EL7.AI
CommoditiesMedium•4 November 2026•
1 min read

Oil Prices Plunge and US Tech Stocks Rally Following Midterm Election Results

Key Facts

1WTI crude oil fell by $7.58 to $88.51 per barrel amid expectations of an end to the Iran war.
2The S&P 500 rose 1.7% driven by 7% gains in Microsoft and Amazon shares.
3US October ADP employment added 86K jobs, exceeding the expected 65K.

WTI crude oil fell by $7.58 to $88.51 per barrel amid expectations of an end to the Iran war, according to investinglive.com. The S&P 500 rose 1.7% driven by 7% gains in Microsoft and Amazon shares as midterm election results indicated a Democratic surge. Additionally, US October ADP employment data showed the addition of 86K jobs, exceeding the expected 65K.

Microsoft was trading at $556.07 on November 4, 2026, while Amazon was trading at $267.375 on the same date. The broader tech sector saw upward movement, with Apple trading at $350.33 and Meta at $637.84 on November 4, 2026. These market shifts occurred as official data released on November 4, 2026, showed a decrease in API crude oil stocks by 5.267 million barrels, contrary to the forecasted increase of 2.1 million barrels.

Investors are looking ahead to the release of US Initial Jobless Claims on November 5, 2026, with forecasts centered at 196K. This will be followed by the high-impact Non Farm Payrolls report scheduled for November 6, 2026, providing further clarity on the labor market outlook.

Open on chart