TLDR
- US stock futures rose Monday after a losing week for Wall Street.
- The Nasdaq Composite fell 5.2% in October, its worst month since March 2025.
- Bitcoin traded near $78,000 after a $6.3 billion hack of Binance.
- Investors are watching Apple earnings, Tuesday’s midterm elections and Friday’s jobs report.
- Oil prices dropped on reports that the US and Iran are seeking a diplomatic resolution.
US stock futures rose early Monday after a losing week on Wall Street. Investors are looking ahead to earnings, the midterm elections and a jobs report.
Dow futures gained 0.4%, or about 243 points, and S&P 500 futures also added 0.4%. Nasdaq-100 futures jumped 0.8% after the index briefly entered a correction.
Chipmakers and other tech names rebounded before the market opened. Apple shares dipped slightly ahead of the company’s earnings report.
Tech Stocks Weigh on October
The Nasdaq Composite lost 5.2% in October. It was the index’s worst month since March 2025.
The S&P 500 also ended the month lower. The Dow rose almost 2% as investors moved into defensive areas such as healthcare.
For the week, the Dow and S&P 500 each fell less than 1%. The Nasdaq Composite dropped 2% as selling pressure hit tech stocks tied to the AI buildout.
The week began with Anthropic publicly filing for an IPO, which lifted AI-linked stocks. Selling returned later in the week as signs grew that AI spending could be slowing.
Alphabet and Microsoft both posted lower-than-expected capital spending forecasts. Amazon left its full-year capital spending guidance unchanged.
Warren Pies of 3Fourteen Research said he sees nothing broken with the AI trade fundamentally. “Technicals are another story,” he said on CNBC.
Mike Dickson of Horizon said investors are finding return potential in other types of stocks. He added that stocks tend to stay steady no matter which party controls Congress.
Bitcoin, Oil and Global Markets
Bitcoin rose slightly to trade near $78,000. Cryptocurrencies took a hit after a $6.3 billion hack of Binance, which investigators call the biggest crypto hack in history.
Crude oil prices dropped on reports that the US and Iran are seeking a diplomatic resolution to the war in the Middle East. Brent crude, the international benchmark, traded near $109 per barrel.
In Europe, the Stoxx 600 traded almost 0.1% higher. France’s CAC 40 rose 0.29%, and Germany’s DAX gained 0.22%.
In Asia, Japan’s Nikkei 225 gained 0.33% to 63,081.86. South Korea’s Kospi rose 2.38% to 5,859.08, while Australia’s S&P/ASX 200 fell 0.53%.
The midterm elections are on Tuesday. Democrats are expected to take control of the House, while Senate control remains uncertain.
Economists expect the October jobs report on Friday to show an increase of 55,000 jobs. McDonald’s and Qualcomm are set to report earnings later in the week.
Investors will get readings on US manufacturing activity and prices paid on Monday. Apple reports earnings after the bell.
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