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Monday, November 2, 2026 · End-of-day recap

Oil sinks over 7% on Iran talk hopes as markets await Tuesday's U.S. midterm elections

Published Nov 2, 4:46 PM ET

What matters today

  1. Crude oil fell more than 7% on Monday, CNBC reported, as the U.S. and Iran were reported to be pursuing diplomacy.
  2. The ISM manufacturing index for October came in at 55.5 against 54.5 expected.
  3. The U.S. 10-year Treasury yield ended at 4.91%, down from 4.94% in the Treasury's latest daily figure.
  4. After the close, Palantir reported U.S. commercial revenue above government revenue for the first time.
  5. Oracle filed to sell $20 billion in new stock and bonds to fund its AI buildout.

Today's session

Oil was the main story. ForexLive reported crude opening the week lower as hopes for a U.S.-Iran deal returned, and CNBC later put the day's drop at more than 7%. MarketWatch reported U.S. oil below $100 a barrel and retail gasoline at $4.12 a gallon. Data was mixed: ISM manufacturing rose to 55.5, while September construction spending fell 1.9% versus a 0.3% gain expected. The final S&P Global manufacturing PMI was 54.9, below the 56.0 preliminary reading. After the bell, Palantir reported commercial revenue up 148% to $984 million, ahead of government revenue of $953 million, and Oracle filed for a $20 billion stock and bond sale.

Next session

PreBell's calendar shows U.S. job openings (JOLTS) at 10:00 ET on Tuesday, November 3; the latest reading was 7.08 million, down from 7.33 million. U.S. midterm elections are also held Tuesday.

Top headlines

  • CNBC says crude oil dropped over 7% as the U.S. and Iran both pursue diplomacy before the midterms.CNBC Top News ↗
  • ForexLive relayed reports that Tehran and Washington are nearing a preliminary agreement, citing Iranian media and a diplomatic source.ForexLive ↗
  • ISM manufacturing index rose to 55.5 in October, above the 54.5 forecast; prices paid eased to 75.2.ForexLive ↗
  • Palantir's U.S. commercial revenue grew 148% to $984 million, passing government revenue for the first time.CNBC Top News ↗
  • Oracle filed to issue $20 billion of new shares and debt to pay for AI expansion.CNBC Top News ↗
  • MarketWatch reports Marvell's $115 billion all-stock Lumentum deal is drawing comparisons to the dot-com era.MarketWatch ↗
  • Fed Chair Kevin Warsh plans fewer rate-setting votes, which some economists say could delay relief for borrowers.CNBC Top News ↗
  • Anthropic's revised S-1 shows $17 billion in third-quarter revenue and $895.4 billion in purchase commitments.CNBC Top News ↗

Written with AI from the listed sources and checked automatically. Every number links to its source.