Market Open: Stocks Gain, Iran Deal Hope Hits Oil, Anthropic Updates IPO Filing • 11/2/26

0:01CNBC Business News Update. Market open. I'm Jessica Ettinger. Wall Street is bouncing higher on this first trading day of November. After the worst month for the Nasdaq 100 in a year, that was October, chip stocks gaining after buyers in Asia pushed them higher overnight. Oil is dropping. Let's start with the Dow. It's up 425 points, eight-tenths of a percent. Amazon shares leading the Dow higher. They're up almost 4%. The S &P 500 index is up 40 points. That's a half percent. The Nasdaq up 207 points. That's eight-tenths of one percent. Chipmaker shares in the green include Taiwan Semi, Advanced Micro, Broadcom, Qualcomm, and NVIDIA this morning.

0:48It's election eve with the midterm election day tomorrow. CNBC's Eamon Javers. This year, the inflation rate in September was 3.7 percent. Both Carter and Biden, whose presidencies were damaged by high inflation, managed to weather midterm elections in much worse inflation climates than President Trump is doing now. And this president doesn't need to run for reelection in two years time. So if you're the White House, that's a hopeful sign this week that although inflation is high, it has been an issue on the campaign trail. The history shows it's not always devastating in midterm election years for presidents.

1:26Anthropic filed an amended S-1, the initial public offering prospectus. This is the paperwork so the AI company can issue stock to the public. Here's CNBC's Leslie Picker. Working with some breaking news here, but it appears that the revenue came in for Q3 around$17 billion. They say that's up 1 ,127 percent year over year. They do have commitments to spend on CapEx in the future. And so the updated amount for that is about$900 billion for compute and infrastructure. Of course, that is over the course of anywhere from one to 20 years. Some of that is cancelable. Some of that is non-cancelable.

2:05But again, a sizable amount that they are committing to spend on CapEx, which kind of helps put into context what we're dealing with with regard to the cash for this company. Oil futures falling today on hope. Middle East peace talks will produce an end to the U.S. war with Iran. Reuters saying a draft proposal is being circulated. Here's CNBC's Morgan Brennan. Energy prices falling sharply as U.S. and Iran officials ramp up rhetoric supporting a diplomatic solution to the crisis in the region. We've got quite a few headlines over the weekend, And you can see that is weighing on oil prices. AAA says the national average for a gallon of regular today,$4.16.

2:46Diesel sitting at$6.29 a gallon. Custom chip maker Marvell buying Lumentum in a$115 billion AI data center bet. Lumentum is an optical components maker. Binance says it processed about$4.5 billion in withdrawals yesterday Yesterday as customers rushed to move their money off the platform. Binance was hacked last week. More than$6 billion in assets stolen. The FBI says North Korea may have been behind it. The Elizabeth Holmes Theranos documentary, You Can See Everything, won the weekend box office over the busy Halloween weekend. It was considered a weak box office overall. The DC Studios Warner Brothers movie Clayface came in second.

3:34Jessica Ettinger, CNBC. From gas prices to housing prices, from government spending to consumer spending, from the AI boom to the data center backlash. How will this election hit your pocketbook and your portfolio? Continuing coverage, the economy election, CNBC. Traders don't need a prettier app. They need a better angle. Schwab's think or swim trading platforms were built for real traders like you. They have an insane amount of chart studies. I'm talking over 300 studies for virtually any strategy. They also have integrated risk management technology and nearly unlimited customization so you can shape the platform to fit the way you trade.

4:11And when you do that, you can analyze trades from angles you won't find anywhere else. Go see what that looks like at schwab.com slash trading.