Nasdaq futures fall as oil prices jump, key earnings loom
SPY•Nasdaq 100 futures fell 0.62% as oil prices neared a five-month high and investors awaited major earnings reports. Dow futures rose 0.06%, while S&P 500 futures slipped 0.2%.
1. Futures move lower
Nasdaq 100 futures slipped on Tuesday as AI-linked stocks weakened and oil prices rebounded. CoreWeave fell 4.7% and Nebius Group lost 4.9% in premarket trading, while Apple dropped 1.2% and Nvidia edged down. At 7:06 a.m. ET, Dow futures were up 0.06%, S&P 500 futures were down 0.2% and Nasdaq 100 futures were down 0.62%.
2. Oil and earnings in focus
Brent crude was near a five-month high as traders priced in a geopolitical risk premium from Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. Investors were watching this week's corporate earnings for signs of whether companies could maintain strong growth amid mounting macroeconomic risks. SpaceX and Netflix were due to report after Tuesday's market close, followed by Meta Platforms and Tesla on Wednesday.
3. Company share moves
Steel Dynamics fell 5.7% after missing third-quarter profit estimates, while General Motors shares dropped 5.2% despite results beating expectations. Halliburton rose 5.7% after topping quarterly profit expectations. 3M gained 0.5% after expanding its commercial relationship with Amazon, issuing an Amazon subsidiary a warrant to buy more than $521 million of 3M common stock and raising its full-year profit forecast.
