US Stocks Climb as Brent Sinks 6% and Marvell Strikes $115 Billion Lumentum Deal
Updated
Updated · CNBC · Nov 1
US Stocks Climb as Brent Sinks 6% and Marvell Strikes $115 Billion Lumentum Deal
3 articles · Updated · CNBC · Nov 1
Summary
The S&P 500 rose 1%, the Nasdaq gained 1.3% and the Dow added 574 points as a sharp oil selloff and a tech rebound lifted risk appetite.
Brent crude fell more than 6% to about $105 a barrel and WTI dropped below $97 after Washington and Tehran signaled openness to renewed peace talks instead of a US attack.
Tech sentiment improved after Marvell agreed to buy Lumentum for $115 billion, lifting Nvidia nearly 2%, Amazon more than 4% and Alphabet over 2%.
Oracle limited the rally, sliding more than 5% after saying it would sell $10 billion in stock and $10 billion in bonds to fund its AI buildout.
The rebound follows a weak October for the S&P 500 and Nasdaq and comes ahead of Tuesday's midterm elections, Apple earnings and this week's US jobs report.