Week in review: midterms, oil and a tech sell-off
Nov 6, 2026
The week of November 2–6, 2026 included the US midterm elections, a sharp fall in oil prices and the biggest one-day drop in US stock indexes since April 2025. This summary covers the main events of the week.
US midterm elections
Americans voted in the midterm elections on Tuesday, November 3. According to CBS News projections published on November 4, Democrats are expected to win control of both the House of Representatives and the Senate. Some races had not been called at the time of those projections, and final results are confirmed after official certification in each state. The newly elected Congress is due to take office in January 2027.
Oil prices fall
Oil prices fell sharply on Wednesday, November 4. According to CNBC, Brent crude futures settled at $94.62 a barrel, down 8.7%, and US West Texas Intermediate (WTI) futures settled at $88.12 a barrel, down 8.3%. NBC News reported that it was the largest one-day decline since April and that Brent fell below $100 a barrel for the first time since October 7.
Earlier, on Sunday, November 1, seven OPEC+ countries agreed to keep their oil production targets for December unchanged. Their next meeting is scheduled for November 29.
US stocks fall on Thursday
US stocks fell sharply on Thursday, November 5. According to CNBC, all three major US indexes recorded their worst day since April 2025:
- the Nasdaq Composite fell 5.52% to 24,315.00
- the S&P 500 fell 4.36% to 7,353.73
- the Dow Jones Industrial Average fell 3.44% to 51,523.06
The Nasdaq closed more than 10% below its October record, a level commonly described as a correction. CNBC reported that the selling started in technology and AI-related stocks and then spread to the rest of the market, with all 11 sectors of the S&P 500 ending the day lower.
Company news
- AMD (AMD) reported third-quarter revenue of a record $13.4 billion, up 45% from a year earlier, with Data Center revenue up 97% to $8.5 billion. For the fourth quarter, the company expects revenue of about $17 billion, plus or minus 3%.
- Marvell Technology (MRVL) agreed to acquire Lumentum Holdings in an all-stock deal. Lumentum shareholders will receive 4.5 Marvell shares for each Lumentum share, and the deal implies an enterprise value of $115 billion for Lumentum. The companies expect it to close in the first half of calendar 2028, subject to approvals.
- Oracle (ORCL) filed for a $10 billion offering of common stock and separately priced a $10 billion offering of senior notes.
- Meta Platforms (META) confirmed to TechCrunch that it has acquired Conductor, a start-up that develops software for AI-assisted programming. Financial terms were not disclosed.
Why these events are watched
Elections can lead to changes in policy, for example on taxes, spending, energy or regulation, which can affect different sectors. Oil prices feed into fuel costs, inflation and the costs of many companies. Employment data gives information about the health of the economy and can influence expectations for interest rates. Company results and deals show how businesses are performing and where they are investing.
What a correction is
A correction is usually defined as a fall of at least 10% from a recent high, and a fall of 20% or more is usually called a bear market. These are conventions rather than official definitions, and they do not by themselves indicate what will happen next.
What to watch next week
The Federal Reserve's next scheduled meeting is on December 8–9, and its target range for the federal funds rate is currently 3.75%–4%. Economic data, company results and further election results may be followed by markets in the coming days. Our Week ahead article on Monday will cover the main events of the week of November 9–13.
What this means for investors
For Investing.one users, weeks with large market moves can be a reminder that share prices can fall as well as rise, sometimes quickly. Diversification and an understanding of the risks of each investment are important, regardless of short-term market moves.
Sources
- CBS News: live election results for the 2026 midterms
- CNBC: Crude oil prices fall below $90 a barrel (Nov 4, 2026)
- NBC News: Oil prices drop below $100 (Nov 4, 2026)
- OPEC press release, 1 November 2026
- CNBC: Dow drops 1,800 points; Nasdaq tumbles into correction territory (Nov 5, 2026)
- AMD Q3 2026 results release (SEC 8-K)
- Marvell and Lumentum announcement (SEC 8-K)
- Oracle preliminary prospectus supplement (SEC 424B5)
- TechCrunch: Meta acquires AI coding startup Conductor (Nov 4, 2026)
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