The S&P 500 attempted a modest rebound but gave back part of its afternoon gains, with oil prices down roughly 8% on hopes for Middle East peace talks and the 10-year Treasury yield down about 4 basis points. The author cautions against reading too much into any single headline, given the possibility of escalation after the midterm elections. Goldman Sachs and Wells Fargo are involved in several large deals: Goldman is advising Marvell Technology on its all-stock acquisition of Lumentum, valued at $115 billion including debt and expected to close in the first half of calendar 2028 pending approvals including from China. Both banks are among those coordinating Oracle's $10 billion common stock offering and working on Microsoft's $25 billion debt sale, and Goldman is one of the lead banks on Meta Platforms' stock sale. The author says this deal activity supports the banks' results, while lower oil prices and yields have helped holdings including Boeing, Home Depot and FedEx, even as semiconductor names like Micron and Intel remained under pressure.
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