U.S. stocks rose on Monday as oil prices fell sharply on hopes of renewed U.S.-Iran talks. Technology shares stayed under pressure, and investors faced a packed week of earnings and the midterm elections.
Stocks moved higher on Monday as oil prices fell sharply, while investors braced for a packed week of earnings results and the upcoming midterm elections.
The S&P 500 traded 0.2% higher, while the Nasdaq Composite rose 0.1%. The Dow Jones Industrial Average added 481 points, or 0.9%.
Oil slides on hopes of U.S.-Iran talks
Brent crude tumbled more than 7% to around $104 per barrel. U.S. West Texas Intermediate futures also pulled back more than 7% to roughly $96.
The drop came amid hopes that the U.S. and Iran may resume peace talks. Secretary of State Marco Rubio said over the weekend that President Donald Trump had not made a decision to attack Iran and that Washington would prefer to resolve the conflict peacefully.
Cyclicals gain while tech slips
Investors moved into key cyclical sectors. Consumer discretionary stocks led the way, gaining 3%, while financials and industrials added more than 1%. Materials advanced 2%.
Technology, however, came under pressure yet again. Marvell Technology shares dropped 10%, while Lumentum shed 15% after the companies announced that Marvell is buying Lumentum in a $115 billion deal. Oracle shares also declined 6% after the company said it plans to sell $10 billion in common stock as well as $10 billion in bonds to finance its AI buildout.
Midterms and jobs data loom after a losing week
The moves follow a losing week for the major U.S. benchmarks, bogged down by selling pressure in tech. The Nasdaq and the S&P 500 logged a losing October, with the Nasdaq suffering its worst losses since March 2025.
The U.S. midterm elections will be held on Tuesday, when Democrats are expected to take control of the House of Representatives, while Senate control remains uncertain. A closely watched monthly jobs report and a fresh round of earnings are also due this week, with Apple scheduled to report after the bell on Monday.
Source: CNBC
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