S&P 500 and Nasdaq futures rise as AI stocks rebound ahead of key earnings
SPY•S&P 500 futures rose 0.47% and Nasdaq futures gained 1.05% on Monday as AI-related shares rebounded ahead of major technology earnings, while Dow futures fell 0.14%. Lower oil prices and Treasury yields also supported futures.
1. AI shares recover
AI-related shares rebounded in premarket trading after last week's sharp selloff, when the S&P 500 and Nasdaq posted their biggest weekly drop since late June. CoreWeave rose 3.4%, while Broadcom and Micron gained 2.9% and 3.3%, respectively. Nvidia and Amazon each rose more than 1%, while Apple and Meta edged lower.
2. Earnings in focus
Investors are looking to a busy earnings week, with Meta and Tesla scheduled to report Wednesday and Netflix, General Motors and GE Aerospace also due to release results. SpaceX is scheduled to report Tuesday. Swissquote analyst Ipek Ozkardeskaya said investors need stronger monetization and evidence that AI-generated revenue can catch up with spending on AI tools.
3. Oil and stocks
Brent futures were down 1.3% at around $108.50 a barrel, and the 10-year Treasury yield fell to 5.0812%. Intel rose 4.4% after J.P. Morgan upgraded the stock to neutral from underweight. Cleveland-Cliffs gained 13.8% after its third-quarter profit beat analysts' estimates.
