Stocks jump as oil prices tumble before midterms, tech shares rebound: Live updates
Wall Street indices soared Thursday following a Democratic victory in the US midterm elections that ended President Trump's party's sole control of Washington. The Dow Jones index rose 3 per cent, popping 500 points, while oil prices fell 8 per cent. Brent crude futures plunged more than 6 per cent to approximately $106 per barrel, and West Texas Intermediate dropped over 6 per cent to around $97 per barrel. This recovery follows a previous sell-off and coincides with hopes for a US-Iran peace deal.
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- ✓ The Dow Jones index rose 3 per cent.
- ✓ Oil prices fell 8 per cent.
- ✓ Brent crude futures dropped more than 6 per cent to around $106 per barrel.
- ✓ US West Texas Intermediate crude futures dropped over 6 per cent to approximately $97 per barrel.
What changed
Democratic election wins and falling oil prices triggered a broad market surge.
Live updates
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US Stocks Surge and Oil Prices Plummet After Midterm Elections
Wall Street indices soared Thursday following a Democratic victory in the US midterm elections that ended President Trump's party's sole control of Washington. The Dow Jones index rose 3 per cent, popping 500 points, while oil prices fell 8 per cent. Brent crude futures plunged more than 6 per cent to approximately $106 per barrel, and West Texas Intermediate dropped over 6 per cent to around $97 per barrel. This recovery follows a previous sell-off and coincides with hopes for a US-Iran peace deal.
Why it matters
Markets were volatile ahead of a week featuring jobs data and corporate earnings. Investors are reacting to the shift in political power in Washington and geopolitical signals from Iran. The rebound in tech shares follows previous AI-related fears that weighed on Asian markets.
What is confirmed
- The Dow Jones index rose 3 per cent.
- Oil prices fell 8 per cent.
- Brent crude futures dropped more than 6 per cent to around $106 per barrel.
- US West Texas Intermediate crude futures dropped over 6 per cent to approximately $97 per barrel.
- The Democratic party won the US midterm elections, ending the Republican party's sole control of Washington.
- US stock futures recovered after a previous sell-off.
Still unconfirmed
- Anthropic released Q3 financials.
What to watch next
- Upcoming jobs data reports
- Corporate earnings reports including Apple
- Official confirmation of US-Iran peace negotiations
confidence 90%Sources used for this update (18)
- finance.yahoo.com — Yahoo Finance - Stock Market Live, Quotes, Business & Finance News
- stocktwits.com — Stocktwits - Stock Market Live Quotes, Social Community...
- www.zerohedge.com — Futures Rise, Oil Slides As Iran's Supreme Leader Talks Peace And Shrugs Off Ras Tanura Attack
- www.cnbc.com — Oil today: Iran, US, crude, wti, brent, trump
- www.thehindubusinessline.com — Stock Market Today Highlights, October 28: Sensex declines 353 points dragged by Reliance, IT stocks, rising crude oil prices
- Bloomberg — Asian Stocks to Fall as Tech Rout Fuels AI Fears: Markets Wrap
- CNBC — Stock futures tick higher ahead of busy week of earnings, jobs data and the midterm elections: Live updates
- Reuters — Oil slips more than 1% as talks continue on ending Iran war
- WSJ — Stock Market Today: Stock Futures Recover After Friday's Selloff
- Yahoo Finance — Stock market today: Dow, S&P 500, Nasdaq futures recover from bruising sell-off ahead of busy week
- Investor's Business Daily — Stock Market Today: Dow Rises As Oil Prices Dive; Apple Falls Ahead Of Earnings (Live Coverage)
- Yahoo Finance — Stocks rebound as oil prices sink, Anthropic releases Q3 financials: AlphaCheck
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