Wall Street rises as oil falls ahead of US midterms
Summarised from 2 outlets · 4 reports · Updated 3 Nov, 16:20 · Archive
US stock indices rose as oil prices dropped on hopes of a US-Iran peace deal ahead of the midterm election.
Wall Street's main indices opened higher as oil prices fell more than six per cent on hopes of a US-Iran peace deal. Brent crude prices fell to a near two-week low as Iran's talks with Qatari officials to end the eight-month-long conflict with the US raised hopes that Middle East supply disruptions could ease. Iranian President Masoud Pezeshkian said the country's supreme leader granted 'certain authorities' to the government with regard to peace talks, according to state media.
Most megacap and growth stocks gained, with Nvidia and Amazon rising 1.5 per cent and 4.1 per cent respectively. In early trading on Monday, the Dow Jones Industrial Average rose 537.86 points, or 1.04 per cent, to 52,308.17, the S&P 500 gained 44.29 points, or 0.58 per cent, to 7,623.22 and the Nasdaq Composite gained 183.02 points, or 0.72 per cent, to 25,620.02. Seven of the 11 major S&P 500 sectors were in positive territory, with consumer discretionary leading gains, while energy fell more than 2.1 per cent.
The gains offered some respite to the artificial intelligence trade after a bruising October which left the tech-heavy Nasdaq-100 close to entering correction territory as investors grew wary of big tech's soaring AI spending. Oracle dropped 5.8 per cent after regulatory filings showed the cloud infrastructure provider plans to raise US$20 billion through a debt and share sale, highlighting investor concerns that debt-funded spending could become harder to justify as borrowing costs rise.
How it is being reported
- Wall Street opens mixed ahead of US midterm resultsUS stocks have opened higher as investors monitored developments on a possible peace deal between the United States and Iran.The West Australian · 3 Nov, 15:58
- Wall Street opens mixed ahead of US midterm resultsUS stocks have opened higher as investors monitored developments on a possible peace deal between the United States and Iran.Perth Now · 3 Nov, 15:58
- Wall St rises as oil falls ahead of US midterm electionUS stocks have opened higher as investors cheered a drop in the price of oil and monitored developments of the Middle East.Perth Now · 2 Nov, 15:55
- Wall St rises as oil falls ahead of US midterm electionUS stocks have opened higher as investors cheered a drop in the price of oil and monitored developments of the Middle East.The West Australian · 2 Nov, 15:55
In this story: Wall Street · Iran · United States · Nvidia · Amazon · Masoud Pezeshkian · Oracle · Anthropic
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