Dax closes up 0.63% at 25,982 as oil falls before US midterms

A rebound after Friday's tech sell-off

European and US stocks rose on 2 November after a heavy sell-off in technology shares on Friday, 30 October. Disappointing quarterly results from several tech companies set it off, and Intel's forecast cut halved its share price within two days. The Nasdaq's October loss was 5.3%, its worst month in about 1.5 years. The Dax had climbed above 26,100 points on Thursday, 29 October, for the first time since early September, before it closed 0.9% lower at 25,808 on 30 October.

Oil falls on Iran talks

Oil prices were more than 6% lower at the opening, after three days of talks between Iran and Qatari mediators aimed at ending the war between the United States, Israel and Iran. The Dax closed up 0.63% at 25,982 points, with travel stocks such as TUI and Lufthansa supported by a report on diplomatic efforts by US President Donald Trump. In London, the FTSE 100 closed 0.3% higher at 10,761.33 and the FTSE 250 rose 1.4%. Paris's CAC 40 gained 1.0%, while the Dow Jones Industrial Average was up 1.0%, the S&P 500 0.6% higher and the Nasdaq Composite 0.7% higher.

FTSE 1000.3%

FTSE 2501.4%

CAC 401%

DAX 400.6%

Dow Jones1%

S&P 5000.6%

Nasdaq Composite0.7%

FTSE 100

0.3 %

FTSE 250

1.4 %

CAC 40

1 %

DAX 40

0.6 %

Dow Jones

1 %

S&P 500

0.6 %

Nasdaq Composite

0.7 %

Data from the article text

Goldman Sachs cites public opinion polling that shows national sentiment has moved around 10 to 11 percentage points towards the Democrats. Prediction markets imply high odds that Democrats win the House with about 236 seats, a wider margin than either party has had in several years. Goldman says the Senate is more uncertain, because polls in the decisive races are within the margin of error. Investors also watched Alphabet, Intel and Amazon, whose results had revived doubts about AI spending in the previous session.

Tech shares and the AI financing question

Doubts about whether huge spending on AI infrastructure will earn an acceptable return weighed on technology stocks, the Evening Standard reported. Fidelity International investment director Tom Stevenson said:

“Investors are no longer in doubt that growth is coming, but they are starting to question whether they have paid too much for it.”

Anthropic reported third-quarter revenue of 17 billion dollars, up from 1.4 billion dollars a year earlier, and is preparing to list on Wall Street in November 2026. Its prospectus, presented in the week of 26 October, shows about 8.9 billion dollars spent on computing in the first half of 2026, more than in all of 2025. Commitments of 500 billion dollars run in part to 2045. OpenAI cut its planned capital raise from 30 billion to 20 billion dollars and accepted a lower valuation. S&P moved its outlook on Meta to negative because of heavy investment and weaker free cash flow, and Marvell is buying Lumentum in an all-stock deal that Wall Street has greeted skeptically.

Apple and the week ahead

Apple reports quarterly results after the US market close on 2 November, and demand for the iPhone 18 is seen as strong. Handelsblatt noted that its valuation is high and that rising component prices could weigh on margins. Apple had regained the top spot among the most valuable listed companies from Nvidia on Friday, 30 October, after its shares gained about a quarter since June, equal to roughly one trillion dollars of market value. CMC Markets analyst Andreas Lipkow said Apple had to deliver. AMD reports on Tuesday, 3 November, the same day as the US midterm elections.