Dow rallies as oil slides on Iran peace hopes; Marvell-Lumentum deal hits both stocks

Major US indexes started November higher. The Dow rose about 1%, the S&P 500 added 0.4% but remained below its 50-day moving average, and the Nasdaq gained 0.3%. Consumer discretionary and materials led; energy was the weakest sector and technology lagged. WTI crude fell almost 8% to just over $96 a barrel after Secretary of State Marco Rubio said President Trump wants a diplomatic resolution to the Iran conflict while keeping military force on the table. Iran's foreign minister said talks through Qatari and Pakistani mediators are intensifying. The 10-year Treasury yield fell 4 basis points to 4.89%, and Bitcoin slipped more than 1% to about $76,900. Marvell agreed to an all-stock acquisition of Lumentum valued at $115 billion. The companies say the deal will create an AI connectivity leader by combining Marvell's networking chips with Lumentum's lasers and optical transceivers. Lument