US Stock Market Trends (November 3): Oil Prices Plunge 7%; Apple Posts Record Revenue but Shares Fall in

US stocks diverged Monday as oil prices plunged roughly 7%—WTI fell 7.3% to about $96.50 and Brent dropped 7.8% to $104.60, their largest one-day drops in three months—after US-Iran diplomacy showed a breakthrough, with Tehran proposing to reopen the Strait of Hormuz within two days. The Dow rose 0.41% to 51,983.98 while the Nasdaq fell 1.07% to 25,164.32 and the S&P 500 slipped 0.51% to 7,541.40, its lowest close since July 31 and 3.55% below its October 6 record of 7,818.93, as money rotated toward old-economy sectors and the equal-weight ETF (RSP) beat the cap-weighted index for a fourth straight week. Marvell announced an all-stock acquisition of optical networking firm Lumentum at 4.5 Marvell shares per Lumentum share, but both stocks plunged—Marvell down 12.72% to $171.41 and Lumentum down 18.59% to $684.40—extending a selloff that has cut the Philadelphia Semiconductor Index nearly 10% over two sessions. After hours, Apple reported record September-quarter revenue of $114.5 billion, up 12% year over year, with EPS of $2.10 and iPhone revenue of $57.58 billion, yet the stock fell about 3.8% on limited upside versus consensus, iPhone supply bottlenecks, and the absence of next-quarter guidance; Palantir beat with revenue up 63% to $1.18 billion and raised full-year guidance but still slid about 3.6% after hours. The oil-driven drop in inflation expectations pushed the 10-year Treasury yield down about 3.5 basis points to 4.89