Why it matters
- January Brent was at about $106.71 a barrel around 8:50 a.m. ET on Monday, Nov. 2, down 5.92% from Friday's $113.43 settlement reported by Reuters, Yahoo Finance data showed. CNBC tied the drop to reports that the U.S. and Iran are seeking diplomatic options.
- S&P 500 futures were up about 0.49% and Nasdaq 100 futures 0.85%. The ISM manufacturing survey is due at 10 a.m. ET, and Treasury's quarterly financing estimates at 3 p.m. ET.
- It is a heavy week. Apple reports Monday, the midterm elections are Tuesday, Treasury's refunding statement is Wednesday, the Bank of England decides Thursday and the October jobs report is Friday.
The day ahead: scheduled events and what forecasters expect.
U.S. stock futures rose before the open on Monday, Nov. 2, as oil prices tumbled. January Brent was down about 5.92% at $106.71 a barrel around 8:50 a.m. ET, and S&P 500 futures were up about 0.49%, according to Yahoo Finance data. CNBC tied oil's drop to reports that the U.S. and Iran are seeking diplomatic options to end their conflict. The ISM manufacturing survey is due at 10 a.m. ET.
U.S. clocks moved back an hour on Sunday, so ET is now five hours behind GMT. The 9:30 a.m. ET open is 14:30 GMT.
Where are futures and oil before the open?
| Market, about 8:50 a.m. ET | Level | Change vs. Friday |
|---|---|---|
| S&P 500 futures | 7,651.50 | +0.49% |
| Nasdaq 100 futures | 28,777.50 | +0.85% |
| Dow futures | 52,231 | +0.60% |
| 10-year Treasury yield (Friday close, Treasury) | 4.94% | −0.04 point vs. Thursday |
| Brent crude, January ($/barrel) | 106.71 | −5.92% |
| WTI crude, December ($/barrel) | 97.74 | −6.13% |
| Gold futures ($/ounce) | 3,955.00 | +1.44% |
Source: Yahoo Finance chart data and Treasury. Levels are delayed and approximate. Oil changes are from Friday's settlements, which Reuters reported at $113.43 for January Brent and $104.12 for WTI. December Brent expired Friday, so this page now quotes January.
Overseas, the Kospi rose 2.24% and China's official factory PMI fell to 49.3; see our Asia Monday recap. Europe was little changed; see our Europe Monday recap. On Friday the Nasdaq fell 2.86%; see our Americas Friday recap.
Why are oil prices down today?
Brent and WTI fell more than 6% after reports that Washington and Tehran are pursuing diplomacy and that Iran's supreme leader gave the government some authority to hold peace talks, CNBC reported. OPEC+ did little to move prices. Seven members, including Saudi Arabia and Russia, agreed on Sunday, Nov. 1, to keep December output at September's required levels, OPEC said. Their next meeting is Nov. 29.
What is on today's U.S. calendar?
- 10 a.m. ET (15:00 GMT): ISM manufacturing PMI for October. Trading Economics' calendar shows a previous reading of 54.5 and a consensus of 54.6.
- After the close: Apple reports fiscal fourth-quarter results, with its call at 5 p.m. ET, MacTrast reported, citing Apple. Nasdaq's earnings calendar also lists Palantir and Vertex Pharmaceuticals after the close.
- 3 p.m. ET (20:00 GMT): Treasury financing estimates. Treasury's refunding page shows the next estimates scheduled for Nov. 2. The last set came at 3 p.m. on Monday, Aug. 3, and Trading Economics lists today's at 20:00 GMT.
What else is due this week?
| Date | Event |
|---|---|
| Mon., Nov. 2 | ISM manufacturing (10 a.m.); Treasury financing estimates (3 p.m.); Apple after the close |
| Tue., Nov. 3 | U.S. midterm elections; RBA decision; AMD after the close; Tokyo closed |
| Wed., Nov. 4 | Treasury quarterly refunding statement (8:30 a.m.); Qualcomm after the close |
| Thu., Nov. 5 | Bank of England decision |
| Fri., Nov. 6 | October jobs report (8:30 a.m.) |
Sources: Treasury, Bureau of Labor Statistics, Bank of England, Reserve Bank of Australia, Japan Exchange Group, AMD, Qualcomm, CNBC and Trading Economics. Times are ET.
Treasury said in August that its next quarterly refunding announcement would be on Wednesday, Nov. 4; its August statement was released at 8:30 a.m. AMD said it reports on Tuesday, Nov. 3, after the close, with a call at 5 p.m. ET. Qualcomm reports Wednesday, Nov. 4, after the close, with a call at 1:45 p.m. Pacific time. The Bank of England announces on Thursday, Nov. 5, with a Monetary Policy Report. The Bureau of Labor Statistics releases the October employment report on Friday, Nov. 6, at 8:30 a.m.
Upcoming releases are on our market calendar.
Follow the rest of the trading day on our global market today page, with the latest Asia, Europe and Americas session recaps.
Sources
- CNBC, Stock futures jump as oil prices tumble before midterms, tech shares rebound: Live updates (Nov. 1-2, 2026)
- OPEC, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability (Nov. 1, 2026)
- Reuters via The Korea Times, Oil jumps 2%, settles at 6-month highs on fears of escalation in Iran (Oct. 31, 2026, Korea time)
- U.S. Treasury, Most recent quarterly refunding documents and August quarterly refunding statement
- U.S. Treasury, daily par yield curve rates
- Bureau of Labor Statistics, Employment Situation release schedule
- Bank of England, upcoming MPC dates
- Reserve Bank of Australia, board meeting schedules
- Japan Exchange Group, market holidays calendar
- MacTrast, Apple to Announce Fiscal Q4 2026 Earnings on November 2 (Oct. 6, 2026)
- AMD, AMD to Report Fiscal Third Quarter 2026 Financial Results
- Qualcomm via Investing News, Qualcomm Schedules Fourth Quarter and Fiscal 2026 Earnings Release and Conference Call (Oct. 22, 2026)
- Nasdaq, earnings calendar for Nov. 2, 2026
- Trading Economics, U.S. economic calendar
- Yahoo Finance, chart data for S&P 500 futures, Nasdaq 100 futures, Dow futures, Brent January, WTI December and gold futures