Wall Street Extends Rally as Oil Slides and Gold Climbs 3.6%
Dow rises about 2.9% and the S&P 500 gains 1.8% as oil slides on Iran diplomacy, gold jumps 3.6% and the VIX drops sharply from Tuesday.
Wall Street pushed higher in late New York trading on Wednesday, November 4, as a sharp slide in crude oil and a retreat in volatility lifted stocks across the board. The Dow Jones was up about 2.9%, while the S&P 500 rose roughly 1.8% and the Nasdaq added about 1.9%.
The moves came with unusually large swings outside equities. Brent and WTI crude each fell by high single digits, while gold jumped roughly 3.6% and silver also climbed sharply.
Oil falls on Iran diplomacy
Crude was the main driver of the cross-asset picture. Oil fell as signs of diplomacy over the Iran war gave markets hope that supply disruptions from the conflict could ease. Brent had stood at $103.6 at the prior close, so the drop took it well below that level.
Energy shares bore the brunt. ExxonMobil fell about 5.3%, making it one of the weakest names on the NYSE board. On the other side of the ledger, industrial and power-equipment stocks led the gainers: Eaton rose 7% and GE Vernova gained about 6.5%.
Midterm result adds to the risk-on mood
The oil move landed on the same day Democrats won control of Congress in the US midterm elections. Equities rallied broadly, with the small-cap Russell 2000 up about 1.5% and Canada's S&P/TSX up about 2.2%.
Volatility dropped sharply. The VIX fell to roughly 17 from 20.83 at the previous close. The US 10-year Treasury yield eased to about 4.9% from 4.952%, and the Dollar Index slipped about 0.3%. The euro gained about 0.3% against the dollar, and the Australian dollar rose about 0.6%.
Europe closed strongly, Asia was mixed
European markets finished the session well ahead before Wall Street's afternoon gains. Germany's DAX rose about 2.2%, France's CAC 40 gained about 2% and the FTSE 100 added about 1.8%. The Euro STOXX 50 closed about 2% higher.
Asia had traded on a different footing earlier in the day. Tokyo's Nikkei 225 fell 1.42%, while the Hang Seng rose 1.67% and the Shanghai Composite climbed 2.16%. Jakarta's IHSG closed up 0.32% at 4,919.77, with the LQ45 index 0.8% higher at 501.24. Among IDX movers, Aneka Tambang rose 8.33% and Pertamina Geothermal Energy gained 10.92%, while Barito Pacific fell 6.7%.
Crypto and metals join the move
Risk appetite also showed up in digital assets. Bitcoin rose about 3.6% and Ethereum jumped about 6.3%. Coinbase gained 5.53% and Strategy rose 3.72%. In software and ad tech, AppLovin climbed 7.28% and Oracle added 5.85%. Shopify was among the weaker Nasdaq names, down 8.74%.
The gold rally ran alongside a softer dollar and lower yields, a combination that has typically supported bullion. Copper was little changed, while natural gas edged higher.
What markets watch next
Attention turns to Thursday's US earnings calendar. ConocoPhillips, Duke Energy, Southern Company and Verisk Analytics are due before the open, with Airbnb, Arm Holdings, Microchip Technology, Monster Beverage, Simon Property Group and Atlassian scheduled to report after the close. ConocoPhillips will be closely read after the drop in Brent and WTI.
Traders will also look for further signals from Washington and Tehran, since the size of Wednesday's oil decline leaves energy prices sensitive to any change in tone. The rupiah was steady, with USD/IDR roughly flat, as Jakarta prepares to reopen on Thursday after a session in which the benchmark held its gains.
Markets at a glance
| Market | Last | Change | % Change |
|---|---|---|---|
| Dow Jones | 53,308.72 | +1,522.00 | +2.94% |
| Brent | 94.65 | −8.95 | −8.64% |
| WTI | 88.00 | −8.09 | −8.42% |
| Gold (spot) | 4,060.26 | +141.06 | +3.60% |
| S&P 500 | 7,703.57 | +134.65 | +1.78% |
| Nasdaq | 25,849.18 | +477.17 | +1.88% |
| Russell 2000 | 2,855.28 | +42.83 | +1.52% |
| S&P/TSX | 36,292.69 | +760.41 | +2.14% |
Data as of 5 Nov 2026, 02:06 WIB (19:06 GMT). Source: JournalArta Markets (Yahoo Finance, Twelve Data); some exchange data may be delayed up to 15 minutes. Follow live prices on JournalArta Markets. This article is for information only and is not investment advice.
