01·The Lead
Oil falls on talk of talks.
- Brent: the international oil benchmark fell 7.6% on hopes of renewed US-Iran talks, StockTitan reported.
- Tehran: President Masoud Pezeshkian said the supreme leader had given the government “certain authorities” to negotiate with the US, IBTimes reported, citing Iranian state media.
- Washington: Vice President JD Vance sent a letter to Iran’s security chief, Mohsen Rezaei, about possible new talks, Axios reported.
- Qeshm Island: US forces carried out what officials called defensive strikes on Iranian targets near the Strait of Hormuz late on Monday, the Wall Street Journal reported.
02·Market Reactions
Out of tech, into the rest.
- Wall Street: investors kept rotating out of tech stocks, CNBC reported.
- Oracle: said it plans to sell $10bn of new shares and $10bn of bonds to fund its AI build-out.
- Marvell: agreed to buy Lumentum, an optical-parts maker, in an all-stock deal valuing it at $115bn including debt.
- US factories: the ISM manufacturing survey rose to 55.5 in October, above the 54.5 economists expected.
- Asia this morning: South Korea’s Kospi was down 3.4% at 07:30 GST; Japan is closed for a holiday.
Monday 2 November closes; Brent is the January contract.
21.15
VIX
+8.91%
−0.21%
Russell 2000
Monday
5.27%
US 30-Yr
−4.0bp
$50.72
Silver
+3.31%
Equities
| S&P 500 | −0.51% | |
| Nasdaq Composite | −1.07% | |
| Stoxx 600 | +0.42% | |
| FTSE 100 | +0.29% | |
| DAX | +0.63% | |
| Nikkei 225 | −0.33% | |
| TASI (Saudi) | +0.45% | |
| ADX (Abu Dhabi) | +0.26% | |
| DFM (Dubai) | +0.64% |
Commodities
| Brent (Jan) | $104.77 | −7.63% |
| WTI (Dec) | $96.46 | −7.36% |
| Gold | $3,969.60 | +1.81% |
Rates
| US 10-Yr | 4.89% | −3.5bp |
FX
| EUR/USD | 1.1189 | +0.14% |
Digital Assets
| Bitcoin | $76,691 | −2.30% |
03·Chart of the Day
Fuel buyers up, AI spenders down.
US stocks · share prices · close Mon 2 Nov
Seven stocks, one session.
Change in Monday’s regular session, %.
United Airlines+4.8%
Delta+4.08%
Amazon+2.2%
Nvidia−1.26%
Exxon Mobil−4.05%
Oracle−8.76%
Marvell−12.72%
Source: Yahoo Finance closing prices, Monday 2 Nov.
04·What Else Matters
Results, a rate rise and a vote.
Earnings
Apple and Palantir slip after hours
- Apple: revenue rose 12%, but shares fell 2.8% after hours on a weak gross-margin forecast and iPad sales below estimates.
- Palantir: revenue rose 96% and it raised its full-year forecast; shares fell 3% after hours.
StockTitan; CNBC · 2 Nov
US vote
Midterm elections today
- The odds: prediction-market traders see a nearly 75% chance that Democrats take the Senate, CNBC reported.
- One view: JPMorgan said a Democratic sweep of Congress could spark a sell-off in AI stocks.
CNBC · 2 Nov
Australia
The RBA raises rates again
- This morning: the Reserve Bank of Australia raised its cash rate to 4.85%, the highest since 2008.
- The vote: six members voted to raise, three to hold.
ABC News · 3 Nov
UAE
Abu Dhabi signs AI deals with OpenAI
- The deals: the government, Mubadala and G42’s Inception42 signed agreements with OpenAI covering public services, investment analysis and education.
The National · 2 Nov
05·MENA Focus
A warning to Tehran, a rally in Qatar.
- Gulf warning: some Arab states told Iran they could retaliate “individually or collectively” if it attacks their infrastructure, the Wall Street Journal reported.
- UAE: presidential adviser Anwar Gargash said the country hoped diplomacy would succeed but was “braced for the worst”, the Journal reported.
- Drills: Qatar and the UAE held security drills, including at airports, the Journal reported.
- Qatar’s market: the main index rose 2.2% in early trade on Monday, with every member higher, Reuters reported.
- Saudi Arabia: Yemen’s Houthis said they launched drones towards Dammam airport; there was no immediate Saudi confirmation, Reuters reported.
Want to discuss what this means for your portfolio?
Book a meeting with a Vault Wealth advisor for personalised guidance.