Markets
Stocks Rebound at Midday as Oil Tumbles on Iran Talks, With Apple Earnings Due After the Close
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The Dow leads a broad bounce from Friday's technology selloff while crude retreats on hopes for a Hormuz deal.
By Emmanuel Cruz ·
U.S. stocks climbed at midday on Monday as a sharp drop in oil prices and reports of progress in talks to end the U.S.-Iran war gave investors a reason to buy after Friday's technology-led selloff [1][2].
As of about 12:07 p.m. ET, the Dow Jones Industrial Average was up about 1.0% at 52,295, the S&P 500 had gained 0.57% to 7,623 and the Nasdaq Composite was 0.67% higher at 25,607, according to Yahoo Finance quotes. The small-cap Russell 2000 rose 1.03% to 2,841, and the VIX volatility index slipped to 18.84 [1]. Those moves recover part of the damage from last week, when the Nasdaq Composite lost 5.2% in October and the Nasdaq 100 ended Friday about 9% below its October 6 record [1]. TheStreet reported that Friday was the Nasdaq's worst single day since June, after disappointing results from Amazon and Alphabet raised questions about heavy AI spending [3].
Oil was the main driver. Reuters reported that Brent crude futures fell $4.79, or 4.2%, to $108.64 a barrel by 1020 GMT, with U.S. crude down a similar amount near $99.71, after an official briefed on the matter said Iranian negotiators had left talks with Qatari mediators, a draft proposal was being circulated and a follow-up meeting was possible [2]. By midday in New York the December U.S. crude contract was down 7.4% at $96.45, and Brent was near $105, according to Yahoo Finance [1]. Iranian Foreign Minister Abbas Araqchi said on Sunday that Tehran was prepared for "both defence and diplomacy," Reuters reported [2].
Traders are not treating the dip as a resolution. Reuters noted that Goldman Sachs raised its oil forecasts on Sunday, saying Brent could reach $140 in 2027 if Gulf output stays 3.5 million barrels a day below its 2025 average, and that some market participants worry the conflict could escalate again after Tuesday's U.S. midterm elections [2].
Lower oil helped push the 10-year Treasury yield down about 4.5 basis points to 4.884%, while gold gained roughly 2% to $3,977 an ounce, based on Yahoo Finance's quote data [1]. Bitcoin was little changed, trading near $77,300, down 0.66% [1].
Within the S&P 500, TheStreet said that as of 11:24 a.m. ET, consumer cyclical, industrials, consumer defensive and financial shares led, while technology, energy and health care lagged [3]. Alphabet rose after announcing a 6 billion euro bond sale, Yahoo Finance reported, while Oracle fell about 5% after announcing a $20 billion stock and bond raise [1].
Attention now turns to Apple, which reports fiscal fourth-quarter results after the close. Analysts surveyed by Bloomberg expect earnings of $2.00 per share on revenue of $113.46 billion, according to Yahoo Finance [1]. Daniela Hathorn, senior market analyst at Capital.com, said Apple's relatively limited exposure to large-scale AI infrastructure spending makes its results interesting for the market. She said "strong results could help stabilize the Nasdaq," while disappointing guidance could quickly undermine the rebound [3].
The week's other big event is Tuesday's midterm elections, which investors are watching for what the balance of power in Congress could mean for fiscal policy, borrowing and Treasury yields [3]. Intraday moves can reverse by the close, and the figures above reflect midday quotes rather than final settlement levels.
Sources:
[1] Yahoo Finance, "Stock market today: Dow, S&P 500, Nasdaq recover from bruising sell-off as oil prices fall", November 2, 2026. https://finance.yahoo.com/markets/live/stock-market-today-monday-november-2-dow-sp-500-nasdaq-091835095.html
[2] Reuters (via Kitco News), "Oil drops over 4% on hopes of progress in talks on ending US-Iran war", November 2, 2026. https://www.kitco.com/news/off-the-wire/2026-11-02/oil-drops-over-4-hopes-progress-talks-ending-us-iran-war
[3] TheStreet, "Stock Market Today (Nov. 2, 2026): Dow, Russell 2000 lead as market gains ahead of Apple's earnings report", November 2, 2026. https://www.thestreet.com/stock-market-today/stock-market-today-dow-jones-sp-500-nasdaq-updates-nov-02-2026
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.