US stock markets open in green on Monday after crude oil prices drop 4%; NDX, DJI surge 0.8%

The US markets opened the month of November on a positive note after reports indicated that President Trump favoured a peaceful resolution in the US-Iran conflict. The benchmark NASDAQ 100 jumped over 200 points, following a nearly 2% drop in the previous week. The Dow Jones and S&P 500 rose almost 0.6% on Monday evening.

Falling crude oil prices also abated fears of inflation, further bolstering investor sentiment. Brent crude oil prices dropped over 3.4% on Monday evening to hit an intraday low of $108 per barrel. Similarly, the WTI crude oil price fell below the crucial threshold level of $100 per barrel. Besides this, investors are also focusing on major events scheduled this week. The US mid-term elections, key labor market data, and a set of major earnings announcements.

Technology shares also staged a smart recovery from lower levels, after a brutal selloff on Friday. A decline in crude oil prices also eased pressure on bond yields, which remained below the 5% mark on the 10Y bond.

Among the major gainers, the shares of NVIDIA jumped over 1%, Advanced Micro Devices shares rose 1.7%, Micron jumped 1.3%, and SanDisk Corporation surged over 1% on Monday, recouping partial losses from Friday.

Shares of Apple Inc. will remain in focus in today’s trading session ahead of its earnings release after markets close. The iPhone maker is expected to drive 8% YoY growth in net income and 11% YoY growth in net sales for the quarter. Besides this, Advanced Micro Devices and Palantir Technologies are two other major companies that will announce their quarterly earnings on Monday.

Among the megacap space, shares of Amazon Inc. surged the most at 3.5% on Monday, recouping all the losses made in the previous week. Similarly, shares of Alphabet Inc. surged 2%, Microsoft (+1%), Space Exploration Technologies (+4%), and Tesla (+1.4%) also recovered partial losses of Friday.

Meanwhile, Marvell Technology Inc. shares will also remain in focus on Monday after it announced it would buy Lumentum in an all-stock deal at an enterprise value of $115 billion. Marvell Technology shares extended Friday's fall by plunging over 6% on Monday and Lumentum Holdings' stock price also dipped over 10%.

Shares of Oracle fell over 5% after it announced to raise $20 billion through equity and debt to fund investments in AI. The company said AI and cloud infrastructure spending to peak this and next fiscal year and expects to generate revenue of ~$225 billion by FY2030.