The S&P 500 and Nasdaq were set to open higher, with futures up 0.17% and 0.71%, respectively, as oil prices fell and investors awaited US midterm results. Apple fell 4.4% in premarket trading after warning of continued memory-chip cost increases that could pressure holiday-quarter gross margin.
The S&P 500 and Nasdaq were set for a higher open on Tuesday as crude prices extended declines ahead of the US midterm elections. At 8:42 a.m. ET, Dow futures were down 0.29%, while S&P 500 and Nasdaq-100 futures rose 0.17% and 0.71%, respectively. Brent crude fell 2.4%.
Apple fell 4.4% in premarket trading after warning that rising memory-chip costs would pressure its holiday-quarter gross margin. Palantir Technologies slid 6.1% despite forecasting fourth-quarter revenue above estimates after topping third-quarter expectations. Nvidia gained 2.8%, while AMD rose 4.2% ahead of its quarterly results.
Investors awaited midterm results, with polls and nonpartisan analysts favoring Democrats to win the House while control of the Senate remained uncertain. The Nasdaq-100 closed more than 10% below its record on Monday, entering a correction as investors weighed Big Tech AI spending and borrowing costs. Oil prices also fell as investors monitored developments on a possible US-Iran peace deal.
