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Hello everyone, I'm Leonie Kidd, bringing you today's Morning Squawk.
The market is ready to turn a new page in November, with futures prices rising after a tough October.
This week will see a series of market events, including more financial reports from the "Big Seven" companies, the mid-term elections in the United States, and Friday's non-farm payroll data release.
Fasten your seatbelt, as this is going to be another busy week.
Current Focus: Realities of Crude Oil
Oil prices are at the core of market fluctuations; both Brent crude and WTI crude saw declines of over 4% during morning trading.
During this period of decline, negotiators have renewed their diplomatic efforts to ease tensions with Iran. According to Reuters, after a new round of talks held in Doha on Sunday, a draft proposal is now circulating.
U.S. Secretary of State Marco Rubio told reporters this weekend that President Trump prefers to resolve the conflict through "diplomatic" means, and added, "…If we need to take military action, we have the capability to do so, and we indeed have everything necessary to succeed. However, we prefer a peaceful resolution."
- Analysis: Goldman Sachs has raised its forecast for Brent crude oil prices in December to $105 per barrel, and its forecast for WTI crude oil to $94 per barrel, citing "high disruption risks." The investment bank has taken into account a buffer of 1 million barrels per day in global supply disruptions until 2027.
- Yergin's View: Dan Yergin of S& P Global said in an interview with Dan Murphy of CNBC in Abu Dhabi, "We will not return to the 'normal state of the past'; this will be a new normal." He also added that the Iran war remains an "open turning point" in history.
Sharp fluctuations: Chip stocks rise
Futures are on the rise, and after the Nasdaq 100 index experienced its worst month of the year, the market seems poised to start November in a positive manner.
Chip stocks supported the upward trend, with a strong relay from the Asian markets. SK The stock prices of Hynix and Samsung saw significant increases in overnight trading.
- Surprise: OpenAI CEO Sam奥特曼 suddenly visited South Korea and met with about 50 Samsung executives. He is also said to have met with SK Chairman Choi Tae-won to seek chip cooperation in that country.
Today's financial report: Can Apple revive its morale?
Apple hopes to bring glory back to the "Big Seven" after the weak performance of tech stocks last week. So far, Apple remains the best-performing stock in this group, having risen by 28% since the beginning of the year, but market expectations are extremely high.
- Analysis: According to CNBC commentator Jeff Keilberg, Apple's service business could be the "catalyst that continues to drive it forward."
- Reverse trade: The correlation between Apple and the NASDAQ 100 index has turned negative for the first time, and now this stock is considered a “reverse AI trade”.
- Valuation: If you want to know why Craig Moffett of MoffettNason believes that Apple's valuation seems high, click to watch.
MacKenzie Sigalos from CNBC will report back from Burbank, while the Chief Executive Officer, John Ternus, will make his debut at the first financial report conference he hosts.
Election Economics
There is one day left until the election, and here are the latest headlines:
- Alaska Republican Senator Dan Sullivan said on Sunday that he would accept the results of the midterms on Tuesday, while criticizing Democratic candidate Mary Peltula's campaign for allegedly recruiting Dan J. Sullivan to run as a "disturbance maker."
- Michigan Democratic Representative Haley Stevens unexpectedly supported Republican Senate candidate Mike Rogers on Sunday, rather than Democratic candidate Abdul El-Sayed; the latter had defeated her in the primary elections.
The coverage of CNBC will continue throughout the day, with a focus on economics.
- Eamon Javers will explore why high inflation does not always mean a complete defeat in elections.
- Megan Casella will analyze what a divided Washington might mean, especially in terms of policies regarding healthcare, tariffs, and defense.
- Pipa Stevens will be focusing on utility stocks, as well as why governor elections may be more influential.
Finally...
The "Temporary" Super Political Action Committee invests $637 million in the midterms of 2026
A super political action committee named Our Heritage Matters was registered with the Federal Election Commission on October 15th.
Five days later, the organization began to spend money to support third-party candidates and attack Republicans. According to the analysis of documents from the Federal Election Commission by CNBC, by October 29th, the organization had spent approximately $1.2 million in 10 House of Representatives and Senate campaigns.
But voters still cannot see where the funds come from.
CNBC's Jenny Lee, Dan Murphy, Jeff Kilburg, Fred Imbert, Luke Fountain, Dan Mangan, and Garrett Downs have contributed to this report.
Jack Sommers edited the content for this issue.
