Wall St set to open higher after last week's AI rout; Nvidia down
SPY•U.S. stock futures pointed higher, with Dow futures up 1.04%, S&P 500 futures up 0.71% and Nasdaq 100 futures up 0.67%. Nvidia fell 5% premarket as investors weighed an investigation into claims that CEO Jensen Huang was targeted by foreign intelligence.
1. Futures rise
Wall Street's main indexes were poised to open higher on Monday as investors tried to shake off last week's AI-related selloff. Dow, S&P 500 and Nasdaq 100 futures were up 1.04%, 0.71% and 0.67%, respectively, at 8:25 a.m. ET.
2. Nvidia and earnings
Nvidia fell 5% premarket after an internal investigation into whether CEO Jensen Huang had been targeted by a foreign intelligence effort raised questions about his future at the AI chipmaker. Microsoft, Alphabet, Meta and Amazon were up between 2% and 3%; KKR rose 0.9% after quarterly profit reached a record, while Berkshire Hathaway class B shares fell 0.6% after reporting lower third-quarter profit.
3. Data and market concerns
Investors awaited Tuesday's October Consumer Price Index report, while concerns about a possible December rate hike persisted after stronger-than-expected October jobs data. Of 335 S&P 500 companies that had reported earnings as of Thursday, 82.4% beat estimates.
