Nasdaq futures fall as oil prices jump, key earnings loom
QQQ•Nasdaq 100 futures fell 0.62% as oil prices neared a five-month high and investors prepared for major earnings reports. Dow futures rose 0.06%, while S&P 500 futures slipped 0.2%.
1. Tech stocks retreat
Nasdaq 100 futures fell on Tuesday as AI-linked stocks weakened and oil prices rebounded. CoreWeave dropped 4.7% and Nebius Group lost 4.9% in premarket trading; Apple fell 1.2%, while Nvidia slipped marginally. An analyst described the move as a dip in a selective market, rather than a genuine AI buying opportunity or the start of a deeper repricing.
2. Oil and earnings in focus
Brent crude traded near a five-month high as traders priced in geopolitical risks from Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. Investors were watching for earnings from SpaceX and Netflix after Tuesday’s close, followed by Meta Platforms and Tesla on Wednesday.
3. Company results and moves
Steel Dynamics fell 5.7% after missing third-quarter profit estimates, while General Motors dropped 5.2% despite beating expectations. Halliburton rose 5.7% after topping quarterly profit expectations. 3M gained 0.5% after raising its full-year profit forecast and expanding its commercial relationship with Amazon, including a warrant giving an Amazon subsidiary the right to buy more than $521 million of 3M common stock.
