US stocks: Wall Street futures rise as AI stocks catch their breath; midterms in focus
SPY•U.S. stock futures rose Monday, with Dow and S&P 500 futures up 0.52% and Nasdaq 100 futures up 0.89%, as investors focused on midterm elections and earnings.
1. Futures gain
U.S. stock index futures were higher Monday as technology and AI-related stocks steadied after a dismal October. At 5:15 a.m. ET, Dow and S&P 500 futures were up 0.52%, while Nasdaq 100 futures gained 0.89%.
2. AI concerns linger
The Nasdaq-100 lost more than $2.5 trillion in market value last month and was close to correction territory as investors questioned Big Tech’s AI spending and awaited evidence of stronger returns. Recent bond-market borrowing to fund those investments added to concerns about rising borrowing costs. Most megacap and growth stocks rose in premarket trading Monday.
3. Elections and earnings
Investors were watching Tuesday’s U.S. midterm elections and a busy week of earnings. Intel rose 0.2% after its quarterly revenue forecast fell below market estimates and it said it did not expect positive cash flow this year; AMD was due to report later in the week, while Apple eased 0.4% ahead of its results. Oil fell more than 4% as talks between Iranian and Qatari officials raised hopes of easing Middle East supply disruptions.
