2nd November 2026 – (New York) U.S. equities climbed, led by technology, as a sharp drop in crude prices eased recent inflation worries and traders positioned for a dense run of corporate earnings and the midterm elections. By mid‑session the S&P 500 was up about 1.1 per cent, the Nasdaq Composite gained roughly 1.4 per cent and the Dow Jones Industrial Average added around 1.2 per cent, or more than 600 points.
Brent crude fell more than 6 per cent to near $106 a barrel, while West Texas Intermediate slid by a similar margin to just under $100, relieving pressure on energy‑sensitive sectors. The pullback followed signs of diplomatic efforts in the Middle East and broader hopes that supply risks may abate, prompting a rotation back into rate‑sensitive growth stocks.
Chipmakers and megacaps advanced after deal news in the semiconductor space underscored ongoing confidence in artificial intelligence demand. Shares of Nvidia rose nearly 2 per cent, Amazon gained more than 4 per cent and Alphabet advanced over 2 per cent. Sentiment was tempered by Oracle, which said it would sell $10 billion of common stock alongside a $10 billion bond offering to finance AI infrastructure, leaving its shares lower by more than 5 per cent during the session.
The move higher came after a losing week for the S&P 500 and Nasdaq that reflected profit‑taking in AI‑exposed names and concern over capital expenditure plans. While the broader bullish narrative for equities remains intact, traders pointed to fragile short‑term momentum given the market’s sensitivity to oil swings, inflation signals and geopolitics.
A busy macro and earnings calendar loomed, with investors awaiting the monthly U.S. jobs report and company results from heavyweights including Apple after the closing bell, followed by McDonald’s and Qualcomm later in the week. Earlier in the day, the Institute for Supply Management reported that its October manufacturing index rose to 55.5, above consensus, as production improved, inventories moved out of contraction and prices eased from elevated levels, while the employment component softened marginally.
