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Wall St rises as oil falls heading into US midterm elections
Reuters • • business
Key Points:
- Wall Street indexes rose on Monday, with the Dow up 1.06%, S&P 500 up 0.58%, and Nasdaq up 0.65%, driven by a significant drop in oil prices amid hopes for a US-Iran peace deal.
- Brent crude prices fell over 7% to a two-week low as Iran's talks with Qatar raised optimism about easing Middle East supply disruptions.
- Oracle shares dropped 5.5% after announcing plans to raise $20 billion through debt and share sales, raising concerns about debt-funded spending amid rising borrowing costs.
- Major tech stocks showed mixed performance: Nvidia and Amazon gained, while Intel and Marvell Technology declined sharply, with Apple falling 1.6% ahead of its earnings report.
- Investors are cautious ahead of the US midterm elections and a busy earnings week, with Democrats expected to gain in the House but Senate control uncertain.
