Wall St futures rise as AI stocks catch their breath; midterms in focus
SPY•U.S. stock futures rose, with Dow futures up 0.49%, S&P 500 futures up 0.46% and Nasdaq 100 futures up 0.74%, as technology stocks steadied ahead of midterm elections and a busy earnings week. Estee Lauder gained after raising its annual sales and profit forecasts.
1. Futures rise
U.S. stock index futures were higher on Monday as technology and AI-related stocks steadied after a dismal October. Dow futures rose 0.49%, S&P 500 futures gained 0.46% and Nasdaq 100 futures advanced 0.74%.
2. AI spending concerns
The Nasdaq-100 lost more than $2.5 trillion in market value last month as investors questioned Big Tech’s AI spending and awaited evidence of stronger returns. Recent debt issuance to finance those investments has added to concerns as borrowing costs rise.
3. Earnings and elections
Investors were also focused on Tuesday’s U.S. midterm elections and a busy week of earnings. Intel fell about 1% after forecasting quarterly revenue below market estimates and saying it did not expect positive cash flow this year; Apple slipped 0.4% ahead of its quarterly results. Estee Lauder rose 2.6% after lifting its annual sales and profit forecasts.
