Oracle Asked for All $20 Billion | Oil Fell More Than 7% | Hike Bet Held

The Dow Rose and the Nasdaq Fell as Chip Stocks Slid Again

The Dow rose 0.4% to 51,984 on Monday. The S&P 500 fell 0.5% to 7,542, and the Nasdaq lost 1.1% to 25,164.The morning rebound faded as chip stocks kept falling.

Intel (INTC) fell 8.8% and AMD (AMD) 7.5%. Ciena (CIEN) lost 11.3% and CoreWeave (CRWV) 8.6%.

Rate-sensitive and travel stocks rose as oil fell. The 10-year yield fell to about 4.89%. Delta (DAL) rose 4.1% and United (UAL) 4.8%. Amazon (AMZN) gained 2.2%.

The ISM's production gauge hit its highest level since November 2021, and the ISM manufacturing index rose to 55.5.

After the close, Apple (AAPL) reported revenue up 12% to $114.5 billion. Its 47.9% gross margin included about a point from tariff refunds. Palantir (PLTR) said revenue rose 96% to $2.313 billion and raised its 2026 forecast.

Investor Signal

The AI hardware group kept falling even on a day when oil and yields both eased. Apple's call comments on memory costs and AMD's results Tuesday will show whether Friday's chip selloff was overdone.

Oracle Capped Its Raises at $20 Billion Last Week. On Monday It Asked for All of It.

Oracle (ORCL)filed to sell $10 billion of stock and $10 billion of notes. Price, share count and tranche sizes are not set.

On Oct. 28, Oracle had limited new capital raises through fiscal 2030 to $20 billion, split evenly between stock and debt and excluding refinancing. The stock rose about 10.7% that day to $144.54.

On Monday, the stock fell 8.9% to $119.10, below its $130.53 close before the pledge. At that price, $10 billion buys about 84 million shares. That is roughly 2.8% of the shares outstanding at the end of August, based on FinancialMarkets.com calculations.

The raise follows a $20 billion stock sale completed earlier this fiscal year. Oracle's consolidated debt stood at about $236.1 billion on Aug. 31.

Investor Signal

The amount and mix match the pledge, so the filing stays inside Oracle's limit. But within a week of setting a limit through fiscal 2030, Oracle has filed for the full amount. The filings say proceeds may also repay debt, which the cap excludes. On Oracle's own timeline, free cash flow turns positive only in the second half of fiscal 2028. Final pricing will show what investors charge to fund the years before that.

Marvell Priced Lumentum at $1,132 a Share. At Monday's Close, the Offer Was Worth About $771.

Marvell also agreed to pay for AI scale with its own shares, and investors marked that currency down.Each Lumentum share will become 4.5 Marvell shares. The companies put the implied value at $115 billion, or about $1,132 a share, based on Oct. 28 prices.

Marvell (MRVL) fell 12.7% to $171.41. Lumentum (LITE) fell 18.6% to $684.40. At Monday's close, 4.5 Marvell shares were worth about $771, roughly 16% below Lumentum's Oct. 28 close, by FinancialMarkets.com calculations.

The deal is expected to close in the first half of 2028. The merger agreement lists a $5.8 billion termination fee and a $3.2 billion regulatory fee for Marvell, and a $2.9 billion fee for Lumentum.

Investor Signal

The fixed ratio passes every Marvell decline straight to Lumentum holders. Lumentum closed about 11% below the value of the shares its holders will receive. The gap likely reflects the long wait to close and the regulatory risk. Lumentum also reported results Monday, so not all of its drop came from the deal.

Banks Tightened Lending to Private Funds. Partners Group's Investors Got a Third of What They Asked For.

Banks tightened standards on every type of nonbank loan the Fed's survey asked about, including loans to private equity funds. Banks most often cited a cloudier outlook and weaker finances at those borrowers.

Investors also asked to redeem about $2.21 billion fromPartners Group's U.S. private equity evergreen fund in the third quarter. That was roughly 15% of its net assets, up from about 6% in the second quarter. The fund accepted its 5% cap, or $728.4 million, about a third of requests.

Investor Signal

Private markets can be a fallback for borrowers when bond buyers demand more. Tighter bank lines to private funds and capped withdrawals at a private equity fund point to less money flowing into that fallback. The fund's next window closes Nov. 27 and will show whether the third quarter was a spike or the start of a queue.

Oil Fell More Than 7%. The Bet on a December Fed Hike Barely Moved.

U.S. crude fell about 7.4% to settle at $96.46, far deeper than its early-morning decline. Brent fell about 7.6% to $104.77.

Kalshi's contract on a December quarter-point hike traded near 73 cents in early afternoon, up from 71 overnight. Monday morning's strong factory report gave the case for a hike support beyond oil. The ISM prices gauge did ease, to 75.2 from 77.9.

Polymarket's contract on the Iran ceasefire holding through Nov. 15 rose to 66.5 cents from 54 by early afternoon. That cut the implied chance of a U.S. strike to about 34% from 46%.

Investor Signal

The hike case now rests on factory activity and prices, not on crude alone. The 10-year yield dipped, but the hike bet held, which limits the relief cheaper oil can bring borrowers like Oracle. Friday's jobs report and the Nov. 10 inflation report are the next tests.

Binance's Reserve Proof Arrived a Day Early. It Covers 10 Tokens and a Snapshot From Before the Reopening.

Binance completed its zero-knowledge proof of reserves for its Oct. 31 snapshot. Holders of 10 tokens, including bitcoin, ether and USDT, can now check that their balances were backed at least one for one on that date.

The Oct. 1 report covered 55 tokens. Binance's emergency bitcoin fund holds about 7,500 coins, roughly half its size before the theft. Bitcoin fell about 1.8% to about $76,800 as of late afternoon, and Coinbase (COIN) lost 4.0%.

Investor Signal

The proof settles the backing question for the covered tokens, but only as of a date before withdrawals restarted. Binance plans to reopen more networks Tuesday and take a wider snapshot Wednesday.

AI's builders reached for their own shares and new debt on Monday. Investors marked those shares down. Oracle fell below its pre-pledge price, and Marvell's offer shrank as its stock fell. Banks also tightened lending to the private funds that can step in when public markets balk.

Long yields dipped only slightly as oil fell, and the Fed bet held. Apple's call, AMD and the midterms on Tuesday, Wednesday's Treasury refunding statement and Friday's jobs report will show whether money gets cheaper or stays scarce.