Overnight Developments
U.S. crude falls below $100 amid reports of U.S.-Iran diplomatic efforts — CNBC
Oil fell sharply early Monday. As of 5:49 a.m. ET, January Brent was down 4.61% at $108.20 and December WTI was down 4.44% at $99.50. Over the weekend Secretary of State Marco Rubio said President Trump would prefer to resolve the Iran war “diplomatically,” and Iran signaled a deal is still possible after two days of Qatar-mediated talks. The risk hasn’t gone away: the WSJ and NYT report the U.S. is preparing for possible renewed military action after Tuesday’s midterms, and Iran’s Supreme Leader called on Saturday for an “immediate, impactful, and geographically unrestricted response” to any threat. Affected sectors: Energy, Airlines/Transports, Rates/inflation-sensitive
Marvell to buy Lumentum in $115 billion deal in AI data-center bet — CNBC
Marvell announced Monday that it will buy optical-components maker Lumentum in a deal valued at $115 billion, one of the biggest of 2026. It is a direct bet that AI data-center demand for high-speed optics will keep outrunning supply. The deal follows Friday’s broad chip selloff, which accelerated after Intel’s weak forecast. Since talks were first reported, Marvell is down about 22% and Lumentum about 8%. Both are up roughly 2.5–3% pre-market. Affected sectors: Semiconductors, Networking/Optics
Binance sees $3.64 billion in net outflows as withdrawals resume after massive hack — CNBC
Binance reopened withdrawals Sunday after last week’s record $6.3 billion hack, which the FBI attributed to North Korean hackers. Net outflows were $3.64 billion, about 2.1% of its reported assets. Circle said it has frozen more than $1.1 billion in USDC tied to the incident. Bitcoin was steady near $78K overnight. Affected sectors: Crypto, Fintech
Futures & Pre-Market
| Index | Futures | Change |
|---|---|---|
| S&P 500 | 7,647 | +0.4% |
| NASDAQ | 28,747 | +0.7% |
| DOW | 52,157 | +0.5% |
Changes vs. Friday’s close, recomputed from daily bars as of ~07:05 ET.
Futures are bouncing after Friday’s chip-led selloff, with the Nasdaq leading.
Watchlist Movers
- TEM ~+3% pre-market. Tempus reported Q3 results at 7:00 a.m. ET. Revenue was $411.5M (+23% y/y), oncology volume grew 32%, and adjusted EBITDA was $25.6M (vs. $1.5M a year ago). It raised full-year revenue guidance to $1.60–1.605B.
- MSTR +2.3%, SMCI +2.2%, SMR +2.1%, RKLB +2.1%, TSM +1.9%. Broad risk-on bounce, no single catalyst.
- NVDA +1.2%. Chips are rebounding after Friday. Nvidia invested $2B each in Marvell and Lumentum earlier this year.
- CRCL +0.9%. Circle froze more than $1.1B in USDC linked to the Binance hack.
International Markets
Asia was mixed. Shanghai rose 1.1% and the Hang Seng 0.4%, while the Nikkei slipped 0.3%. Europe is quiet: the DAX is up 0.2% and the FTSE is flat.
What to Watch at Open
Nasdaq futures are up 0.7% as chips try to bounce off Friday’s selloff, helped by Marvell’s $115B Lumentum deal. WTI crude is back under $100 on U.S.-Iran diplomacy, which matters for rates and transports ahead of Tuesday’s midterms.
This alert is for informational purposes only and does not constitute financial advice.