Daily Wrap-Up: Monday, Nov. 2, 2026

Here’s a look at three items from Monday, Nov. 2: a mixed day on Wall Street capped by Apple’s earnings, a sharp drop in oil prices tied to Iran diplomacy headlines, and a Virginia push to overhaul the state’s school funding formula.

The Economy

U.S. stocks finished mixed on Monday. The Dow Jones Industrial Average rose about 214 points, or 0.41%, while the S&P 500 fell 0.51% and the tech-heavy Nasdaq Composite dropped 1.07%, according to CNBC. Investors continued rotating out of technology shares ahead of Tuesday’s midterm elections.

After the close, Apple reported fiscal fourth-quarter results in CEO John Ternus’s first earnings call. Revenue was $114.48 billion and earnings were $2.10 a share, both above Wall Street estimates, but iPad sales of $6.23 billion missed forecasts and the company guided December-quarter gross margin to 45% to 46%, below the consensus, CNBC reported. Shares slipped in extended trading. Separately during the session, Marvell Technology said it would acquire Lumentum in a deal valued at about $115 billion; both stocks fell sharply, CNBC said.

Traders are also watching Tuesday’s Job Openings and Labor Turnover Survey for September and a busy slate of corporate earnings.

World

Crude oil prices fell more than 7% on Monday as U.S. and Iranian officials signaled openness to diplomacy. U.S. West Texas Intermediate futures closed at $96.46 a barrel, down 7.4%, and Brent crude settled at $104.77, down 7.6%, according to CNBC and a Reuters report.

President Donald Trump told reporters that Iran wants to “make a deal and that could happen.” Iran’s President Masoud Pezeshkian said Tehran is seeking to resolve problems through dialogue, according to state media cited by CNBC and Reuters. Qatari mediators continued talks with Iranian officials, Reuters reported. Analysts cautioned that oil has sold off before on diplomacy headlines without a lasting settlement, and that tanker attacks and supply risks remain.

Around Fredericksburg

Gov. Abigail Spanberger said she is committed to overhauling Virginia’s K–12 school funding formula, which is more than 50 years old and, according to a state research group, does not fully reflect the cost of running schools, the Virginia Mercury reported. Local governments have had to cover a larger share of education costs under the current system.

Lawmakers have advanced a plan to hire a consultant to study a new formula for up to 24 months. The Virginia Department of Education is expected to select a consultant during the General Assembly session that begins Jan. 13. Spanberger told the Mercury she wants the work finished before her administration ends in 2029, though she did not set a firm date for the December 2027 biennial budget. Caroline County Schools Superintendent Sarah Calveric, president of the Virginia Association of School Superintendents, said the group wants a student-driven formula that reflects regional needs.

Follow Go Fredericksburg for more local updates.