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Monday, November 2, 2026 · Midday recap

Oil falls more than 7% on Iran talk hopes as ISM manufacturing beats forecasts ahead of midterms

Published Nov 2, 12:31 PM ET

What matters today

  1. CNBC reported crude oil sold off more than 7% Monday as the U.S. and Iran were reported to be pursuing diplomacy.
  2. The ISM manufacturing index for October came in at 55.5 versus 54.5 expected.
  3. Oracle filed to sell $20 billion in new stock and bonds to finance its AI buildout, CNBC reported.
  4. Anthropic's revised S-1 filing, the document a company files before an IPO, shows $17 billion in Q3 revenue.
  5. U.S. midterm elections are on Tuesday, and PreBell's calendar also shows JOLTS job openings at 10:00 ET.

This morning so far

Oil opened the week lower, and ForexLive's European wrap said stocks were steady as midterm elections approached. Iran's president said the Supreme Leader had granted the government some authority on negotiations, and ForexLive reported oil prices sinking around 8:51 ET. CNBC later reported crude down more than 7%. U.S. data was mixed: the ISM manufacturing index rose to 55.5 from 54.5, while September construction spending fell 1.9% against an expected 0.3% gain.

This afternoon and after the close

PreBell's calendar shows no further scheduled releases this afternoon. Tomorrow, Nov. 3, brings U.S. job openings (JOLTS) at 10:00 ET and the U.S. midterm elections.

Top headlines

  • CNBC reported crude fell over 7% as the U.S. and Iran both pursued diplomacy before the midterms.CNBC Top News ↗
  • October ISM manufacturing index rose to 55.5, beating the 54.5 forecast; prices paid came in at 75.2.ForexLive ↗
  • Oracle filed to raise $20 billion through new shares and bonds to pay for its AI expansion.CNBC Top News ↗
  • Anthropic's revised IPO filing shows $17 billion in third-quarter revenue and $895.4 billion in purchase commitments.CNBC Top News ↗
  • September construction spending dropped 1.9% month over month, well below the expected 0.3% increase.ForexLive ↗
  • Final S&P Global U.S. manufacturing PMI for October was 54.9, below the preliminary 56.0.ForexLive ↗
  • Canada's manufacturing PMI fell to 49.6, its first reading below 50 this year.ForexLive ↗
  • Fed Chairman Kevin Warsh plans fewer rate-setting votes, which some economists say could delay relief for borrowers.CNBC Top News ↗

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