Oil prices fall as investors prepare for a crucial week

Hello, this is Leonie Kidd from today’s Morning Squawk.

The market is poised for a fresh start in November, with futures rising after a tough October.

There’s a lot happening in the markets this week, including the Magnificent Seven’s earnings release, interim results, and payroll statistics day on Friday.

Brace yourself and another important week begins.

Oil prices were at the center of the price movement, with Brent and WTI both down more than 4% in early trading.

The move comes as negotiators renew diplomatic efforts to ease tensions with Iran. According to Reuters, a draft proposal is being circulated after another round of talks in Doha on Sunday.

Secretary of State Marco Rubio told reporters this weekend that President Donald Trump wants to resolve the war “diplomatically,” adding: “If we need to do something militarily, we will have the ability to do it and we really have what it takes to be successful. But we want to do it peacefully.”

Analysis: Goldman Sachs raised its December oil price forecast to $105 per barrel for Brent and $94 per barrel for WTI crude, citing “high risk of disruption.” The investment bank is pricing in a global supply disruption of 1 megabyte per day through 2027. Yargin’s take: Speaking with CNBC’s Dan Murphy in Abu Dhabi, S&P Global’s Dan Yergin said, “We’re not going back to the ‘old normal.’ It’s going to be the new normal,” adding that the Iran war remains an “open hinge” moment in history.

Futures are rising and November looks like it’s off to a strong start after the Nasdaq 100’s worst month of the year.

Semiconductor stocks are supporting the rally due to a strong takeover from Asia. share in SK Hynix and samsung It soared during overnight trading.

Surprise: OpenAI boss Sam Altman made a surprise visit to South Korea and met with about 50 Samsung executives. He also reportedly met with SK Chairman Choi Tae-won, who is aiming to build chip partnerships in the country.

Apple will be hoping to restore some shine to the Magnificent Seven after last week’s rough ride for tech stocks. So far, the company’s share price has risen 28% since the start of the year, making it the best performer among the group, but expectations are sky-high.

Analysis: CNBC contributor Jeff Kilberg writes that Apple’s services business could be the “catalyst that keeps the wind in its sails.” Anti-Trade: Apple’s correlation to the Nasdaq 100 has turned negative for the first time, and Apple stock is now considered an anti-AI trade. Valuation: Learn why MoffettNathanson’s Craig Moffett thinks Apple’s valuation looks excessive.

CNBC’s Mackenzie Sigalos will report from Cupertino as CEO John Tarnas hosts his first earnings call since taking the job.

One more day to go, here are the latest headlines.

CNBC’s coverage will continue throughout the day, focusing on the economy.

Eamon Jabbers considers how high inflation doesn’t necessarily mean a wipeout at the polls. Megan Casella considers what a divided Washington could mean for policy, particularly on health care, tariffs, and defense. Pippa Stevens is focused on utility stocks and how the gubernatorial race will become more influential.

‘Pop-up’ super PAC pumps $637 million into 2026 midterm race

A super PAC called Our Heritage Matters was registered with the Federal Election Commission on October 15th.

Five days later, he fielded a third-party candidate and began spending to attack Republicans. The group has spent about $1.2 million in 10 House and Senate districts through Oct. 29, according to a CNBC analysis of FEC filings.

But voters still don’t know who provided the funding.

—CNBC’s Jenny Lee, Dan Murphy, Jeff Kilberg, Fred Imbert, Luke Fountain, Dan Mangan and Garrett Downs contributed to this report.

Jack Summers edited this version.