Stock Futures Rise in the Stock Market Today, November 2, as Oil Falls and Marvell Agrees to Buy Lumentum
US stock futures are higher early Monday as oil prices fall sharply on reports of US and Iran diplomacy to end their war, CNBC reported. Marvell agreed to buy Lumentum at an enterprise value of $115 billion, yet both stocks slipped before the open. At 8:01 a.m. ET the QQQ fund was up 0.62%, less than earlier.
The short answer. Stock futures are higher before the open as oil falls more than 4% and tech stocks bounce back from last week’s selloff, CNBC reported. The SPY fund that tracks the S&P 500 was up 0.35% at 8:00 a.m. ET, a smaller gain than earlier this morning. Marvell agreed to buy Lumentum for stock, while EVgo jumped on a buyout proposal and Perion on a cash buyout deal.
The market before the open, Monday morning
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Each update carries its time, and the newest comes first.
8:05 a.m. ET
Marvell agrees to buy Lumentum as stock futures keep most of their gains
Stock futures kept most of their early gains as a chip deal joined the oil story. S&P 500 futures were 0.4% higher and Nasdaq-100 futures 0.7% higher, CNBC reported in an update at 7:51 a.m. ET. Marvell Technology agreed to buy Lumentum, which makes lasers and optical parts for AI data centers, paying 4.5 Marvell shares for each Lumentum share (Marvell and Lumentum release).
The companies put Lumentum’s enterprise value, which counts debt as well as shares, at $115 billion. Both stocks were slightly lower before the open, Lumentum by 1.51% and Marvell by 0.40% at 8:00 a.m. ET.
EVgo, the electric car charging company, was up 42.21% at 8:00 a.m. ET. LS Power, which controls about 57% of its votes, proposed to buy the rest of its class A shares for $2.00 each in cash, a filing shows (EVgo shareholder filing).
6:45 a.m. ET
Stock futures rise as oil falls and AI stocks rebound before the open
The week starts with a bounce. Crude oil is down more than 4% and stock futures are up, a turn from last week, when selling in tech stocks gave the major indexes a losing week. S&P 500 futures were 0.5% higher and Nasdaq-100 futures 0.8% higher at 6:25 a.m. ET, CNBC reported.
On StockTitan’s real-time data the SPY fund, which tracks the S&P 500, was up 0.55% at 6:40 a.m. ET in pre-market trading. Perion jumped after agreeing to be bought for cash (Perion release). Inovio more than tripled from Friday’s close, to $2.05 at 6:42 a.m. ET. Late Friday it announced that the FDA approved its treatment for a rare airway disease, which it calls the first approved DNA medicine (Inovio release).
Why are stocks up today
Stock futures rose as oil fell sharply on hopes of US and Iran talks, CNBC reported. The AI stocks that fell hard last week are bouncing back too.
Start with oil. Brent crude, the world benchmark, was down 4.3% at $108.60 a barrel, CNBC reported in its 7:51 a.m. ET update. The drop came on reports that the US and Iran are seeking a diplomatic way to end the war, CNBC said. Secretary of State Marco Rubio told reporters that President Trump would like to resolve it “diplomatically,” according to CNBC.
The big oil producers are lower before the open, with Occidental down 1.85% and Exxon Mobil down 1.19% at their latest pre-market trades. Airlines are higher, with Delta up 1.56% at 6:26 a.m. ET and United and American also up. Pre-market trading in these stocks was light.
AI stocks are bouncing back too. CNBC reported that major AI stocks showed signs of recovery before the open, after tech shares sold off last week on fears of an AI bubble. Tech companies also make up 8 of the 15 biggest gainers on StockTitan’s pre-market board at 6:31 a.m. ET. Four of them make chips or the materials and test gear chips need.
Show the data
| Category | Change |
|---|---|
| SK hynix | +4.60% |
| CoreWeave | +3.34% |
| Nebius | +2.76% |
| Micron | +2.39% |
| AMD | +1.72% |
| Nvidia | +1.37% |
| Chevron | -0.87% |
| Exxon Mobil | -1.19% |
| ConocoPhillips | -1.25% |
| Devon Energy | -1.65% |
| Occidental | -1.85% |
October set the scene. The Nasdaq and the S&P 500 both lost ground in the month, and CNBC said the Nasdaq suffered its worst losses since March 2025. The Dow rose almost 2% in October as money moved into steadier areas like healthcare. Friday’s selling is covered in StockTitan’s live coverage of October 30.
Why is Marvell buying Lumentum
Marvell agreed to buy Lumentum for stock, in a deal that gives Lumentum a $115 billion enterprise value, which counts debt too. The two companies say AI data centers are moving from copper wires to light.
Marvell makes chips that connect computers and move data between them. Lumentum makes lasers and optical parts that send data as light. The companies say AI systems need more bandwidth than copper wires can carry, so the industry is shifting to optical links (Marvell and Lumentum release).
Lumentum shareholders will get 4.5 Marvell shares for each share they own. The companies valued that at about $1,132 a Lumentum share, a 23.9% premium to its October 28 close. The companies said that was the last trading day before market talk of a deal began.
After the deal, Marvell’s current shareholders will own about 67% of the combined company. The companies expect it to close in the first half of 2028. It needs votes by both companies’ shareholders and regulators’ approval.
Why is EVgo stock up today
EVgo’s controlling shareholder, LS Power, proposed to buy the class A shares it does not own for $2.00 each in cash. The stock jumped toward that price before the open.
EVgo traded at $1.79 at 8:00 a.m. ET, still below the proposed price. LS Power controls about 57% of the votes at EVgo’s shareholder meetings, a filing shows (EVgo shareholder filing).
The proposal went to EVgo’s board on November 2. LS Power can change or withdraw it.
Why is Perion stock up today
Perion agreed to sell itself to Affle, a mobile advertising company, for $11.70 a share in cash. The stock jumped about 31% before the open toward that price.
Perion, an ad technology company that helps brands run digital ads, was up 31.26% at 8:00 a.m. ET in pre-market trading. On Sunday it signed a deal for Affle to buy it for $11.70 a share in cash, a 34.5% premium to Friday’s close (Perion release). The deal values Perion’s shares at about $420 million.
The stock still trades a little below the offer, at $11.42 at 8:00 a.m. ET. The deal is expected to close in early 2027. It needs a vote of Perion’s shareholders and the end of the US antitrust waiting period.
Perion can also look for a better offer until December 11, 2026, under what the deal calls a go-shop period. Citibank is lending money for the purchase, and the deal does not depend on that financing (Perion release).
Why is Inovio stock up today
Inovio announced on Friday evening, after the market closed, that the FDA had approved its treatment for a rare airway disease. The stock more than tripled before Monday’s open.
Inovio traded at $2.22 at 8:01 a.m. ET, up from Friday’s close of about 60 cents. The FDA gave accelerated approval to VOCERYQ for adults with recurrent respiratory papillomatosis, a rare airway disease that often requires surgery, the company said (Inovio release).
Inovio says it is the first DNA medicine the FDA has approved. Under this accelerated approval, continued approval may depend on a further study, and the FDA requires Inovio to submit a draft plan for it by the end of 2026. The company expects to take orders and ship in about 60 days, with its medical and commercial field teams fully deployed in the first quarter of 2027.
Biggest stock movers today and why
TAT Technologies reported record quarterly revenue, and XPeng record October deliveries. Kosmos Energy and Check Point, which both reported quarterly results this morning, are down.
Kosmos Energy, which produces oil and gas off West Africa and in the Gulf of America, was down 8.71% at 8:00 a.m. ET. It reported a third-quarter net loss of $43 million this morning and an adjusted profit of $35 million, a measure that leaves out some items (Kosmos release).
Kosmos also expects to produce 60,000 to 64,000 barrels of oil equivalent a day in the fourth quarter, down from about 69,200 in the third. It said maintenance, a well repair and hurricane downtime will affect its Gulf of America output.
Check Point, the cybersecurity company, was 6.12% lower at 8:01 a.m. ET, in light pre-market trading of about 26,000 shares. Its third-quarter revenue fell 1% from a year earlier to $670 million. Chief executive Nadav Zafrir said he believes revenue hit its low point in the third quarter, adding that “the recovery is taking longer than anticipated” (Check Point release).
On the way up, XPeng was 5.09% higher at 8:00 a.m. ET. The Chinese electric car maker reported record deliveries of 50,237 vehicles in October, up 20% from a year earlier (XPeng release).
Precigen was the biggest decliner on the board, 30.12% lower at 8:00 a.m. ET.
Estée Lauder also reported this morning, and StockTitan’s Estée Lauder article covers its quarter.
| Company | Move | Why |
|---|---|---|
| EVgo (EVGO) | +42.21%, pre-market, 8:00 a.m. ET | LS Power, which controls about 57% of its votes, proposed to buy the rest of its class A shares for $2.00 each in cash (filing). |
| Perion (PERI) | +31.26%, pre-market, 8:00 a.m. ET | Agreed to be bought by Affle for $11.70 a share in cash, a 34.5% premium to Friday’s close (release). |
| TAT Technologies (TATT) | +8.02%, pre-market, 8:00 a.m. ET | Reported record third-quarter revenue of $55.6 million this morning, up 20.2% from a year earlier (release). |
| XPeng (XPEV) | +5.09%, pre-market, 8:00 a.m. ET | Reported record October deliveries of 50,237 vehicles, up 20% from a year earlier (release). |
| Kosmos Energy (KOS) | -8.71%, pre-market, 8:00 a.m. ET | Reported a third-quarter net loss of $43 million and adjusted net income of $35 million this morning (release). |
| Lumentum (LITE) | -1.51%, pre-market, 8:00 a.m. ET | Agreed to be bought by Marvell for 4.5 Marvell shares per Lumentum share (deal release), and reported fiscal first-quarter revenue of $1.26 billion (results release). |
| Marvell Technology (MRVL) | -0.40%, pre-market, 8:00 a.m. ET | Agreed to buy Lumentum in an all-stock deal expected to close in the first half of 2028 (release). |
Source: StockTitan pre-market movers board at 8:00 a.m. ET, November 2, 2026, against each stock’s October 30 close; company releases and filings linked in each row. Check Point and Inovio are not on the board, which sets minimums for company value, shares traded and share price.
What to watch for the rest of the day
Regular trading opens at 9:30 a.m. ET. After the close, Apple and Palantir report their quarterly results.
- 9:30 a.m. ET: the regular session opens, and this page adds the first moves after the bell.
- After the close: Apple and Palantir report their quarterly results, as StockTitan’s Earnings Calendar for the Week of November 2, 2026 lists with every other company reporting this week. Palantir said it will release its third-quarter results after the close (Palantir announcement).
- Later this week: the midterm elections on Tuesday, as CNBC noted, and the October jobs report on Friday at 8:30 a.m. ET (Bureau of Labor Statistics schedule). Economists polled by Dow Jones expect 55,000 new jobs.
Our numbers
The counts cover the 15 biggest gainers on StockTitan’s 6:31 a.m. ET pre-market board.
- 8 of 15: the tech companies among the 15 biggest gainers on StockTitan’s 6:31 a.m. ET pre-market board, by StockTitan’s sector data (Braiin, SK hynix, LG Display, ASE Technology, Securitize, CoreWeave, AXT and Aehr Test Systems).
- 4 of 8: those tech gainers that make chips or chip materials and test gear (SK hynix, ASE Technology, AXT and Aehr Test Systems), by StockTitan’s industry data.
- 0.55% and 0.35%: the SPY fund’s pre-market gain at its 6:40 a.m. ET and 8:00 a.m. ET trades, each against its October 30 close of $755.72.
- 0.62%: the QQQ fund’s pre-market gain, its 8:01 a.m. ET trade against its October 30 close.
- The oil producer and Delta moves: each stock’s latest pre-market trade, between 5:31 and 6:39 a.m. ET, against its official October 30 close.
Frequently asked questions
What is moving the stock market today?
Oil is. Oil dropped more than 4% early Monday, November 2, on reports that the US and Iran are seeking a diplomatic end to their war, and stock futures rose, CNBC reported. At 8:01 a.m. ET the QQQ fund was up 0.62% in pre-market trading, and Marvell agreed to buy Lumentum in an all-stock deal.
Why is Inovio (INO) stock up today?
Inovio traded at $2.22 at 8:01 a.m. ET on November 2, more than three times its October 30 close of about 60 cents. On Friday evening it announced that the FDA had given accelerated approval to its treatment for recurrent respiratory papillomatosis, a rare disease of the airways. Inovio says it is the first DNA medicine the FDA has approved.
Why is EVgo (EVGO) stock up today?
EVgo was 42.21% higher at 8:00 a.m. ET in pre-market trading on November 2. LS Power, which controls about 57% of its votes, proposed that morning to buy the rest of its class A shares for $2.00 each in cash. LS Power can change or withdraw the proposal.
Why is Perion (PERI) stock up today?
Perion was 31.26% higher at 8:00 a.m. ET in pre-market trading on November 2. It agreed on Sunday to be bought by Affle for $11.70 a share in cash, a 34.5% premium to its October 30 close. The deal is expected to close in early 2027.
Why is Kosmos Energy (KOS) stock down today?
Kosmos Energy was 8.71% lower at 8:00 a.m. ET in pre-market trading on November 2. It reported a third-quarter net loss of $43 million that morning, or $35 million of profit on its adjusted measure, and expects lower production in the fourth quarter.
Why is TAT Technologies (TATT) stock up today?
TAT Technologies was 8.02% higher at 8:00 a.m. ET in pre-market trading on November 2. That morning it reported record third-quarter revenue of $55.6 million, up 20.2% from a year earlier.
Why is Check Point (CHKP) stock down today?
Check Point was 6.12% lower at 8:01 a.m. ET in light pre-market trading on November 2. Its third-quarter revenue fell 1% from a year earlier to $670 million, and its chief executive said “the recovery is taking longer than anticipated.”
Why is XPeng (XPEV) stock up today?
XPeng was 5.09% higher at 8:00 a.m. ET in pre-market trading on November 2. The Chinese electric car maker delivered a record 50,237 vehicles in October, up 20% from a year earlier.
Sources
- StockTitan: live market coverage, October 30, 2026
- StockTitan: Estée Lauder fiscal first-quarter 2027 results article
- StockTitan: Earnings Calendar for the Week of November 2, 2026
- Marvell and Lumentum combination release, November 2, 2026
- Lumentum fiscal first-quarter 2027 results release
- EVgo Schedule 13D amendment by LS Power, November 2, 2026
- TAT Technologies third-quarter 2026 results release
- Perion merger agreement release, November 1, 2026
- Affle release on the Perion deal, November 1, 2026
- Kosmos Energy third-quarter 2026 results release
- Check Point third-quarter 2026 results release
- XPeng October 2026 delivery results release
- Inovio FDA accelerated approval release, October 30, 2026
- Palantir third-quarter 2026 results date announcement
- Bureau of Labor Statistics, Employment Situation release schedule
The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.