Wall Street is heading into a busy first week of November as investors assess whether Friday’s sharp technology selloff was a temporary setback or a sign of deeper concerns about AI spending and valuations.
A recovery in US futures and gains across Asian markets have offered some early relief to open the week.
US equity futures were higher early Monday, with Nasdaq-100 futures gaining around 0.85% and S&P 500 futures advancing 0.5% while Dow futures traded 0.6% higher.
Here are five things to know before markets open.
Investors look to buy the dip after Friday’s tech rout
The rebound in futures follows Friday’s sharp decline, when the Nasdaq fell nearly 3% and the Philadelphia Semiconductor Index dropped more than 7%.
Chip stocks, including AMD, Micron and Nvidia, were showing premarket gains as investors looked to buy the dip. Intel was down around 0.3% after tumbling 28.58% following its third-quarter earnings.
The recovery in South Korea also offered encouragement, with the Kospi climbing 2.24% on Monday, led by gains in Samsung Electronics and SK Hynix.
Apple and Palantir earnings take center stage
Apple and Palantir are scheduled to report quarterly results after Monday’s closing bell.
Analysts expect Apple to deliver earnings of approximately $2 per share on revenue of around $113 billion.
Investors will focus on demand for the iPhone 18 lineup and management commentary on artificial intelligence and services growth in what will be John Ternus’ first earnings call as CEO.
Palantir’s results will also be closely watched after a turbulent week for AI-related stocks, as investors increasingly demand evidence that heavy investment in the sector is translating into sustainable earnings.
Oil retreats on hopes for Iran diplomacy
Crude prices fell more than 4%, with Brent trading around $108 a barrel and West Texas Intermediate (WTI) falling below $100.
The decline followed signs that President Donald Trump prefers giving diplomatic efforts with Iran more time rather than immediately escalating military action after the midterm elections.
Talks involving Qatari mediators have helped ease some concerns about potential supply disruptions, although shipping risks in the region remain.
Lower energy prices could also provide some relief to inflation expectations and improve broader market sentiment.
US midterm elections approach
American voters head to the polls Tuesday to determine control of Congress, making the elections an important political event for financial markets.
A recent Reuters/Ipsos poll put Trump’s approval rating at 31%, its lowest level in the survey.
The balance of power in the House and Senate could influence the legislative agenda for the remainder of Trump’s presidential term.
Investors will monitor the outcome for potential implications for taxation, regulation, energy policy and technology-sector spending.
Results are expected to begin emerging Tuesday evening.
Manufacturing data and economic reports ahead
Monday’s economic calendar includes the ISM Manufacturing Index and final S&P Global purchasing managers’ index readings for October.
Attention will then shift to Friday’s nonfarm payrolls report, which is expected to provide fresh insight into the health of the US labor market. Investors will assess whether employment growth remains resilient or is showing signs of further weakness.
AMD’s earnings later in the week will also be important for semiconductor sentiment after Intel’s debacle.
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