healthcare and utilities, which are often viewed as defensive sectors, came under pressure.
The rebound did not erase concerns about the scale and financing of artificial-intelligence investment. Oracle shares fell more than 5% after the company said it planned to raise $10 billion through a common-stock sale and another $10 billion through bonds to fund its AI expansion. The planned borrowing and equity issuance focused attention on how technology companies are paying for large infrastructure programs as financing costs remain important to investors.
Marvell Technology also drew attention after announcing its purchase of optical-components maker Lumentum in a $115 billion all-stock transaction, including debt. The deal was viewed in the market as another major bet on AI-related demand. Nvidia, Amazon and other large technology names had been under selling pressure during October as investors questioned whether rising AI spending would produce sufficient returns. The Nasdaq-100 lost more than $2.5 trillion in market value during that month and came close to entering correction territory, generally defined as a decline of at least 10% from a recent high.
Investors face a crowded week
Market participants are also weighing the results of Tuesday’s elections and a series of earnings announcements. The election outcome could influence expectations for economic policy, while company reports may provide additional information about consumer demand, business spending and technology investment. The immediate market factors reported Monday included:
- A steep decline in crude prices linked to hopes for renewed U.S.-Iran negotiations.
- A rebound in major technology and consumer-discretionary shares after October losses.
- Continued scrutiny of debt and stock sales used to finance artificial-intelligence expansion.
The indexes were still trading during the report, so the figures describe their levels and percentage changes at midday rather than their final closing results.
