S&P 500, Nasdaq set to open higher as AI stocks rebound ahead of earnings rush
SPY•S&P 500 futures were up 0.45% and Nasdaq futures 1.24% before Monday’s open as AI-related stocks rebounded from last week’s selloff and oil prices fell. Investors were also looking ahead to earnings from Meta, Tesla, SpaceX and other companies this week.
1. AI shares rebound
The S&P 500 and Nasdaq were set to open higher Monday after AI-related stocks rebounded from last week’s sharp selloff, which drove both indexes to their biggest weekly drops since late June. CoreWeave rose 6.6% in premarket trading after falling more than 25% last week, while Broadcom and Micron gained more than 3% each. Nvidia and Amazon rose more than 2%.
2. Earnings and market risks
Investors are turning to a busy earnings week, with Meta and Tesla due to report Wednesday and SpaceX scheduled for Tuesday. Netflix, General Motors and GE Aerospace are also reporting. Sam Stovall, chief investment strategist at CFRA Research, said the technology selloff may not be over, citing higher interest rates and problems at CoreWeave. At 8:44 a.m. ET, Dow futures were down 0.24%, S&P 500 futures were up 0.45% and Nasdaq 100 futures were up 1.24%.
3. Oil and individual stocks
Brent futures fell 1.5% to about $108.29 a barrel. Intel rose 4.2% after J.P. Morgan upgraded the stock to neutral from underweight, while Cleveland-Cliffs gained 13.7% after its third-quarter profit beat analysts’ estimates.
