Stock futures rebound and oil falls as Apple earnings, the midterms and jobs data loom
U.S. stock futures rose early Monday after a losing week led by tech stocks, with S&P 500 futures up 0.49% and Nasdaq-100 futures up 0.82% as of about 6 a.m. ET, CNBC reported. Oil fell more than 3% on reports that the U.S. and Iran are seeking diplomatic options. Futures are not the opening price; regular trading had not started at publication.
Last week: The Nasdaq Composite dropped 2% last week and the S&P 500 and Dow each fell less than 1%, as investors questioned AI spending after Alphabet and Microsoft issued lower-than-expected capital spending forecasts, CNBC reported. In October the Nasdaq slid more than 5% while the Dow added 1.7%, Investing.com reported.
Oil: Brent crude was down 3.02% at $110.01 a barrel and U.S. West Texas Intermediate was down 3.31% at $100.65 early Monday, CNBC reported. Crude had risen more than 10% in October.
The week ahead: Apple reports results after the closing bell on Monday, and Tuesday is Election Day. The October jobs report on Friday is expected to show 55,000 jobs added, according to economists polled by Dow Jones, CNBC reported. Apple closed Friday worth about $5.03 trillion, ahead of Nvidia as the world’s most valuable company, Yahoo Finance reported.